Employee referrals are a powerful tool for companies to find qualified candidates while boosting employee morale and retention.
An employee referral plan is a program that rewards employees for referring qualified candidates to the company. These rewards can be anything from a monetary bonus to a paid day off work. Employee referral programs are a win-win for both the company and the employee because the company saves time and resources by receiving pre-vetted candidates, and the employee receives a reward for their efforts.
How can companies maximize the ROI of employee referral plans? Here are some tips:
Ensure the program is easy to use: Employees are more likely to participate in the referral program if it is clearly understood. Therefore, ensure the process is straightforward, and the employees know the steps they must take.
Offer meaningful rewards: While monetary rewards are always appreciated, consider offering other rewards that employees will value. This could be anything from extra vacation days to a preferred parking spot.
Promote the program: Let your employees know about the program and encourage them to participate. Ensure they understand the program’s benefits and how it can benefit both them and the company.
Keep the program fresh: Mix up the rewards and promote the program regularly to keep employees engaged. You could also offer bonus rewards for referring hard-to-fill positions.
When setting up your employee referral program, first decide on the rewards you will offer for successful referrals. Be sure they are meaningful and appropriate for the level of the position being referred to.
Next, when employees refer candidates, include where and how to submit the referral and the required information.
Be sure to promote the program. Ensure employees know the program and how to participate. For example, you could promote the program through company-wide emails, posters, or team meetings.
Keep track of the referrals and the program’s success rate. Use this data to adjust as necessary.
Employee referral programs are a powerful tool for companies to find qualified candidates while boosting employee morale and retention. By following the tips above and implementing a successful program, you can maximize the ROI of employee referral plans in the construction industry. Happy hiring!
Photo by Markus Winkler on Unsplash
