Well-designed referral programs can produce awesome results for the betterment of a company. An employee referral program (ERP) is one of the reputed processes that involves recruiting a qualified person who is known to any existing employee of the company. Great employees are the foundation of successful business. Finding perfect experienced employee is a tough job, and that is what HR department is responsible for. Finding perfect employees can be challenging.
As per William Almonte, the expert recruiter, word of mouth is an effective recruiting tool and it makes your existing employees bring some fresh talents to your firm. In this process, the employee referral program is an excellent way of getting new fresh talents for your company.
If you are a recruitment head of the company, then you need to decide on the recruiting fresh-talents. Here in this post, you will get to know some quick methods of getting new talents for your company. One of the most approved and used methods is using employee referral program.
How to implement this ERP method efficiently?
First, you can start with motivating employees to make quality referrals
If you are head of a hiring department, then the first thing that you can do is to design a corporate referral program. You need to take up a rational and data-driven approach for implementing ERP appropriately. Some reward facility will motivate the employees to refer your company to some other educated and deserving candidates.
The next you can go for a formal referral program is required
If you are assuming that employees will automatically refer your company to other candidates, that an unfavorable hypothesis. You need to design a formal referral program to motivate your employees to refer more candidates to your company. If your company doesn’t have a formal referral program, then you can only expect 3% -7% of your yearly hires will come from referrals.
How to motivate your employees without cash rewards?
Rewards are helpful but aren’t necessary for driving referrals. Offering rewards will motivate your employees to get indulged with the referral program. But numerous studies have shown that only 11 % employees are making referrals only because of earning the bonus. Experienced entrepreneur William Almonte says that firms with n extremely well-organized program can reach more than 50% hires from referrals that also without paying any cash rewards. To do that here are some steps,
Recognition is powerful
The recognition is more powerful than a cash reward. The recognition of individuals who have done successful referral can be a powerful step towards ensuring more successful referral in future. Recognizing the effort can be a meaningful step towards ensuring future referral.
No cash rewards
No cash rewards are also important in case if the ensuring higher rate of future referral. Movie ticket, couple brochure in case successful referrals conversion will motivate employees to refer your company to other deserving candidates.
By making referrals parts of the performance appraisal
While considering the performance appraisal, the company can make it an important rule that referral will also be considered at the time of calculating performance appraisal.