is your employee referral program as good as you think?

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Is Your Employee Referral Program as Good as you think?

Is Your Employee Referral Program as Good as you Think?

WIDENING

While Most Recruiters have realized the Importance

of Employee Referrals, many still have simple policies

not Integrated Programs that:

• Help in Recruitment

• Build a Diverse Work Force

• Grow the organization’s Employment Brands

Performance Gaps between Good Employee Referral Programs and the Average Ones are


Recent European Study A Recent Study conducted across 145 Companies Revealed:

• Compared to other recruiting sources, the Employee

Referral Program had a success rate of over 42%

(Referral to Hire Ratio)

• 73% of the companies claimed that the cost-per-hire

through their Employee Referral Programs is

significantly lower than the other recruitment sources.

• More than 53% of the businesses surveyed already had

an established Referral Program in use, and 36%

planned to set up one within the next year.

Spanning 145 Companies

Investing in an Employee Referral Program and the right technology to support it Is crucial


Is your ERP

• High Volumes

• Quality Hires

• High Interview to Hire Ratio

• High Retention ratios

• Low Time-to-Fill

• Satisfaction of Managers,

Employees & Prospects

• Increased ROI

helping you achieve: in the face of increased Hiring Targets

• Outdated & Stale

• Showing a Plateau in Performance

• Necessitating a Quick Program Audit

Is your ERP OR


USEFUL CHECKLIST

Is your Referral Program Prioritized correctly? • The difference between a good & average program is

often the difference between focus & a one-shoe-fits-all

policy. Instead of covering the entire spectrum of jobs, an

effective referral program focuses on:

• Mission Critical Jobs

• Hard to Fill Positions

• High Priority Jobs

to check the relevance & efficacy of your Employee Referral Program

Here is a

Utilizing Employee time in Referrals for positions that are easy to fill through other Recruitment Solutions,

does not Increase ROI in the long run.


Social Recruiting Solutions

Is your Referral Program making Optimal use of Social Recruiting Solutions? An effective Employee Referral Software, must facilitate the

Employee’s Social Media Relationships & provide Easy Tools

to convert them into referrals.

Optimal Use of

Structured technology solutions which empower employees in the Referral process work better than

fitting your process into the design of an available tool


Operational Responsiveness

Is your Organization as Proactive as you would like it to be? Slow Response Time is likely to affect the Referrals

negatively, as also to frustrate Employees. In order to

keep Interest Levels High:

• Both the Referral & the Employee must be responded

to, within a pre agreed time frame

• The time frames must be communicated early on, to

set common expectations

• Should you be unable to reduce the turnaround time,

it will be advisable to seek volunteers or reduce the

scope of the program.

Maintaining

Opt for Agile Referral Tracking Software, that can keep employees updated about the status of the

Referral made by them


Is your ERP a maze for employees to trudge through?

• Even large rewards can fail to get employees to act, if

the referral program is not backed by operational

ease. It is worthwhile to consider:

• Does the process have too many complicated steps?

• Are the Employees able to access the program easily?

• Employee Referral Programs should be integrated

with the overall Recruitment Program

Ease of Use

A User Friendly Social Recruiting Software can go a long way in improving Employee Usage & Efficiency


Relevant Reward Programs

Is your Reward Program customized to excite your Target Audience?

• The Primary Positioning of a good Employee Referral

Rewards program is that referrals are to be made for

the benefit of the Team & the Organization . Few points

worth emphasizing are:

• Employees have a crucial role in building the team.

Employees are therefore positioned as Talent Scouts.

• Benefits in productivity when working along with the

best

• If relevant, increase in Employee Stock Value, as a result

of Increased Productivity can also be highlighted

Public Recognition of an Employee making Great Referrals, goes a long way in

Employee Motivation



Employees can also be motivated & engaged in Referral Programs through non monetary appreciation such as:

• Personalized Thank You Notes

• Opportunities to Interact with Top Management

• Choice of vacation or work shift schedules

• Opportunity to appear in Company Product Advertising

An overall culture of employee appreciation on relevant referrals, can establish the importance of the

Employee Referral Program



In addition to the recognition, you can also offer Prizes as well as Cash Awards:

• Rewards could vary basis Salary of the Position

• Higher Bonuses can be offered for Hard to fill positions

• Additional Awards can be granted for Referrals who turn

out to be High Performers

• Rewards can also be offered for candidates who come

close to requirement, but are not hired

Periodic Surveys to determine what would motivate employees, will help keep Rewards relevant


Appropriate

Employee Education

How important is Employee Education in your Organization?

Organizations need to provide adequate support &

training to enable employees to unearth their

contacts. Some important areas of education are:

• Where to look for Prospects?

• Best Practices to build Online Relationship with

Industry Resources

• Tips to help them leverage their Social Media

Networks

• Provide Improved Job Descriptions Provide Effective Tool Kits that reduce Trial & Error for Employees


Referral Hire Quality

What steps are being taken to ensure Quality Hires?

Organizations need to set both Culture & Processes to

ensure Quality Hires through Employee Referrals:

• Performers should be proactively reached out to,

with required positions to be filled

• Weak Referrers need to be tracked & given feedback

• Boomerangs can be reached out to

• New Recruits can be asked for Referrals on

boarding.

Proactively approach Top Performers

Reach out to Boomerangs

Identify Weak Referrers


Inclusive Program

Have you created an Inclusive Program to increase volume of referrals?

In order to increase Referral Volumes, it will be prudent

to bring the following people under the Program

coverage:

• Managers

• Non Employees such as Consultants, Customers

• Vendors

Managers

Non Employees

Vendors


Referral Volumes What are the specific measures taken to improve referral volumes?

The following measures can significantly impact the

referral volumes:

• Creating a community of referrers that includes

highly networked individuals

• Proactively seeking out employees who were earlier

working at firms being targeted for acquiring

employees

• Holding competitions among employees, challenging

them to visit competitor locations

Increase

Referral

Volumes


Quantifiable Targets

Is your Employee Referral Expectation converted into Measurable Targets?

It will help employees know the seriousness of the

program if they have measurable targets. Targets can

be set at the following levels:

• SBUs

• Managers

• Employees

Employees

Managers

SBUs


Periodic Updates

Are you reviewing the success or failure of the Employee Referral Program often?

Program Evaluation is an important component of

success. A review should be conducted at least once a

quarter to:

• Position the ERP in a changing Business Landscape

• Review the Performance Metrics

• Review the Performance Differential of the ERP

versus other Recruitment Methodologies

Target

Achievement Impact on Business

Operations


Unleash the potential of your Employee Referral Program with ZALP–The Socially Intelligent Employee Referral Tool

ZALP enables organizations to automate and streamline every aspect of their employee referral program while at the time same integrating it with the potent potential of social recruitment using its advanced social media capabilities.

Each of ZALP's features have been specifically developed to give organizations a new and innovative referral platform that drastically accelerates employee participation which in turn results in a considerable reduction in the cost per hire and time to fill.

The unique aspect about ZALP is that it gives employees not one but five easy and convenient ways to refer jobs to their connections. Interesting features like the ZALP Match ensures that even if employees do not have a top of mind connection to make a referral, the built-in intelligent match feature suggests the most relevant matches for a job out of his/her own social network connections.

Advanced features like the ZALP Track ensures that employees are kept well updated on the status of their referrals by giving them real time updates on the entire referral progress. The interesting thing about ZALP is that it is a highly scalable tool and can be seamlessly used by organizations having 100 to even 10000+ employees. Considering ZALP operates in the SAAS model (software -as-aservice) organizations do not have to go through the cumbersome hassles of integration and implementation. Organizations with even a global presence can effortlessly adopt ZALP without having to go through any elaborate integration process.

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is your employee referral program as good as you think?

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referral process

good average program

utilizing employee time

quick program audit

recruitment solutions

turnaround time