If you’ve been a practitioner for any number of years you’ve heard that employee referrals are the golden ticket in recruiting. You’ve probably heard this so much that one would think this special class of candidates could be considered the eighth wonder of the world. Over 67% of practitioners that use some type of employee referral program say that this pool of candidates has a faster time to hire, they’re the best source of hire, and to top it off, it’s more cost effective to hire from this group.
Starting an employee referral program is hard, but worth it. Not only are they the most productive source for diversity hires, but they stay longer, are a better fit, and and cost less. Don’t have a program? Register today! Join us on September 12 at 1p EST for the secrets to a flawless employee referral program.
So why hasn’t everyone jumped on the bandwagon? Here’s a few possible reasons:
- They’re getting ahead of themselves. Have you ever started a project and you start running a hundred miles an hour and find yourself crashing and burning? Companies are doing the same thing. Not only are companies hesitant to take on a project as big as an employee referral program, but they think they have to leave the gate running as fast as possible. It’s not true and it’s extremely detrimental to the success. Besides that, there are many factors that go into why employee referral programs fail. Top reasons include a lack of engagement, resources, and buy-in from senior management.
- Your company needs hires immediately and this is your solution. The mentality of a quick-fix doesn’t work with employee referrals. Employee referral programs take time, nurturing and some heavy lifting when it comes to building a solid program with solid returns. There is no cookie-cutter template for starting an employee referral program, but starting it for the sake of needing hires now, won’t work.
- They fail to think long-term. Yes, it’s important to keep in mind that implementing an employee referral program requires a lot of nurturing, but it’s as important to know the end goal. Employers are looking at employee referral programs to build a strong pipeline of quality candidates while spending less time and resources on hiring. Employee referral programs need to tailored to fit the needs of your company and without goals in mind, you won’t be successful.
Now what? You may be lost, you may want to give up, or you may be asking yourself what you have gotten yourself into. Don’t worry, we’re here to help.
On September 12, at 1pm EST, we will be hosting our first webinar called: Keeping the Program Alive: How to Build and Manage and Employee Referral Program. Whether you’re a small business looking to implement your first employee referral program or a Fortune 500 company looking to keep engagement high while adding layers to your program, this webinar is for you.
The webinar will teach you:
- How to think strategically about the creation of your employee referral program
- How to successfully manage your employee referral program
- Unique ways to keep internal referrers engaged during both peak and off-peak times
Don’t miss out. Register today!