Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Innovations in Employee Referral Programs_recruitDC May 2015

792 views

Published on

Discover the top 2 trends in employee referral programs, as well as benchmark your program against those that participated in the 2014 Meritage Talent Solutions' Referral Trends survey

Published in: Business
  • Be the first to comment

Innovations in Employee Referral Programs_recruitDC May 2015

  1. 1. Innovations  in  Employee  Referral   Programs   Kara  Yarnot,  Founder  &  President   recruitDC  
  2. 2. Imagine………   2   MERITAGE TALENT SOLUTIONS’ EMPLOYEE REFERRAL TRENDS REPORT 2014
  3. 3. 3   BENCHMARKING PROGRAM STRUCTURE
  4. 4. Who Has Formal Employee Referral Programs? of companies report having a formal employee referral program 71% 4   86% plan to launch a program in the next 18 months. 36%
  5. 5. Referrals Continue to be a Primary Source of Hire for Employers with Referral Programs 5   % of External Hires that are Referrals 27% 0 - 25% 26 – 50% 51 – 75% 76 – 100% Don’t know 47%   38%   4%   4%   7%   of companies with referral programs report that more than half of their external hires come from their referral program. 8%   of companies report meeting or exceeding their referral program hiring goals. 25%   of companies don’t actually have hiring goals for their program25%  
  6. 6. 6   Increasing the Quality of the Candidate pool is the top goal for companies. GOALS OF REFERRAL PROGRAMS 10% 0% 30% 20% 50% 40% 70% 60% 90% 80% 100% Increase Quality Increase Quantity Decrease Time to Hire Increase Retention Increase Diversity Other Don’t Know Currently have program Planning to launch program 93% 67% 61% 36% 58% 27% 27% 49% 32% 18% 9% 2% 2%
  7. 7. Referral Program Structure REFERRALPROGRAM MANAGEMENT Centralized program management is the most common management structure. 76% 64% Centralized 70% 60% 50% 40% 30% 20% 10% 0% 80% 9% 0% 16% 9% 27% Decentralized Hybrid Not yet decided Currently have program Planning to launch program 7  
  8. 8. 8   Tools Used to Manage Program Currently have program Planning to launch program 64% 55% 50% 18% 14% 27% 3% 0% 18% Spreadsheets ATS 3rd Party Other Not Decided
  9. 9. 9   Referral Program Incentives – Cash is King of companies offer or plan to offer cash incentives for referral hires. 59%   Cash awards to employees for referral hires are the most common incentives employed. Average Cash Incentive Paid for Referral Hires Less than $1000 26% 73% 69% 2% 0% 18% 4%9% $ $ Currently have program Planning to launch program Between $1000 and $4999 $5000 or greater Don’t know 18%
  10. 10. 10   Thinking Beyond Cash of companies offer or plan to offer non-cash incentives for referral hires. 25% 54% Prize Drawings 35% Others 27% Company Logo Items 15% Vacation Days
  11. 11. 11   Referral Program Enhancements Social Referrals Mobile Accessibility Improved Marketing Non-Employees Improved metrics Complete Overhaul
  12. 12. 12   PRIMARY REFERRAL PROGRAM TRENDS IDENTIFIED
  13. 13. 13   Social Referrals - Driven by the implementation of 3rd party Referral Technology TREND # 1
  14. 14. Types of Social Referral Tools Broadcast   Broadcast  &  Discovery   14  
  15. 15. 15    All of the 3rd party referral tools are based on social referral functionality. Companies planning to launch referral programs are more likely to use 3rd Party Referral Tools. Currently have program 14% Planning to launch program 27% 27% 3rd Party Referral Tools
  16. 16. How Satisfied Are You With Your Current Referral Tools? SATISFACTION WITH CURRENT REFERRAL TOOLS 16   of respondents who are Very Satisfied use a 3rd party solution. Very Satisfied Partially Satisfied Neither Satisfied or Dissatisfied Partially Dissatisfied Very Dissatisfied of respondents who are Partially Satisfied use ATS Solution, 63% 83%
  17. 17. 17   Moving Beyond the “Employee” Referral Program TREND # 2
  18. 18. 18   Individuals Beyond Employees Included in Program Customer 48% 100% Social Media Connections 48% 60% Other 26% 20% Alumni 70% 80% Planning to launch program Currently have program Vendor 35% 40% of respondents with programs already include non-employees in their programs.   22 % An additional 17% plan to expand their programs to include non-employees. 17% of respondents planning to launch programs with include non-employees in their programs. 45 %
  19. 19. Keys  to  an  Effective  Program   •  Make  it  easy  for  employees  to  refer   •  Educate  your  employees  one  what  makes  a  good  hire   •  Get  execuOves  involved   •  Thank  everyone  who  parOcipates   •  Avoid  the  “black  hole”    -­‐  provide  updates   •  Recognize  individuals  with  referral  hires   •  Pay  bonuses  when  the  new  hire  starts   •  Track  and  report  referral  metrics   19  
  20. 20. 2015  REFERRAL   SURVEY  IS  NOW  OPEN   Hand  me  your  business  card  and  I’ll   send  you  the  link   20  
  21. 21. THANK  YOU   Kara  Yarnot   President,  Meritage  Talent  SoluOons   @klyarnot   LinkedIn.com/in/karayarnot   21  

×