Top 3 Referral Reward Policy Best Practices
There is consensus on the fact that bonuses
are by far the biggest motivator for
employees to refer candidates.
What should be the quantum of bonus as
well as the criteria and modalities of
payment still remain a subject wide open
Some of the more recent best practices related to disbursal of employee
referral bonus are mentioned to explore possible areas of improvement
1. Do it for the team Instill in your employees that the primary reason that they
should refer people is because the team wins when it has
the best players.
It is a superior motivator over monetary rewards, because
it turns referrals into an opportunity to provide their
teammates and themselves with the very best coworkers.
You can educate your employees about the critical role
that only they can play in filling the team with top
performers and innovators
2. Concentrate on Cash less rewards Cash incentives are not the only ways to motivate
employees. Small gifts like gift cards or t-shirts or
other merchandise offered on a regular basis help to
keep employees engaged with the hiring process.
Another way is to offer employees who have referred
candidates an opportunity to participate and win in a
larger prize draw like a laptop or a TV or a holiday etc.
3. Offer a hard to hire Bonus Attach a supplemental referral bonus amount for
positions or roles that are hard to fill as they
require specialized, niche skill sets.
If you are looking to hire fast for a position, a good
option is to introduce limited period bonus add on
for referring candidates upto a specified date post
which the supplemental bonus is removed.
With these simple steps you are sure to see improved results in your referral
program. And if you need a tool that will help you seamlessly achieve all of this,
ZALP is just a click away
You may also opt for a free consultation on improving your referral program results. Our employee referral specialists would be glad to help.
For more information, visit
www.zalp.com To book a free demo, drop a mail to
email@example.com You may also call us for any other assistance
1-866-217- 1267 www.linkedin.com/company/zalp
ER-i is the first ever initiative on employee referrals that brings together recruitment leaders from all across the world to set the benchmarks of an employee referral program.
Employee Referral Index Survey Report 2013
This report gives you global trends and best practices to run an effective Employee
Downloading this report will help you discover successful employee referral strategies
followed by 1000+ recruiting professionals across industry leading businesses