Employee referral programs are quickly becoming a corporate staple. After all, corporations with employee referral programs have an average retention rate of 46% compared to 33% in organizations that do not have a program.
The key to referral programs’ success in attracting top candidates in your initial investment – if you take the time to find and hire a competent employee, chances are their peers would also be a stellar match. And who doesn’t love working with friends?
As you track the metrics and success of your referral programs you’ll notice that those with better employee rewards will naturally have more engagement. Creating an employee referral program is fairly straightforward: determine the hiring and referral procedure, promote the program within your corporation so employees are aware of the program and determine the benefits or rewards for employees who successfully refer candidates. So what should you do to create a successful referral program?