Top 3 Referral Reward Policy Best Practices
There is consensus on the fact that bonuses are by far the biggest motivator for employees to refer candidates.
What should be the quantum of bonus as well as the criteria and modalities of payment still remain a subject wide open for discussion. Some of the more recent best practices related to disbursal of employee referral bonus are mentioned to explore possible areas of improvement
1. “Do it for the team” Instill in your employees that the primary reason that they should refer people is because the team wins “when it has the best players.” It is a superior motivator over monetary rewards, because it turns referrals into an opportunity to provide their teammates and themselves with the very best coworkers. You can educate your employees about the critical role that only they can play in filling the team with top
performers and innovators
2. Concentrate on Cash less rewards Cash incentives are not the only ways to motivate employees. Small gifts like gift cards or t-shirts or
other merchandise offered on a regular basis help to keep employees engaged with the hiring process.
Another way is to offer employees who have referred candidates an opportunity to participate and win in a
larger prize draw like a laptop or a TV or a holiday etc.
3. Offer a â€œhard to hireâ€? Bonus Attach a supplemental referral bonus amount for
positions or roles that are hard to fill as they require specialized, niche skill sets.
If you are looking to hire fast for a position, a good option is to introduce limited period bonus add on
for referring candidates upto a specified date post which the supplemental bonus is removed.
With these simple steps you are sure to see improved results in your referral program. And if you need a tool that will help you seamlessly achieve all of this,
ZALP is just a click away You may also opt for a free consultation on improving your referral program results. Our employee referral specialists would be glad to help.
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Employee Referral Index Survey Report 2013 This report gives you global trends and best practices to run an effective Employee ER-i is the first ever initiative on employee referrals that brings together recruitment leaders Referral Program. from all across thereport world to sethelp the benchmarks an employeeemployee referral program. Downloading this will you discoverof successful referral strategies
followed by 1000+ recruiting professionals across industry leading businesses
Employees should feel that they must refer people so as to get good team players in the Company. Employees needs to be rewared with small gi...