Wait, we could save money and hire a better-fit employee? Tell me more!
On average, 25% of company hires are a result of employee referrals. The best rate I have personally seen is 50%. What is your hire rate resulting from employee referrals?
Here are some tips on how to increase those valuable referrals:
- Always Reward. Reward employees for simply participating in your referral program (not just resulting in final hires). For example, if employees have referred 3 or more candidates, perhaps you enter them into a lottery for a prize or free vacation day.
- Empower Employees. Make sure your team understands that by referring candidates from their network, they are more empowered to have a say in who becomes their future colleagues and how the company culture can grow and improve (rather than having those decisions imposed upon them).
- Cash is not always king. Charitable donations or gifts can sometimes work better in motivating participation. You could even appeal to everyone’s competitive side. Try a company-wide contest for higher participation.
- Leverage the references of your candidates. At Checkster, our software is more than a reference checking service, and is able to generate employee referrals. In fact, we have seen for best-in-class customers, the ability to generate up to 5 passive referrals per candidate! And they’re easier to collect than you think.