Employee referrals are widely known to be a high quality source of hire.
In fact, although referrals make up just 7% of job applications, they account for 40% of all successful hires, according to a survey conducted by Jobvite.
It can be dangerous to rely on referrals alone; however an employee referral scheme is an ideal tool to complement your existing recruitment advertising strategy.
Candidates who are referred via your existing employees can also deliver a variety of other benefits, including:
– A lower hiring cost than using a traditional recruitment agency
– A smoother onboarding process as the candidate will already know someone within the business
– A clearer view of cultural fit at the pre-hire stage
Taking these benefits into account, it’s natural to want to increase the chances of your employees actively recommending your business to their professional network and friends.
So, what’s the best way to boost your referrals? Follow our top tips to learn how:
1. Set up a referrals incentive program
Incentivising the referrals process is a great way of boosting the number of referral candidates that your company attracts.
If you don’t already have a rewards system in place, you should think about what you can offer to your employees who refer candidates to your business.
Make it clear when you’re introducing your referrals program what that reward is and the conditions in which it’s awarded.
For example, you might give your employees a £300 bonus when their referred candidate gets hired. However, the employee might not qualify for this bonus until your new hire has passed their three month probation period.
It’s worth ironing out all these details at the beginning to avoid any confusion and ensure that employees are not put off referring anyone in the future.
Make sure that you circulate the full details of the program to your employees and ensure that any new employees are made aware of it.
- Ensure that your employees are ambassadors of your business
If you’ve launched your referrals program and communicated it throughout your business but you’re not seeing any referrals come through, it could be a sign of a bigger issue.
Are your employees happy at work? Is it a positive environment? Or is there an issue with your company culture?
Making sure that your employees are happy at work should be a priority. And, let’s face it, an uninspired and unmotivated workforce will hardly be recommending your business to their contacts.
If you sense that your business has a culture issue, you need to address it and take action. If you ignore it, you are putting your employer brand at risk.
3. Circulate your vacancies as they arise
You might have a great referrals program in place but are you actually making your employees aware of your vacancies as they arise?
Make sure that all internal vacancies are clearly listed on your careers page and whenever a new role gets added, circulate it within your team, reminding them of your referrals program.
If your employees are happy to, ask them to share your vacancies on their social media accounts, such as LinkedIn – just think of the huge network of people you can reach if you do this.