An employee referral program provides an incentive for individuals to refer other people for consideration for employment at an organization. While this type of program benefit is most often open to an organization’s current employees, the referral incentive may be offered to vendors, partners and acquaintances of employees who are able to successfully refer individuals, as well.
One benefit of implementing an employee referral program is that it may help to reduce costs associated with paid job board advertising and/or staffing agencies and executive search firms, as an attractive referral incentive can help to increase the volume of qualified applicants the organization receives – thus reducing turnover.
Utilizing social recruiting tools available in HireCentric applicant tracking software is an effective means of expanding the potential reach of a company’s potential employee referral audience, as well. Creating status updates about new jobs and employment information on company social media profiles provides an easy means for employees and other people to then distribute the information to a vast number of virtual contacts.