Rewards are the foundation of any successful Employee Referral Program. In the current scenario, networking is everything, and employee referral has become one of the most successful strategies to source new candidates for your company. Therefore, you must have a reliable and well-designed referral reward program that entices your employees. 

At Challenge Club, we will endeavor to create a unique referral reward program tailored for your business and open up a new pool of candidates for recruiting. We will help you outsource the recruiting process to your employees and tap their business network to its maximum potential.

Here is a list of the rewards you can integrate into your referral program. Cash rewards – most people are driven by financial compensation more than anything else. So it is a good idea to give cash bonuses to people whose referral result in hires. 

At Challenge Club, we will help you find the perfect balance for monetary rewards so that you don’t have to spend too much and still have access to good referrals.

Exclusive access to an event – the best non-monetary reward is exclusive access to an event of the referrers’ liking. It could be courtside tickets of a game they like, VIP tickets to a concert, or movie tickets to the premiere of a film.

Here is a list of the rewards you can integrate into your referral program. 

1. Cash rewards 

Most people are driven by financial compensation more than anything else. So it is a good idea to give cash bonuses to people whose referral result in hires. At Challenge Club, we will help you find the perfect balance for monetary rewards so that you don’t have to spend too much and still have access to good referrals.

2. Exclusive access to an event 

The best non-monetary reward is exclusive access to an event of the referrers’ liking. It could be courtside tickets of a game they like, VIP tickets to a concert, or movie tickets to the premiere of a film.

At Challenge Club, our unique promotion engine works tirelessly to formulate targeted incentives. We will help you assess what your employees’ interest is and use that information to incentivize them. It is a win-win situation for both your employee and your company.

3. Finance a trip 

If one of your employees loves exploring new places, then you can motivate them by offering an all-paid journey to a location of their liking. If you want to cut costs, you can also provide just the flight tickets. It is an effective strategy that has done wonders for employee referrals. 

Challenge Club has an incremental incentive program that will help you decide who your top referrers are to incentivize them accordingly. 

4. Company’s kit material

It is one way to ensure that your employees feel appreciated, and at the same time, recognized as advocates of your brand. You can offer them t-shirts, coffee mugs, gym bags, etcetera as an incentive for referring a candidate.

But this has an added benefit – whenever your employee uses the item in any public space, they are making a positive statement about your brand, acting as advertisers and advocates.

5. Incremental challenges 

You can also make it a competition between different departments to see whose referrals result in the maximum number of hires. The department that wins is rewarded incrementally throughout the hiring process. 

It is one of the many strategies we will use at Challenge Club to help you foster a strong employee rewards program that will work to your brand’s advantage. 

NextBee offers a unique rewards platform for the Employee Referral Program 

Have a clear idea with NextBee about why you want to implement an employee referral program in your organization. Be clear about what you are trying to achieve by implementing the tool in your processes. What does NextBee offer?

Let’s take a closer look!

• With NextBee’s unique platform, you can keep track of achievable targets and promise real rewards when one achieves the said targets
• Determine your budget in advance and design pocket-friendlier rewards, perks for the staff who bring referrals
• End-to-end AI-powered solution for each member of the company to know their contribution and productivity in the organization

To know more, book your free demo today with NextBee and take a look at the solution.