Referral, Rewards, and Reality: A Panel Discussion
The research is clear. Across the board, employee referrals are consistently the best quality and lowest cost source of hire. Referrals drive employees that are more engaged and stay with your company longer. They have a significantly lower cost per hire – about $1,000 compared to the average $5,000.
It’s good for candidates, too. They’re 4x more likely to get hired when they are referred. Then, when these referred candidates have joined the company, they produce up to 25% more profit for companies than hires sourced from other methods.
So if we know referrals work, why aren’t we focused on making them our leading source of hire? Why aren’t we investing in infrastructure that makes that a reality? It seems simple, right? Make people happy and then they’ll send people they know to join your company.
Not so fast.There’s work to do before you make the ask. Employees traditionally aren’t motivated to refer unless they’re really happy at work.
We talk through the roadblocks and accelerants of great referral programs with this panel of practitioners who have been there and done that.
- Action steps to boost employee participation in a referral program
- Outside-the-box rewards and recognition strategies to motivate employees to refer
- Practices that will help you ensure both quality and volume from referral hires