is your employee referral program as good as you think - zalp
DESCRIPTION
An employee referral program needs to be evaluated periodically to achieve optimum employee referral results. Find guidelines which can be used to evaluate a referral program and make it work at its best. The success of a well-defined and structured employee referral program is much more than a generic or an informal program. Find how to optimize your referral program to make it work smarter for you. Zalp is the No.1 Employee Referral Tool used by leading organizations to increase their employee referral hires. Visit http://www.zalp.com to know more or drop a mail to [email protected]TRANSCRIPT
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Is your Employee Referral Program as good as you think
2 Is your Employee Referral Program as good as you think
TOP TEN REASONS YOUR REFERRAL PROGRAM MIGHT NOT BE AWESOME
10) Most of your referrals have quit.
9) Your CEO just announced that telecommuting is no longer an option.
8) Your company is outsourcing recruiting.
7) Your attrition rate is increasing and company revenue is decreasing.
6) You give Blockbuster gift certificates as a referral award.
5) Your company only pays a fee if your referral stays for a year.
4) Your competitors are paying higher external referral fees to your employees.
3) Your company is on a hiring freeze.
2) Your recruiting team is too busy to follow up with referrals.
1) Every employee thinks their referral is a “Must Hire” or “Rock Star.”
3 Is your Employee Referral Program as good as you think
Why This Topic?
• Finding great talent is harder than ever
• Referrals deliver talented candidates
• Generate low cost, high quality pipeline
• Speed up the recruitment process
• Yield higher productivity workers
4 Is your Employee Referral Program as good as you think
Current Scenario
• Current State of Employee Referrals
• Employee Referral Pitfalls
• Trends and Best Practices
• Next Step Recommendations
5 Is your Employee Referral Program as good as you think
Five Facts About Employee Referrals Referred applicants:
1. More likely to be offered and accept job offers
2. Achieve higher pre-job assessment scores
3. Are a better fit vs. non-referred
4. More productive
5. Less likely to quit
Source: “The Facts About Referrals: Toward an Understanding of Employee Referral Networks” - Stephen Burksy, Bo Cowgill, Mitchell Hoffman, Michael Housman; December 11, 2013
6 Is your Employee Referral Program as good as you think
Standard Rewards
Lack of Tracking & CPI
Spam Issues
No Source Linkage
Lack of Change
Failure to Acknowledge
Less Targeting & Personalization
Programmatic Referral Challenges:
Effective Sourcing of
High Quality Talent
7 Is your Employee Referral Program as good as you think
Employee Referrals: Pitfalls 1. Being slow or non-responsive with referrals
2. Delaying payment
3. Communicating too much; e.g., spam
4. Failing to update, target, refresh program
5. Failing to track results
6. Lame rewards
7. Using a confusing, difficult or manual process
What are you going to do differently?
8 Is your Employee Referral Program as good as you think
Best Practices in Employee Referral Programs
1 •Streamline and simplify referral programs
2 •Target communication; keep the referrer in the loop
3 •Flex terms and program targets
4 •Close the loop with the candidate and the referrer
5 •Manage top referrals; build a pipeline
6 •Seek new hire referrals
7 •Track, recognize and reward sources
9 Is your Employee Referral Program as good as you think
Some Adjustments Are Simple . . . Sample Target Communication Date: XX/XX/XXXX Dear XX: I would like to personally thank you for your referral of XXXX for the position of XXXX. Our employee referrals are the most reliable way we find quality hires, and we truly appreciate your efforts in helping us attract Manhattan's most important asset-our people. We look forward to meeting XXXX, and we encourage you to continue to be on the lookout for your future co-workers! Sincerely,
10 Is your Employee Referral Program as good as you think
Source Candidates Hires Hire Ratio
Employee
Referral
222 58 26%
LinkedIn 302 41 14%
College
Recruiting
222 120 54%
Job Fair 23 1 4%
Staffing
Agency
5 1 2%
11 Is your Employee Referral Program as good as you think
Next Step Recommendations • Realistically evaluate the current state of your
business:
Financials / stability
Culture
Growth Outlook
Pay / Perks
• Develop an elevator speech and share it broadly
• Align your referral program with your business strategy
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