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If there is a key input that all businesses will give an arm and a leg for is committed, motivated, and skilled employees.
The best of ideas, when handled with average skill, can merely ensure business survival. The same set of plans can generate huge profits when you have employees who can improvize and give a new dimension and energy to the execution.
What, then, must businesses do to ensure that they have steady stream of the top 5% of the employee poll working for them, instead of the competition?
The best answer is, of course, running an employee referral program in your business. This means that you offer incentives, rewards (both monetary and in in-kind) to motivate your present employees to refer people who they think will fit well into your workplace.
Once this is done and you want to maximize employee performance, click here.
This is even more important if you believe that recruitment is already a core competence of the way you run things. In essence, you believe you (or your HR department) has the capability to separate the wheat from the chaff in terms of employee fit in your organizational culture.
This blog offers you templates to ensure you master the in-and-outs of executing an employment referral program in the shortest possible time, and can tackle the issues that plague implementation.
In that sense, the product we are offering is a comprehensive training course. Each of the 13 slides in the deck helps you move further on the road to having round pegs in round holes, an achievement for any business.
Of course, each of the slides is 100% customizable and editable as well as content ready.
On the way to achieving improved quality of hiring, we introduce you to terms like intrinsic motivation, extrinsic motivation, and so on.
Here we go!
IDEA TEMPLATE 1: GET YOUR THOUGHTS IN ORDER
An employee referral program is a business requirement for the simple reason that it works. It is a tool of recruitment that offers better acceptance rates, as somebody within the organization is there to assuage any candidate queries. Employee referral programs, however, are not entirely without cost as you need to understand the motivations of the people at your workplace and have a compensation plan in place. It’s all about people, networks, and your understanding of what motivates individuals.
IDEA TEMPLATE 2: UNDERSTAND PEOPLE
If employees were machines, you could just buy them off shelves and start any business you wanted. This, however, is unlikely till artificial intelligence replaces us. For an employee referral program, you categorize your employees into those with intrinsic and extrinsic motivation. Then, you tailor incentives to be given, accordingly, taking care that both lead your organization to a rise in commitment toward the company.
IDEA TEMPLATE 3: CREATE THE PROCESS
At this stage, the implementation steps come in. Here, you plan, design, promote, and maintain the employee referral program. The core is the way you define and list hiring requirements. If even a word is out of order here, you run the risk of failure. Go for automation of the process wherever you can. Also, make sure you have a paragraph where you list the kind of candidates you are not looking for. To know more, kindly download.
IDEA TEMPLATE 4: SET GOALS, MONITOR IMPACT
As the employee referral program gets off the ground, these four goals will need constant monitoring. Of course, transparency is a given, as you roll out a mix of both cash and non-cash benefits. The four goals you will need to monitor are improvement in the quality of hiring, employee retention rate, company’s bond with the employer, and efficiency in terms of reduced cost and time of hiring.
IDEA TEMPLATE 5: COST OF SOFTWARE
Life is all handling contradictions, without losing track of goals. Here is an illustration, as your referral program takes off, you need software help for efficient operation. Use this slide to track it well in terms of cost, bonus tracking option, and policy display among others. Just get our complete employee referral program with a click below.
IDEA TEMPLATE 6: GET CRACKING- HAVE THE FORM FILLED
This is where the rubber hits the road and is a test of how successful the previous five steps were. Employees fill in the form here, based on how clearly your HR explained the job requirement and whether they were adequately updated. At SlideTeam, our on-ground, practical experience has guided the design of this form. The evidence of this is the question, why is the candidate qualified for this position. To reiterate, each of the slides is 100% customizable and editable, and so is this.
IDEA TEMPLATE 7: REAL IMPACT- BETTER HIRING, QUICKER
Research has shown that well-designed employee referral programs reduce the time for hiring by almost 50% from 56 days to 30 days. The process itself becomes more productive with hiring cost reducing, on average, by 12%. That is what happens when people in your organization collaborate to get other people in with you. The next major front of quality is tackled in the next slide/section.
IDEA TEMPLATE 8: PEOPLE WILLING TO DELIVER
Research, anecdotal evidence, and experience shows that 45% of referred employees are retained, a much higher figure than other sources. Such is the runaway success and popularity of employee referral programs that 85% employees believe it to be the best source of hiring. ‘Get the best quality employees through referrals’ is almost a truism. Implement it with a download of the deck below. Remember, figures, text, and numbers are customizable in all our slides using PowerPoint or a simple keying in.
IDEA TEMPLATE 9: PAYING THE BILL- CASH WORKS BEST
Once the referred employees are up and running in your organization, it is time to express the organization’s gratitude to the current staffers. It is no surprise that 7 out of every 10 staffers was happy to get cash as their due. Paid time off and gifts were sought after by 25%, with a miniscule proportion asking for social praise and donation to charity. Not a bad deal at all, considering employee referral programs are part of a business deal, anyway.
IDEA TEMPLATE 10: CLOSING THOUGHTS AND MORE!
All good things come to an end. Here, we bring curtains down on this implementable primer on the topic of Employee Referral Program.
The key learnings are that it needs a four-step process to execute. The job description must be exact, and in general, it proves to be a win-win program for all stakeholders. We thank you for your time, and hope you have downloaded the program by now.
TREASURE EMPLOYEES
All business organizations, at some point of time, realize that treasuring employees and treating them well is non-negotiable. It is fundamental cannon that must be followed. When organizations can do this consistently, they create a culture of ownership and excellence. Employee referral is one way to do it. Another way is to appreciate Diversity and Inclusion (D&I) and include Equity as a principle in the way you do business. To access a comprehensive training curriculum on D&I, with training material included, kindly click here.
PS: Once you have your staffing requirements in place and are now willing to invest in customer service, find and download a best-in-class training module with hands-on exercises here.
FAQs on Employee Referral Program
What is a referral program for employees?
A referral program for employees is a recruiting strategy in which the aim is to hand over/allow or even pay incentives to existing staff to recommend persons they think would fit in well within the business you run. It is a sort of filter, where you ask the staff to make the first recommendation and then your usual process take over. Its strength is the belief, rooted in evidence, that existing employees know the work and the company culture. etc, so their recommendation would be a much better fit than random picks, based on mere CVs or resumes.
How do you create a good employee referral program?
Broadly, there are six major characteristics of a good HR program. First is to make the job listing and ensure that the listing is accurate. Employees need to be updated on any change, when made, and make sure the good sincere employees who give you the best quality hires are awarded and rewarded. It is always best to go for a mixture of cash and non-cash incentives. Use software and automation to eliminate repeated, manual work in the program. Finally, be open on how you gather referrals, question employees, and get them to give their best references.
What are the best employee referral programs?
First-hand, of course, most businesses are now opening up to employee referral as a cost-effective business idea. Yet, businesses like Salesforce have turned this into a fairly successful tool of hiring. These ask their employees to invite potential referrals, first for a Recruitment Happy Hour kind of gathering, where HR professionals size up individuals for the basic human, leadership skills they are looking for. Other companies might not be as specific, but it is clear that employee referral programs are the way to go. Word-of-mouth reference verified independently works.
