Before implementing an employee referral program at your company, provide HR & Finance Leadership with extensive research on best practice and prospectus on possible expense and maintenance. It is important to assess multiple ERP programs within different types of industries to gauge, which is the right approach for your organization.
Consider Non-Monetary Rewards
Not all ERP programs require monetary rewards for successful referral hires. Recognition from internal leadership, event access with thought leaders i.e. conferences/workshops, and additional time off can be used as reward for participating. This approach provides further employee betterment, networking, and learning opportunities that can produce higher quality employment experience vs. just getting money.
Year Round ERP & Unlimited Referrals
Recruiting is a year round activity that requires employees to be incentivized to assist in the continual identification of strong passive candidates that are in the market and could be referred for current and future opportunities. ERP’s should be year round and no cap put on the amount of referrals employees can submit. Each referral should be tagged and if they are successfully hired anytime in the future, a referral fee should be paid out to the successful employee who referred that candidate.
Break Payments Into Installments
If possible, break ERP payments into installments to confirm referrals have successfully been employed for an acceptable period of time. This also helps retain employees who are responsible for the referral.
Continuous Management & Promotion of ERP program
It is important to continually promote and highlight ERP details and advantages of participation to employees. The best times to introduce the program are: during new hire orientation, company meetings, and scheduled times during the year. Showcase how easy it is to participate and what the rewards look like on a regular basis.
Fluctuating Rewards & Schedule
In an effort to keep employee populations attention and interest in ERP, it is important to run promotional periods where successful referrals are paid a premium award vs. the normal amounts. This will help keep interest in program participation during key quarters of hiring growth.Don’ts:
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