Is your Employee Referral Program as good as you think?
Upcoming SlideShare
Loading in...5
×
 

Is your Employee Referral Program as good as you think?

on

  • 1,423 views

Although employee referral programs may have its problems, you can fix them. When you evaluate and then solve these major problem areas, you’ll start to see some real, long-lasting results.

Although employee referral programs may have its problems, you can fix them. When you evaluate and then solve these major problem areas, you’ll start to see some real, long-lasting results.

What do you think? What are some other reasons why an employee referral program may not work?
Get a free indexing report for your organization to measure the true effectiveness of your employee referral program by benchmarking it against that of others.

Register to generate your free report: www.er-i.net/register

Statistics

Views

Total Views
1,423
Views on SlideShare
1,423
Embed Views
0

Actions

Likes
1
Downloads
28
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Is your Employee Referral Program as good as you think? Is your Employee Referral Program as good as you think? Presentation Transcript

  • Is Your Employee Referral Program as Good as you think? zalp.com
  • Performance Gaps between Good Employee Referral Programs and the Average Ones are While Most Recruiters have realized the Importance WIDENING • Help in Recruitment of Employee Referrals, many still have simple policies not Integrated Programs that: • Build a Diverse Work Force • Grow the organization’s Employment Brands Is Your Employee Referral Program as Good as you Think?
  • Recent European Study Spanning 145 Companies A Recent Study conducted across 145 Companies Revealed: • Compared to other recruiting sources, the Employee Referral Program had a success rate of over 42% (Referral to Hire Ratio) • 73% of the companies claimed that the cost-per-hire through their Employee Referral Programs is significantly lower than the other recruitment sources. • More than 53% of the businesses surveyed already had an established Referral Program in use, and 36% Investing in an Employee Referral Program and the right technology to support it Is crucial planned to set up one within the next year. Is Your Employee Referral Program as Good as you Think? View slide
  • Is your ERP helping you achieve: • High Volumes • Quality Hires • High Interview to Hire Ratio • High Retention ratios OR Is your ERP in the face of increased Hiring Targets • Outdated & Stale • Showing a Plateau in Performance • Necessitating a Quick Program Audit • Low Time-to-Fill • Satisfaction of Managers, Employees & Prospects • Increased ROI Is Your Employee Referral Program as Good as you Think? View slide
  • Here is a USEFUL CHECKLIST to check the relevance & efficacy of your Employee Referral Program Is your Referral Program Prioritized correctly? • The difference between a good & average program is often the difference between focus & a one-shoe-fits-all policy. Instead of covering the entire spectrum of jobs, an effective referral program focuses on: • Mission Critical Jobs • Hard to Fill Positions • High Priority Jobs Utilizing Employee time in Referrals for positions that are easy to fill through other Recruitment Solutions, does not Increase ROI in the long run. Is Your Employee Referral Program as Good as you Think?
  • Optimal Use of Social Recruiting Is your Referral Program making Optimal use of Social Recruiting Solutions? An effective Employee Referral Software, must facilitate the Solutions Employee’s Social Media Relationships & provide Easy Tools to convert them into referrals. Structured technology solutions which empower employees in the Referral process work better than fitting your process into the design of an available tool Is Your Employee Referral Program as Good as you Think?
  • Maintaining Operational Responsiveness Is your Organization as Proactive as you would like it to be? Slow Response Time is likely to affect the Referrals negatively, as also to frustrate Employees. In order to keep Interest Levels High: • Both the Referral & the Employee must be responded to, within a pre agreed time frame • The time frames must be communicated early on, to set common expectations • Should you be unable to reduce the turnaround time, Opt for an Agile Employee Referral Tracking Software, that can keep employees updated about the status of the Referral made by them it will be advisable to seek volunteers or reduce the scope of the program. Is Your Employee Referral Program as Good as you Think?
  • Ease of Use Is your ERP a maze for employees to trudge through? • Even large rewards can fail to get employees to act, if the referral program is not backed by operational ease. It is worthwhile to consider: • Does the process have too many complicated steps? • Are the Employees able to access the program easily? • Employee Referral Programs should be integrated with the overall Recruitment Program A User Friendly Social Recruiting Software can go a long way in improving Employee Usage & Efficiency Is Your Employee Referral Program as Good as you Think?
  • Relevant Reward Programs Is your Reward Program customized to excite your Target Audience? • The Primary Positioning of a good Employee Referral Rewards program is that referrals are to be made for the benefit of the Team & the Organization . Few points worth emphasizing are: • Employees have a crucial role in building the team. Employees are therefore positioned as Talent Scouts. • Benefits in productivity when working along with the best Public Recognition of an Employee making Great Referrals, goes a long way in Employee Motivation • If relevant, increase in Employee Stock Value, as a result of Increased Productivity can also be highlighted Is Your Employee Referral Program as Good as you Think?
  • Relevant Reward Programs Employees can also be motivated & engaged in Referral Programs through non monetary appreciation such as: • Personalized Thank You Notes • Opportunities to Interact with Top Management • Choice of vacation or work shift schedules • Opportunity to appear in Company Product Advertising An overall culture of employee appreciation on relevant referrals, can establish the importance of the Employee Referral Program Is Your Employee Referral Program as Good as you Think?
  • Relevant Reward Programs In addition to the recognition, you can also offer Prizes as well as Cash Awards: • Rewards could vary basis Salary of the Position • Higher Bonuses can be offered for Hard to fill positions • Additional Awards can be granted for Referrals who turn out to be High Performers • Rewards can also be offered for candidates who come close to requirement, but are not hired Periodic Surveys to determine what would motivate employees, will help keep Rewards relevant Is Your Employee Referral Program as Good as you Think?
  • Appropriate Employee How important is Employee Education in your Organization? Organizations need to provide adequate support & Education training to enable employees to unearth their contacts. Some important areas of education are: • Where to look for Prospects? • Best Practices to build Online Relationship with Industry Resources • Tips to help them leverage their Social Media Networks Provide Effective Tool Kits that reduce Trial & Error for Employees • Provide Improved Job Descriptions Is Your Employee Referral Program as Good as you Think?
  • Referral Hire Quality What steps are being taken to ensure Quality Hires? Organizations need to set both Culture & Processes to ensure Quality Hires through Employee Referrals: Proactively approach Top Performers • Performers should be proactively reached out to, with required positions to be filled Reach out to Boomerangs • Weak Referrers need to be tracked & given feedback • Boomerangs can be reached out to • New Recruits can be asked for Referrals on Identify Weak Referrers boarding. Is Your Employee Referral Program as Good as you Think?
  • Inclusive Program Have you created an Inclusive Program to increase volume of referrals? Vendors In order to increase Referral Volumes, it will be prudent to bring the following people under the Program coverage: Non Employees Managers • Managers • Non Employees such as Consultants, Customers • Vendors Is Your Employee Referral Program as Good as you Think?
  • Referral Volumes What are the specific measures taken to improve referral volumes? The following measures can significantly impact the referral volumes: • Creating a community of referrers that includes Increase Volumes highly networked individuals • Proactively seeking out employees who were earlier Referral working at firms being targeted for acquiring employees • Holding competitions among employees, challenging them to visit competitor locations Is Your Employee Referral Program as Good as you Think?
  • Quantifiable Targets Employees Is your Employee Referral Expectation converted into Measurable Targets? It will help employees know the seriousness of the Managers program if they have measurable targets. Targets can be set at the following levels: SBUs • SBUs • Managers • Employees Is Your Employee Referral Program as Good as you Think?
  • Periodic Updates Are you reviewing the success or failure of the Employee Referral Program often? Target Program Evaluation is an important component of success. A review should be conducted at least once a quarter to: • Position the ERP in a changing Business Landscape Impact on Business Operations Achievement • Review the Performance Metrics • Review the Performance Differential of the ERP versus other Recruitment Methodologies Is Your Employee Referral Program as Good as you Think?
  • About Zalp ZALP is a unique SaaS (software-as-a-service) based social employee referral software designed to help organizations efficiently source the highest quality candidates through the most valuable source of recruitment– Employee Referrals. zalp.com
  • About Zalp Empowered with breakthrough features that tap into the full potential of Social Media and an extremely user friendly interface, ZALP is every organization’s perfect Social Employee Referral and Social Recruiting Software. ZALP helps organizations boost their employee referral output by upto 72% zalp.com %
  • Why Zalp 7 easy and convenient ways to refer The success of any employee referral program depends on one primary factor: Employee Participation ZALP gives employees not one but seven easy and convenient ways to make referrals. This ensures increased employee participation like never before. ZALP’s social media integrated features make the referral process for employees not only easy but also fun. zalp.com
  • For more information, visit www.zalp.com To book a free demo, drop a mail to info@zalp.com www.linkedin.com/company/zalp www.facebook.com/zalp03 www.twitter.com/zalptweets zalp.com You may also call us for any other assistance 1-866-217- 1267
  • Do you already have an Employee Referral Program? Get a personalized indexing report for your organization that helps you benchmark your referral program against industry leaders and understand key performance indicators better. Register now » ER-i is the first ever initiative on employee referrals that brings together recruitment leaders from all across the world to set the benchmarks of an employee referral program. Is Your Employee Referral Program as Good as you Think?