There is plenty of evidence now to show that referral programs are effective. Companies hire more people through referrals than through job boards. It saves companies time and money in the hiring process. Plus, referrals tend to perform better and stay longer.
But, at many companies, these programs have been neglected and are not functioning very well. Most of the time, they get off to a good start, but then, after several years, begin to gradually wind down from a lack of interest. At other places, they never really get off the ground, pushed back behind other priorities.
But the value of these programs is undisputed, and they are worth reviving and supporting. Here are some tips to get things going.
1. Set goals
First, figure out what you want to achieve with your referral program, and then try to make it as user friendly as possible.
2. Use technology
Make sure your referral program is a part of your applicant tracking system. This will help you save time because the technology can help you to simplify the process, having the capability of identifying referred candidates. Other technology can also automatically match referrals with job openings. Incorporating referrals into the ATS will also help you to keep track of how many referrals are hired.
3. Be innovative
In traditional referral programs, only employees do the referring. But there are many other people with knowledge of your company who can refer good candidates. They could be friends, investors, family, alumni, customers or vendors. These people might also know people, and they can help you to really grow your talent pool.
4. Offer incentives
This will encourage participation and help to maintain the program. Many companies offer a cash bonus, paid after the referral has worked at the company for a certain length of time. But keeping track of these time periods can be a real headache for recruiters. Other administrative glitches can deter employees from participating. Here again technology can help, with incentive management programs that track time periods and payouts, and send the bonuses directly to payroll.
5. Publicize it
You need to promote the program to make it successful. Send out emails on a regular basis discussing the program and what it does, give recognition to those who have referred the most people, and share information about how the program is doing.
If your company is looking for reliable, qualified workers, Winston Resources can help you. We have the experience and expertise to supply your company with the workers you need. Give us a call today.