Referral programs are consistently considered one of the best ways to find new, top talent. Tapping into your current employee base gives you access to some of the best and brightest new employees available. When you’re creating a program that will be effective, consider the ways you can increase participation and what incentives you should provide. Here are some ways to create an effective referral program for your company.
Performance based bonuses.
Regardless of how well you prescreen a new candidate, it is still important for you to see how they work on the job. When you tie an employee bonus to the performance of the new hire, you encourage both of them to make better choices. Set the bonus to pay out after 30 days on the job. You could also opt for a partial bonus up front, but the rest after 3 months.
Hire only for other departments.
While your employees are going to refer only the best candidates to your program, it is understandable that you might not want friends and family to work together due to typical distractions. It may be a good idea to establish the policy for referrals for only individuals who will work in another department. This way, employees will refer people with a wider variety of skills.
Take their suggestions.
Sometimes you hear about your best possible candidates when you don’t have any current job openings. Always meet people who are referred by your employees. This will help build good bridges and keep options open for the future. You may choice to create position if they are too good to pass up. Or, you will establish a good relationship for the future.
Finally, it is time to embrace the world of internet networking. LinkedIn is the greatest social resource for employers. If you connect to your own employees, you become connected to their extended networks. Even without an active referral process, you may find someone who is an excellent fit for your company.
Do you want to start an employee referral program for your company? Contact the staff at ProSource to see how we can work with you.