Top 3 Employee Referral Reward Policy Best Practices

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    07-Mar-2016

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Employees should feel that they must refer people so as to get good team players in the Company. Employees needs to be rewared with small gifts like gift cards or t-shirts on a regular basis so as to keep them engaged with the hiring process or they needs to be provided with an opportunity to participate & win in a larger prize draw. Additionally they must be provided with an additional bonus amount for the positions which are hard to fill.

Transcript

  • 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

    for discussion.

    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

    info@zalp.com You may also call us for any other assistance

    1-866-217- 1267 www.linkedin.com/company/zalp

    www.facebook.com/zalp03

    www.twitter.com/zalptweets

  • 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

    Referral Program.

    Downloading this report will help you discover successful employee referral strategies

    followed by 1000+ recruiting professionals across industry leading businesses

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