The growing importance of Employee Referral Programs
Nowadays, in the human resource arena, hiring resulting from employee referrals is steadily increasing. Although employee referral programs are not regarded as the top method of sourcing high-quality candidates unlike targeted campaigns and social media outreach, yet they account for a big portion of company hires.
There are certain companies like NextBee that makes employee referral programs better by helping you get more referrals through – automating the process, and managing the organization programs with ease. NextBee, regarded as the most talented source in employee referrals, can figure out skilled and potential individuals and help you in hiring the best people.
Crowdsourcing your people through the best employee referrals is not only an operative strategy for identifying great talent; it can line up with a larger talent acquisition approach highlighting company branding and employee engagement.
Why Employee Referral is important?
In the monarchy of end-user experience, the Net Promoter Score is an administrative process that can be used to measure the loyalty of anorganization’s customer relationships. This is often calculated by asking the customer a standard question: “How likely would you recommend us to a friend or colleague?” Customers that give you a 6 or below are called Detractors, a score of 7 or 8 are called Passives, and the highest of 9 or 10 are referred to as Promoters.
So, employee referral programshave been quite popular. Many firms offer financial incentives and rewards for employees who refer others to work there. Let us see some of the brilliant employee referral program examples here:
Pure- An American Property insurance company follows a cut-to-the-chase referral strategy that leads to more referrals in a shorter interval of time and also highlights the significance of referring.
Salesforce’s happy hours– Their strong employee referral program is the secret to a successful recruitment strategy at any company. They give referrals and referrers the VIP treatment, host employee referral events, give recognition for participation, and drive excitement
Fiverr’s gamification method– Gamification may be relatively new to the world of recruiting, but it’s taking off in a major way. They increase employee referrals by tracking social job sharing and adding gamification by delivering points for referrals and sharing jobs.
Employee referral programs have been shown to reduce the time to hire by almost 50 percent compared to candidates who come from a company’s careers site. In addition, it offers greater benefits like
- Encourages the positives of working for your organization, and then spread the word to their network resulting in enhanced employer’s brand and reputation.
- The new hire will be aware of all the responsibilities and expectations of the organization before on-boarding; this eventually improves the quality of hire.
- Maintain a strong corporate culture to produce happier and productive workers.
- Increase attachment to the organization and builds engagement
NextBee offers marketing and promotion services for businesses for anyone who is interested in implementing a new referral program – or for those who are captivated in getting knowledge about the loyalty programs and associated services.