The Most Effective Employee Referral Rewards and Incentives?
Have you ever wondered what the most effective employee Referral Rewards and incentives are to get the most from your referral scheme?
Your first point of call is making your company a great place to work and develop. This will naturally encourage others to promote opportunities to others.
Great employee referral programs and rewards are vital if you’re looking to turn your existing work force into proactive recruiters.
Some companies have used all-inclusive holidays, charity donations, concert tickets, Days Off, gym memberships.. Others cold hard cash… Some employees just like recognition and a pat on the back!
Real World Examples:
In 2019 Google employed over 103’000 people worldwide, so what does google have to say about employee referral?
Sometimes a cash incentive is not always the was forward. Google tried doubling their cash incentive for referrals, and it made no difference to the number of referrals coming in.
Google found that their staff were extremely willing to refer friends, but the company’s process needed streamlining.
Increasing the information flow of new roles, updates on hiring, and giving frequent updates and reminders made the employees much more engaged and gave them the extra “nudge” to refer friends.
Distillery is a computer software company located in Australia that has no issues attracting candidates, their issue has been the quality of candidate.
After introducing an employee referral program and looking to current software developers for recommendations, Distillery found a significant increase in quality resumes.
Working in a high-tech environment, naturally Distillery turned to new gadgets and technology to motivate their employees to spread the word of vacancies within the company.
So what’s Best?
There is no right or wrong answer when it comes to referral rewards and incentives and what works for one company may not work for another. You need to research your employees and discover what’s going to work best for them.