A referral program could save you tons of money, especially when you are heading towards expansion. You would get the hands-on best talent in the market and find ways to boost your existing employee morale. If you considered a referral program to be ineffective, know that they are not. You might be doing it wrong. But a carefully curated referral program can never go to waste. There’s a reason why companies like Google have policies of a referral program for their employees.
If you are looking for ways to create a satisfactory Employee referral program, follow these 5 steps.
- Make it as simplistic as possible
Your existing employees already have a lot on their plate. They won’t be interested in any program as long as there is a benefit for them. Besides, as a managerial team, you need to create the most simple referral program. However, be as creative as you can afford to be while creating such policy programs.
For instance, InMobi offered a choice of Bali trip or a royal Enfield to their employee for every successful referral.
- Lay your expectations
Referral programs are ineffective because employees have little or no idea. For every role you are asking referrals, ensure that your employees are well informed. Explain clearly your expectations for each referral. Besides, it’s your task to create easy application system for referrals. Prepare a job description with clear guidelines to your employees. It would enable them to refer only the best possible candidates for vacant positions.
- Offer feedback
Don’t leave an employee hanging midway once they have referred someone. Keep them informed regarding their referral position. Offer feedback even when the referral doesn’t get hired. It is essential for motivating employees to continue referring.
- Incentives, monetary or not, works excellent
Offer incentives. Yes, there is no way out from this. If you want your referral program to be successful for long, you need to keep your employees motivated. Offer flat monetary compensation for each referral. Offer higher rewards for referrals of higher positions. The best thing here is there is no specific way of getting it right.
Here are some examples that show the type of incentives to offer.
- Increased paid leaves.
- A vacation or a weekend getaway.
- A dine-in famous restaurant.
- Game ticket.
- Flat monetary rewards.
- Recognition across the board.
- Recognize the efforts
Lastly, even when you cannot offer any incentive, don’t forget to recognize their efforts. Acknowledge their work through awards or offer them praises in front of everyone. There is no motivation as strong as acknowledgement and recognition. Make sure you speak out the words of credits.
Do you have any specific referral program that worked for you? Let us know in the comments section below.
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