The 5 Best Perks to Offer Through an Employee Referral Program
One of the best ways to find high-quality talent that fits your organization’s culture is through an employee referral program. To entice your team members to participate, here are some of the best employee referral program perks your company can offer.
Recruiting new talent through an employee referral program is one of the most effective ways to hire employees. Measured across many different metrics, employee referrals are often hired faster, at a higher quality, and at a lower cost-per-hire than other sources.
But simply establishing an employee referral program isn’t enough. In order for it to be successful, your employees need to participate. Rewarding team members for referrals is one of the easiest ways to encourage participation. With the right giveaways or bonuses, you can motivate employees to send your company as many great candidates as possible.
Whether you’re looking to build a new employee referral program or bolster your existing efforts, here’s a look at some of the most enticing perks your company can offer.
Perk #1: Cash
As with most things in life, cash is king. Offering a cash bonus through your employee referral program gives participants an easy way to add some extra zeroes to their next paycheck. The amount of a cash bonus can vary, but on average, the Society for Human Resource Management found that most organizations offered an average of $1,000 for successful hires. For highly technical positions, like developers or engineers, referral bonuses can often be even higher. Cash bonuses are an easy-to-understand, hard-to-ignore prospect that gives your employees a quick way to put some extra money in their pocket.
Payouts can also be staggered or tiered; for instance, companies may offer a smaller cash incentive when referrals earn a phone screen or in-person interview. And to ensure the new employee is ultimately a high-quality hire, bonus payments can be deferred until after the referred employee has worked for the company for at least three to six months.
Perk #2: Paid vacation
According to Harvard Business Review, one of the most valued benefits is vacation time. An employee referral program presents a great opportunity to offer employees extra days of paid vacation to reward successful referrals.
For some employees, there’s nothing more valuable than an extra day off to break up the workweek or extend a long weekend. By offering vacation time through your employee referral program, you’ll be killing two birds with one stone by gaining access to new talent, as well as giving your existing employees more of what they already desire.
Perk #3: Charitable donation
Developing an employee referral program can also help team members give back through charitable donations. For each successful referral, offer employees the opportunity to make a donation to the charity of their choice. It’s a great way help your organization do good while recognizing causes that matter to your employees. (It’s also an incentive worth promoting that can help add value to your employer brand!)
Perk #4: Quarterly drawing
If you want to boost participation in your employee referral program, try making a game out of it! For each successful referral, enter your employees in a quarterly raffle with prizes like iPads, gift certificates, or even a special parking space. Contests and drawings encourage friendly competition, nudging employees to refer as many qualified candidates as possible.
Perk #5: Public recognition
It’s important for employees to feel recognized in the workplace. Acknowledging the contributions they make to company can help provide a sense of purpose and motivation. When introducing new hires to your team, highlight the employee who referred the candidate, too. A simple thank you in a company-wide meeting or email can go a long way in recognizing the value of a particular employee.
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