In the current job market, attracting or retaining talent is proving to be a major challenge, requiring strategic planning efforts. Yet some businesses are able to recruit suitable candidates using employee referral programs, and finding the method not only quick and cost-effective but also highly conducive to their overall success. After all, birds of a feather tend to flock together, so if a company has an effective employee, they assume that the people they associate will likewise be successful.
When you asks your current employees to suggest suitable applicants – what exactly happens and how do the benefits accrue?
A well-planned referral program can reduce your cost-to-fill as well as time-to-hire while it increases the overall productivity of your hiring efforts. When people have a close bond with one another, they tend to collaborate better on tasks and keep attrition down. If you have a running employee referral program from which you don’t seem to be reaping any remarkable benefits, you may want to consider making some changes and taking some proactive steps to improve its performance.
Here are a few employee referral program best practices:
Not every employee will be willing or interested in participating in an employee referral program. This reduces your chances of benefiting from the amazing results offered by an effective employee referral program. However, you should still put in the required efforts to make yours an unmitigated success.
What are your experiences with an employee referral program? Success? Flop? What happened?
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