Is Your Employee Referral Program
as Good as you think?
zalp.com
Performance Gaps between Good Employee Referral Programs and the Average Ones are
WIDENING
While Most Recruiters have realized the Importance of Employee Referrals, many still have simple policies not Integrated Programs that: • Help in Recruitment • Build a Diverse Work Force • Grow the organization’s Employment Brands
Is Your Employee Referral Program as Good as you Think?
Recent European Study
Spanning 145 Companies
A Recent Study conducted across 145 Companies Revealed: • Compared to other recruiting sources, the Employee Referral Program had a success rate of over 42%
(Referral to Hire Ratio) •
73% of the companies claimed that the cost-per-hire through their Employee Referral Programs is significantly lower than the other recruitment sources.
• More than 53% of the businesses surveyed already had an established Referral Program in use, and 36% Investing in an Employee Referral Program and the right technology to support it Is crucial
planned to set up one within the next year.
Is Your Employee Referral Program as Good as you Think?
Is your ERP helping you achieve:
OR
Is your ERP in the face of increased Hiring Targets
• High Volumes
• Outdated & Stale
• Quality Hires
• Showing a Plateau in Performance
• High Interview to Hire Ratio
• Necessitating a Quick Program Audit
• High Retention ratios • Low Time-to-Fill • Satisfaction of Managers, Employees & Prospects • Increased ROI
Is Your Employee Referral Program as Good as you Think?
Here is a
USEFUL CHECKLIST to check the relevance & efficacy of your Employee Referral Program
Is your Referral Program Prioritized correctly? • The difference between a good & average program is often the difference between focus & a one-shoe-fits-all policy. Instead of covering the entire spectrum of jobs, an effective referral program focuses on: • Mission Critical Jobs • Hard to Fill Positions • High Priority Jobs Utilizing Employee time in Referrals for positions that are easy to fill through other Recruitment Solutions, does not Increase ROI in the long run. Is Your Employee Referral Program as Good as you Think?
Optimal Use of
Social Recruiting Solutions
Is your Referral Program making Optimal use of Social Recruiting Solutions? An effective Employee Referral Software, must facilitate the Employee’s Social Media Relationships & provide Easy Tools to convert them into referrals.
Structured technology solutions which empower employees in the Referral process work better than fitting your process into the design of an available tool
Is Your Employee Referral Program as Good as you Think?
Maintaining
Operational Responsiveness
Is your Organization as Proactive as you would like it to be? Slow Response Time is likely to affect the Referrals negatively, as also to frustrate Employees. In order to keep Interest Levels High: • Both the Referral & the Employee must be responded to, within a pre agreed time frame
• The time frames must be communicated early on, to set common expectations • Should you be unable to reduce the turnaround time, Opt for Agile Referral Tracking Software, that can keep employees updated about the status of the Referral made by them
it will be advisable to seek volunteers or reduce the scope of the program.
Is Your Employee Referral Program as Good as you Think?
Ease of Use
Is your ERP a maze for employees to trudge through? • Even large rewards can fail to get employees to act, if the referral program is not backed by operational ease. It is worthwhile to consider: • Does the process have too many complicated steps? • Are the Employees able to access the program easily?
• Employee Referral Programs should be integrated with the overall Recruitment Program
A User Friendly Social Recruiting Software can go a long way in improving Employee Usage & Efficiency
Is Your Employee Referral Program as Good as you Think?
Relevant Reward Programs
Is your Reward Program customized to excite your Target Audience? • The Primary Positioning of a good Employee Referral Rewards program is that referrals are to be made for the benefit of the Team & the Organization . Few points worth emphasizing are: • Employees have a crucial role in building the team. Employees are therefore positioned as Talent Scouts. • Benefits in productivity when working along with the best
Public Recognition of an Employee making Great Referrals, goes a long way in Employee Motivation
• If relevant, increase in Employee Stock Value, as a result of Increased Productivity can also be highlighted
Is Your Employee Referral Program as Good as you Think?
Relevant Reward Programs
Employees can also be motivated & engaged in Referral Programs through non monetary appreciation such as: • Personalized Thank You Notes • Opportunities to Interact with Top Management • Choice of vacation or work shift schedules • Opportunity to appear in Company Product Advertising
An overall culture of employee appreciation on relevant referrals, can establish the importance of the Employee Referral Program
Is Your Employee Referral Program as Good as you Think?
Relevant Reward Programs
In addition to the recognition, you can also offer Prizes as well as Cash Awards: • Rewards could vary basis Salary of the Position • Higher Bonuses can be offered for Hard to fill positions • Additional Awards can be granted for Referrals who turn out to be High Performers • Rewards can also be offered for candidates who come close to requirement, but are not hired
Periodic Surveys to determine what would motivate employees, will help keep Rewards relevant
Is Your Employee Referral Program as Good as you Think?
Appropriate
Employee Education
How important is Employee Education in your Organization? Organizations need to provide adequate support & training to enable employees to unearth their contacts. Some important areas of education are: • Where to look for Prospects? • Best Practices to build Online Relationship with Industry Resources • Tips to help them leverage their Social Media Networks
Provide Effective Tool Kits that reduce Trial & Error for Employees
• Provide Improved Job Descriptions
Is Your Employee Referral Program as Good as you Think?
Referral Hire Quality
What steps are being taken to ensure Quality Hires? Organizations need to set both Culture & Processes to ensure Quality Hires through Employee Referrals:
Proactively approach Top Performers
• Performers should be proactively reached out to, with required positions to be filled Reach out to Boomerangs
• Weak Referrers need to be tracked & given feedback • Boomerangs can be reached out to • New Recruits can be asked for Referrals on
Identify Weak Referrers
boarding.
Is Your Employee Referral Program as Good as you Think?
Inclusive Program Have you created an Inclusive Program to increase volume of referrals? Vendors
In order to increase Referral Volumes, it will be prudent to bring the following people under the Program coverage:
Non Employees Managers
• Managers • Non Employees such as Consultants, Customers • Vendors
Is Your Employee Referral Program as Good as you Think?
Referral Volumes What are the specific measures taken to improve referral volumes? The following measures can significantly impact the referral volumes: • Creating a community of referrers that includes Increase
Volumes
highly networked individuals • Proactively seeking out employees who were earlier
Referral
working at firms being targeted for acquiring
employees • Holding competitions among employees, challenging them to visit competitor locations Is Your Employee Referral Program as Good as you Think?
Quantifiable Targets
Employees
Is your Employee Referral Expectation converted into Measurable Targets? It will help employees know the seriousness of the
Managers
program if they have measurable targets. Targets can be set at the following levels:
SBUs
• SBUs • Managers
• Employees
Is Your Employee Referral Program as Good as you Think?
Periodic Updates Are you reviewing the success or failure of the Employee Referral Program often? Target Program Evaluation is an important component of
success. A review should be conducted at least once a quarter to: • Position the ERP in a changing Business Landscape Impact on Business Operations
Achievement
• Review the Performance Metrics • Review the Performance Differential of the ERP versus other Recruitment Methodologies Is Your Employee Referral Program as Good as you Think?
Unleash the potential of your Employee Referral Program with ZALP–The Socially Intelligent Employee Referral Tool ZALP enables organizations to automate and streamline every aspect of their employee referral program while at the time same integrating it with the potent potential of social recruitment using its advanced social media capabilities. Each of ZALP's features have been specifically developed to give organizations a new and innovative referral platform that drastically accelerates employee participation which in turn results in a considerable reduction in the cost per hire and time to fill.
The unique aspect about ZALP is that it gives employees not one but five easy and convenient ways to refer jobs to their connections. Interesting features like the ZALP Match ensures that even if employees do not have a top of mind connection to make a referral, the built-in intelligent match feature suggests the most relevant matches for a job out of his/her own social network connections.
Advanced features like the ZALP Track ensures that employees are kept well updated on the status of their referrals by giving them real time updates on the entire referral progress. The interesting thing about ZALP is that it is a highly scalable tool and can be seamlessly used by organizations having 100 to even 10000+ employees.
Considering ZALP operates in the SAAS model (software -asaservice) organizations do not have to go through the cumbersome hassles of integration and implementation. Organizations with even a global presence can effortlessly adopt ZALP without having to go through any elaborate integration process.
Is Your Employee Referral Program as Good as you Think?
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