6 Unique Elements Of A Successful Employee Referral Scheme
Enough has been said about the efficacy of an employee referral program. Beginning from its applicant to hire ratio right up to its high retention ratio, its benefits are unparalleled. To avail of these benefits, however, it is imperative that the employee referral scheme be structured in a manner that it lends itself to adding value to the organization. Below are 6 unique elements of a successful employee referral scheme:
Employee Engagement- This is the most critical factor driving all Employee Referral schemes. The level of employee engagement in the scheme will determine both the quantity and quality of referrals. An important constituent of employee engagement is the rewards offered to the employees. These rewards can be monetary or non monetary and need to be offered basis a thorough assessment of what employees value and is a good fit with the organizational culture. Rewards may vary from hard cash to an appreciation note and more often than not will be a judicious mix of these.
Simplicity of the scheme- A very important of determinant of the success of the scheme is its simplicity as well as the ease with which employees can understand the scheme and act on it. An unduly complicated scheme will limit employee interest in the scheme, as they will have to spend far too much time comprehending the scheme.
Communication Communication Communication- This is an absolute imperative. Having launched the scheme it is important that employees are fully aware of the scheme and the scheme itself has top of the mind recall. This can be done through a host of activities all performed with the objective of increasing the visibility of the scheme.
Social Networking- With the increasing popularity of social networking, employees need to be encouraged and even trained to tap into their social networks in order to make quality referrals.
Responsiveness- It is not enough to launch a scheme and then not map its success and failures. It is very important for the scheme to be responsive to employee needs. This will enable the organization to make changes in the scheme so that it remains relevant. Be it the rewards or any administrative aspect of the scheme, if any aspect of the scheme isn't working, modification is the key
Realistic- Last but definitely not the least, it is important to keep your objectives realistic. It is only against a realistic yardstick that you can measure the success or failure of a program. A realistic expectation will not let you throw out the baby with the bathwater on the one hand and drag a non-performing scheme, on the other.
Employee Engagement- This is the most critical factor driving all Employee Referral schemes. The level of employee engagement in the scheme will determine both the quantity and quality of referrals. An important constituent of employee engagement is the rewards offered to the employees. These rewards can be monetary or non monetary and need to be offered basis a thorough assessment of what employees value and is a good fit with the organizational culture. Rewards may vary from hard cash to an appreciation note and more often than not will be a judicious mix of these.
Simplicity of the scheme- A very important of determinant of the success of the scheme is its simplicity as well as the ease with which employees can understand the scheme and act on it. An unduly complicated scheme will limit employee interest in the scheme, as they will have to spend far too much time comprehending the scheme.
Communication Communication Communication- This is an absolute imperative. Having launched the scheme it is important that employees are fully aware of the scheme and the scheme itself has top of the mind recall. This can be done through a host of activities all performed with the objective of increasing the visibility of the scheme.
Social Networking- With the increasing popularity of social networking, employees need to be encouraged and even trained to tap into their social networks in order to make quality referrals.
Responsiveness- It is not enough to launch a scheme and then not map its success and failures. It is very important for the scheme to be responsive to employee needs. This will enable the organization to make changes in the scheme so that it remains relevant. Be it the rewards or any administrative aspect of the scheme, if any aspect of the scheme isn't working, modification is the key
Realistic- Last but definitely not the least, it is important to keep your objectives realistic. It is only against a realistic yardstick that you can measure the success or failure of a program. A realistic expectation will not let you throw out the baby with the bathwater on the one hand and drag a non-performing scheme, on the other.
Source...