7 steps to empower your Employee Referral program
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