Do you ask yourself these questions?
- Do I have an impactful, proactive employee referral program (PERP) where I can track ROI?
- Is my employee base actively engaged in providing referrals?
- Is my employee referral percentage 46% or higher?
If you don’t, you should! Statistics around the impact employee referrals have on retention and employee engagement are nothing new and, frankly, commonplace and worn-out. The important measure today is implementing a sustainable and successful employee referral program. The key to success; ensuring your team is highly engaged and understands the benefits employee referrals bring to the organization and, most importantly, “What’s in it for me?”
Begin by socializing how a successful employee referral program can drive improved organizational performance via increased recruitment exposure:
- Employees who share and create career related content will get 6x more LinkedIn profile views, Inmails and connection requests, ultimately elevating their professional brand.
- Employees who share company content and referrals help build their organization’s talent brand, driving more LinkedIn company page followers, job views and applicants.
- BONUS $$ – 66% of employees say a cash bonus is the most appropriate reward!
The above is just the tip of the iceberg. Simple solutions often work best and have the highest ROI. Take for example one of our community members who had a very low employee referral percentage of 5%, even with a significant pay out for nurse candidate leads. The challenge was getting their message in front of employees.
They decided to revitalize the (PERP) program and began by marketing it to their new hires. Their recruitment leader paired off the recruitment team into teams of two. Every Monday at new hire orientation, a pair of recruiters spoke during a ten minute segment on the agenda. They briefly described the program then handed out raffle tickets to each fresh, excited newly hired employee.
The recruiters asked for names and contact information for anyone they thought they might like to work with again, or bring into the organization. For each name given, a raffle ticket was completed. At the end of orientation, prizes/gift cards were drawn for winners.
Fast forward six months later and the employee referral percentage shot through the roof to 33% and climbing.
Your employees’ network is vast and pays off exponentially when tapped into.
By joining our Lean Human Capital RECRUITx Community, you have the ability to participate in Think Tank sessions and join innovative Recruitment leaders as we dive into topics such as “How to Build an Effective Employee Referral Program.”