While most companies have an employee referral program, not many take that program seriously enough.
It’s not about throwing a few dollars at the referring employee and thinking that’s a good program. Companies would be wise to create a simple understandable process, consistently cascade information regarding the program to their teams, and recognize those who participate.
It’s not just the cost savings this strategy offers. This channel produces employees who thrive, fit the culture, and refer others. So don’t miss this low hanging fruit.
Consider these statistics: - Referrals are the leading source of superior candidates for 88% of employers. - Referred candidates are a better culture fit than those hired through other sources. - Retention rates for referrals are much higher than the rates for other employees. - Referrals generate the best return on investment than all other hiring sources. - Almost two-thirds of referred employees referred at least one person to their current company.