Employee referral programs are a great idea to find good candidates for a particular job without having to hunt for them. Existing employees are much better equipped to understand the needs of the company and recommend somebody who will fit the job requirement perfectly.
Therefore, it is no surprise that more and more companies are nowadays setting up brilliant employee referral programs with rewards for giving an excellent reference. Not only is it a cost-effective method, but this way you get to save time that would otherwise be spent in interviewing candidates.
At NextBee, we suggest several strategies for instituting a solid referral program that will not only help your company grow but will also encourage your employees to become your biggest advocates.
Here are some ideas for creating a groundbreaking employee referral program.
1. Happy Hours at Salesforce
A great informal way of introducing inbound recruits to employers is introducing a Happy Hour program where your employees can invite candidates they want to refer. This paves the path for a light-hearted conversation to get the two groups acquainted with each other. And in exchange, those who work at your company will get to enjoy a free drink. Win-win.
This strategy has been used by Salesforce, a US-based computing company. As a result, the brand has seen a boost in referral hires like no other business in the market.
2. Google’s direct approach
Sometimes, when it comes to getting the best referral, it is optimum to cut straight to the chase. Google has demonstrated this by asking its employees simple and pointed questions. One of the first things they do when an employee joins the company is to ask them questions like, “Who is the best gaming developer in your circle?”
This approach helps employees refer to anyone in their circle without even thinking about it.
3. Use social media to your advantage
The biggest tool in a company’s pocket these days is social media. Reward your employees when they use their social media handles to spread the word about your company when you are hiring. Ask them to write colorful job descriptions and use tools like videos and pictures to make the message more effective.
At NextBee, we use Artificial Intelligence to analyze onsite and app data to create a structured referral program specifically tailored for your brand.
4. Targeted Incentives
There are nothing like monetary or non-monetary rewards for employees whose referral results in hiring. When you reward an individual for a successful referral, it encourages them to do the same in the future.
It is best to incentivize your employees according to their preferences. Some may like a bonus in the form of money, while others may enjoy some time off, or a trip abroad. You can also create a segmented program where people whose referrals didn’t get hired get smaller rewards, while the ones who referred better candidates that did get hired, get rewarded with bigger incentives.
At NextBee, we will help you create a referral program that incentivizes your employees according to their references and increase your referral hires subsequently.