Employee referral programs can be one of the most successful and cost effective recruitment tools a company can employ. When designed and executed correctly, an employee referral program can produce top quality hires, while minimizing the cost and time associated with a normal candidate search. Overall, a win-win for everyone.
Why are employee referrals so good? Your employees know the company, the job and the culture. They know who will cut it and who will not. They typically know their referral on a personal level and can speak to that – helping you get to the heart of who the person is. More than likely, they will refer only the best of the best from their professional and/or personal network. After all, they want their name tied to someone who is not only great, but will also turn into a referral reward in the end!
Here are a few strategies for a successful referral program:
• Visibility and regular communication of current and future job openings.
• An easy referral process. Don’t make it cumbersome for your employees to refer.
• Referral rewards that speak to your culture, do not become stagnant, and get an employee’s attention are a MUST.
• Public recognition to those employees who do refer great talent (an extra “pat on the back” for them while peaking the interest of others!).
Take an active role in your company’s employee referral program. Make it part of your hiring strategy and you will see faster and better quality hires at a lower cost!