Rewards for employee referrals are a common phenomenon, any reward for referring the right candidate for the company should be significant enough to enhance and encourage participation in the employee referral program. However, it should not overshadow sustainability or give trigger to unscrupulous behavior. In addition to this, there needs to be clearly defined lines for who is allowed and who is exempted from participating in the program. For instance, most companies refrain their executives from receiving any incentives that are associated with the referral programs.
Establishing a comprehensive budget for the award can help the organization determine what can be done and what is not possible to execute. Arranging vacation trips or big-ticket items as prizes such as motorcycles and cars can boost the levels of excitement around the program and about the program in the minds of the employees. This would distinguish it and make it all the more effective than a simple monetary award or reward.
Another step in making the employees aware of the expanse of the program is to include the senior leaders and CEO in the talks for employee referrals so that it creates a buzz about the credibility of the program.
Likewise updating the program regularly based on consistent data is also imperative for the employee development in an organization. Updating and marketing the communications surrounding the referral programs at least every three months will significantly have a positive impact on the overall referral program. There are a few key points that should be remembered and implemented while indentifying the marketing communication efforts. Those areas that are underperforming can be tweaked for greater performance implying the lessons gained from more effective communication channels. Job postings are often a very basic aspect to be overlooked in a referral program, and they would hardly refer if they hardly know about the job position themselves. Thus, the value of employee referral is imperative.
