Though there are many different ways to source out new talents for your organization, employee referral programs is observed to be one of the most effective. It does not only assure the number of new applicants but also assures that they are fit and highly qualified.
However, even if we see that referrals do work, we still have some things to do such as forming a program and a system that you can monitor and manage to put your referrals on good use. This program should have a goal and a purpose that it has to achieve for the organization.
According to talent acquisition professionals, different companies look at employee referral programs on different perspectives and treat it with different kinds of approach. Some believe there should be a “reward system” on which there are bonuses that will be given as compensation for every referral. These serve as motivation to their current employees. However, some companies think that it should be done like it was really a part of the employee’s responsibilities.
Well, experts believe that referral appreciation and bonus should be a part of the company’s core values. By making it a program, it should also have a purpose which will be considered on the future corporate decisions of the company.
It is vital for this program to be effective as it will also have an impact on how the organization operates. So, it is also crucial for the company to take initiative and make sure their referral program is always on point and active. Here are some points to be taken consideration to be able to level up and develop referral programs.
First, aside from having just an “employee” program, why not also consider opening it for your customers or even your former employees? Some companies are already doing this and it’s opening more opportunities and possibilities. Plus, it doesn’t just limit the chances of receiving referrals to the number of your employees. Widening up your source of referrals mean more choices which could help you find the best!
Next, think if you prioritize saving up some money from your recruitment because if that’s the case, then you have to re-evaluate giving bonuses to referrals and identify if it’s all worth it.
Lastly, assess your standards and quality of hiring. You also have to identify your definition and methods of measuring this quality to know how you will judge your applicants. Also, define if your programs should include length of employment? Meaning, are referrals subject to candidates staying with the company longer?
It’s really tough to find and keep talent. But somehow employee referral programs are working to ease that challenge. It just really depends on having defined goals for the program to be able to reap and measure the expected results. It does not end on having the program, but it also has something about improving it for the sake of better outcome and possibly, high-quality and lasting hires.
