Referral programs are increasingly becoming popular among companies today with the hiring rate ranging from 30% to 40% of the talent hired. The fact that referred employees have higher retention and lead to higher employee engagement has made employee referral programs a high priority. Putting together a successful referral program can be complex and time consuming, but remember, it can also reduce your hiring lead time and cost by approximately 60%!
Here’s a 7 step approach which can help achieve successful employee referral program.
- Prioritize Jobs. Good employee referral programs ensure jobs are prioritized and they are marketed to the employees. Prioritizing those positions and asking employees to refer increases visibility of the jobs among employees and their chances of referring thereby influencing the probability of hiring right talent.
- Define rewards. Draft a clear structure of rewards and benefits associated with the program. Lay down the structure to circulate gifts based on employee’s interest. One good way can be to ask your employees for choices.
- Top level involvement. Change comes from the top. It is popularly seen in organizations that any formulated plan fetches better results if initiated from top level people in the organizations. A sense of ownership & importance develops within employees towards the program which further drives better results.
- Promote, promote, promote. Grab attention, announce the launch. Promote the program all across the organization, ask department heads to spread the word. Employees need to know every detail, how it works & benefits associated.
- Spread the spark. Highlight the winners. Give them a celebrity feel by showcasing them across the organization. Spreading the news will increase participation and ensure success of the program.
- Post Referrals What happens when my referral lands up getting hired? Draft a plan for the after cycle stage. Set structure for the referrers to earn more, gamify the process for candidates to refer friends, create a competitive mindset among employees to refer and win rewards.
- Automate process. Automate your employee referral program using technology tool and processes to ensure smooth and efficient flow of the program. Look for options in robust technology solutions to guarantee transparency and trust in the structure of your employee referral program. Monitor by detailed reporting and controls to measure the performance of stakeholders including employees and recruiters.
‘MyParichay’ offers a powerful technology solution to fully automate and boost your employee referral program through a push and pull based approach. MyParichay’s Employee Referral product is an enterprise class solution that provides benefits to the recruiter through an, Intuitive Workflow, simple and easy to use dashboard to post jobs, manage responses, Gamification & Comprehensive Reporting.
Get a look MyParichay at https://www.myparichay.in/website/company/contact-us/