How to get the most out of employee referrals?
Employee referral programs have become an essential part of the recruiting process for any brand in the market, and there is a good reason for it. Out of every 16 referred candidates, one is hired. Compare this with the fact that only one in every 152 candidates that apply without any reference is hired. Not only employee referral is an easy, fast, and economical way of recruiting new candidates, but it also lets you tap into your employees’ business circles.
Candidates who are hired by a reference have a higher success and retention rate. Additionally, they are more likely to fit into your company’s culture and brand image, as they have been assessed by your own employees. At Challenge Club, we endeavor to create an incentivized program that will help you manage the referral reward program.
To get the most out of your employee referral program, read on.
1 Make employee referrals an integral part of your company’s culture
Make hiring the new candidates an indispensable part of the company’s training period, so that every candidate feels responsible for acquiring new talent. Ensure that sourcing candidates from their circle is a default position for your employees.
One way to do that is to begin the referral process right when your new employees get onboard with the company. Set aside some time during the first week of new hires to teach them how to use all the referral tools at their disposal. Inspire and encourage them to continue helping your brand grow by incentivizing referrers.
2 Discuss open positions during meetings
Whenever there are meetings within the department, or even across departments, make sure you mention open positions and discuss what the resume of an ideal candidate would look like. Ask current employees directly if they can think of an individual who will fill the role perfectly.
You can also use Challenge Club’s algorithm to identify the top referrers and publicly acknowledge them. This will work both as an incentive and reward for the top referrers, as well as an inspirational factor for the rest of the employees.
3. Incentivize employees whose referrals result in hires
You can also make sure more of your employees use the referral program by incentivizing them. Challenge Club can help you find tailored solutions for your employee referral program, which are customized for your brand. Use methods like cash rewards, tickets to an exclusive event, allow extra holidays and give out company gear. We also incorporate ways for your employees to donate towards charity as part of the referral program.
At Challenge Club our unique promotion engine will automatically identify top referrers, reward referrers incrementally throughout the hiring process, and boost your referral hire rates by a significant margin.
4. Make referrals easy
It is needless to stress the importance of making the whole process easy to use. There are several ways to go about that.
Give your employees an extra hour of training on how to use the referral tools so they are clear with the basics. Only ask employees for basic information. Lengthy referral forms may deter employees from going through the arduous process, and as a result, you may lose access to a significant pool of candidates. Also, provide your employees with a template that they can use when they are contacting people they want to refer to. You can also ask them to connect their social media accounts with the referral program and then source candidates.