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  • Best Rewards for Employee Referral Programs
  • Rewards are considered to be the foundation of any successful Employee Referral Program. In the recent scenario, networking is everything, and employee referral has become one of the most successful strategies to source new candidates into your company. Therefore, it is important that you have a solid and well-designed referral reward program that entices your employees.

    At Challenge Club, we will endeavor to create a unique referral reward program that is tailored for your business and will 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 when it comes to 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 when it comes to 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 with assessing what your employees’ interest is and will also use that information to incentivize them. This 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 trip to a place of their liking. If you want to cut costs, you can also offer 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, so you can incentivize them accordingly.

    4. Company gear – this 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 to 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.

    This 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,

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