Get Ahead of Your Competition: The Surprising Benefits of Employee Referral Programs

Are you struggling to find top talent for your team? Look no further than your own workforce. That's right, we're talking about employee referral programs, and they're about to change the game for your hiring process.

In this post, we'll break down why you need an employee referral program and what it can do for your business.

Quality candidates at your fingertips

• First up, let's talk about quality. Referred candidates tend to be higher-quality hires - they perform better, stick around longer, and are happier in their jobs. Plus, they're already pre-vetted by someone in your organisation who knows and trusts them.

Speed up your hiring process

• But that's not all. Referrals can also speed up your time to fill by up to 55%, meaning you secure top talent for your positions more quickly without sacrificing quality. And did we mention the cost savings? Referral programs have been shown to save companies money, up to $3,000 per hire.

Improve retention and diversity

• But wait, there's more! Referral programs can also improve employee retention and increase diversity in the workplace. Successful referrals can lead to higher job satisfaction, organisational commitment, and job performance, as well as a stronger organisational culture. And according to Glassdoor, referred candidates are more likely to be from underrepresented groups, which can help create a more inclusive and welcoming workplace for all employees.

You’re probably thinking that’s great, but how do I implement an employee referral program? Here are some easy steps to get you started.

1. Define the program: Determine which roles are eligible for referrals, what kind of rewards you will offer for successful referrals, and how you will communicate the program to your employees.

2. Communicate the program: Use multiple channels to get the word out, such as email, employee handbooks, slack channels, manager meetings, all-hands meetings and your company's intranet.

3. Provide training: Train your employees on how to participate in the program. Teach them how to identify potential referrals and how to communicate the program to their networks. The better they understand the program, the more successful it will be. (Do this well and you will be streets ahead of the competition) 🚀 

4. Measure the program: Track the success of your program by measuring the number of referrals, the quality of hires, and the cost savings. This will help you make adjustments and continue to improve the program over time.

Conclusion

By following these simple steps, you'll be well on your way to implementing a successful employee referral program that will help you find top talent and improve your overall recruitment strategy. Cheers to your continued success!

Thanks for reading! If you enjoyed it, make sure to subscribe for more content like this delivered straight to your inbox.

And don't forget to share this with your colleagues and friends who might find this helpful.

Karl