What do dating sites, insurance brokers, sales people, and real estate agents all have in common? They all depend on referrals to grow their business. If you think about it, many of our favorite places to eat and shop are found as a result of a referral. People are creatures of habit and typically will only make changes when suggested by a credible source.
Ok, so why hasn’t your company been successful with their employee referral campaign?
Here are the TOP TEN reasons your referral program may not be working:
- Your recruiters don’t respond to referrals because they are too busy trying to find external candidates.
- Your company will only pay referral fees during annual bonus payout.
- Your company decided to give RadioShack gift certificates as a referral award.
- Your company is outsourcing their recruiting function.
- No one at your company knows what the employee value proposition is.
- Most of your referrals have RESIGNED.
- Your CEO just announced telecommuting is no longer an option.
- Your competitors are paying higher referral fees to hire employees from your company.
- Your attrition rate is increasing and company revenue is decreasing.
- Your company is on a hiring freeze.
Every article, white paper, industry expert and vendor survey that I have read recently or in the past 5 years show staggering numbers that the ROI for implementing a quality employee referral program pays off.
Advantages of getting your company on board now:
- Increases brand image and motivates internal employees to be brand ambassadors.
- Your employees are your strongest assets.
- If done correctly can provide a substantial increase in the quality and number of referred hires.
- Win-Win-Win for all parties, (Employer, Employee and New Hire)
- Cost reduction and reduction in time to fill.
- We recently revamped our employee referral program and saw an immediate increase in the number and quality of employee referral hires.
- It is so amazing to see how quickly we have achieved our goals while motivating our employees.
- Hands down, a quality referral program can be the strongest channel to make quality hires and build pipeline for the immediate future.
So get started right away let your employees extend a helping hand.
No employee referral program?
Don’t sit around waiting. If you’re a sourcer or recruiter and your company doesn’t have a strong employee referral program, pick up the phone and ask your hiring managers for referrals! Don’t wait for the leaders to implement a program.