Some of the most successful hires you’ll ever make will come from employee referrals. Referred candidates are typically hired much faster, are cheaper to recruit and stay on the job longer than traditionally-recruited candidates. This is why so many employers have a formal referral program to reward successful introductions. However, not all employers maximize their program. Here are some things that you can and should do to get the most benefit from your employee referral program.
Make It Easy For Employees To Make Referrals
The easier it is for an employee to make a referral, the more likely they are to follow through. You can include a referral link in your employee online portal or you can put referral forms and instructions in common areas, for example. The easier you make it for employees, the more likely they are to refer people.
Communicate With Referring Employees
Someone who makes a referral expects to be updated during the process. If they don’t hear back from their bosses or HR, it can make them hesitant to refer again. At a minimum, send thank you emails to referring employees, even if their candidate wasn’t chosen and encourage them to keep looking for good people.
Reach Out To Every Referred Candidate
Employees stick their necks out when they refer friends. If an employee makes a referral and the company doesn’t acknowledge the candidate, it can put a strain on their friendship. So reach out to every referred candidate and let them know you will be in touch again if they qualify for the next phase.
Provide A Positive Candidate Experience
Employees refer friends because they are happy where they work and proud of their employer. If the candidate experience doesn’t match up with what they’ve told their friends, it makes them look bad. Not only will they be less likely to make another referral, they will probably tell their coworkers not to make any, either.
The biggest mistake you can make with a referral program is to not offer financial incentives for a successful hire. The money saved on recruiting and hiring costs of referred candidates is well worth any reward you pay to employees. When offering financial incentives, provide a flat amount for each referral and then offer more if referred candidates get interviewed, get hired or stay at your company for at least six months. It can also be wise to offer bigger bonuses for harder-to-fill jobs.
Are You Ready To Reap The Rewards of Referrals?
Building an effective employee referral program takes time, but the rewards are well worth the effort. However, if you want to start accessing great people quickly while controlling recruiting and hiring costs, contact Employment Professionals Canada online or call us at 1-800-842-0421 today.