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Why Employee Referrals?
 

Why Employee Referrals?

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Referrals make the best hires: a fact that comes as no surprise to corporate recruiters. After all, it makes sense that the people closest to your best employees are also likely to be good employees. ...

Referrals make the best hires: a fact that comes as no surprise to corporate recruiters. After all, it makes sense that the people closest to your best employees are also likely to be good employees. That’s why more and more forward thinking HR departments are trying to optimize their employee referral programs (ERPs) to yield a greater number of high quality referrals. Find some tips to take your ERP to the next level.

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    Why Employee Referrals? Why Employee Referrals? Presentation Transcript

    • Why Employee Referrals?
    • Introduction An employee referral scheme encourages a company's existing employees to select and recruit the suitable candidates from their social networks. As a reward, the employer typically pays the referring employee a referral bonus . Thoughtfully implemented employee referral plans are excellent ways to attract the best people at the lowest cost.
    • What motivates referrals? Based on a survey conducted by Referral Networks, employees refer because: 1. 42 % of respondents wanted to help a friend find a good job 2. 24% of respondents wanted to help the company 3. 24% of respondents were motivated by a reward
    • Why Employee Referrals? 1.Improved candidate quality, ‘fit’, and retention 2.Reduction in Recruitment Expenditure 3.An opportunity to strengthen the bond with existing employees
    • 1.Improved candidate quality, ‘fit’, and retention The relationship between the referring employee and the candidate allows the candidate 1. to understand the culture of the firm 2. to assess his/her own likelihood of success at that firm 3. to be better prepared to face interviews and other steps in selection Also there is a matching of expectations between employer and candidate, resulting in increased level of staff retention
    • 2.Reduction in Recruitment Expenditure Even if incentives and rewards need to be paid to the referring employees , there are cost savings for the firm Ex : Referral programs cost $800 for employees, versus $3,884 and $1726 for print advertising, and even more for agencies and executive recruiting firms, according to the 2012 Employment Management Association's cost-per-hire survey The company’s human resources headcount can be streamlined and be used more efficiently
    • 3.An opportunity to strengthen the bond with existing employees Referral programs acknowledge and reinforce the company's commitment to rewarding the individual for helping the company. Additionally, an Ohio State University study shows that employees hired through referrals have a retention rate that's 25 percent higher than that of employees hired through other methods.
    • 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% %
    • 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.
    • For more information, visit www.zalp.com To book a free demo, drop a mail to info@zalp.com www.linkedin.com/company/za lp www.facebook.com/zalp03 www.twitter.com/zalptweets 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.