Retention - there is indication that employee referral hires have a strong retention value. The value of retention affects both the existing employee as well as the new hire from this recruiting program.
You do need to do some research to create the program that works best in your environment, though there are basic components of the program.
Set up a process for the employee to submit a referral...keep it simple.
-Designed the employee referral program (ERP).
-Create an online system as it cuts down on the employee, candidate, and company's time to process the application. If you go manual, have a form the employee must complete, attaching the candidate's resume. I Carrera Sunglasses,would put in a question on why the employee recommends the candidate.
-Contact the referral within 48 hours...if not sooner. Employee referrals should be highlighted and fast tracked through the recruiting process.
-Keep the employee in the loop as to the status of the candidate.
-Thank the employee throughout the process...recognition is a powerful tool in maintaining interest in this program.
-If the candidate is hired, notify payroll for payment to the existing payroll.
==>Rewards
If the employee finds a strong candidate, they need to be recognized and awarded for their efforts. As you see, I used "recognized" and "awarded", both of which are important ingredients of a successful employee referral program (ERP).
Most employee programs are not for significant amounts...up to $1,000 per hire, depending on the position. It can be as simple or Oakley Sunglasses elaborate as the talent you need to find...do some research when you develop the reward portion of the program.
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