What is a Referral Incentive?
Referral incentive is a reward given to the employees as a token for referring candidates for a specific job role. It works like a strategy to encourage employees of the organization to refer more qualitative candidates for openings of job roles in their organizations. According to research, candidates and hires referred by employees tend to stick long with the company along qualitative performance than the non referred ones.
Referral incentive are also found to be more cost-effective and time effective as the process of sourcing talents through referrals is much more quicker than going through job boards and other portals.
Why should you consider referral incentive programs?
Referral incentives programs can add a huge effect on the recruiting attempts, particularly in a candidate market where skilled experts have an abundance of business choices. Here are a couple of issues your organization might be confronting that can be decreased by offering a referral incentive. These referral incentive programs help with reducing turnover rates, improving retention, better employee engagement and high productivity.
What are the types of referral incentives?
1. Cash Bonus
A cash bonus can never go wrong and no employee can ever say a no to this reward.
2. Gift vouchers
Attractive gift vouchers across versatile products/services can be a great option for referral incentive
3. Latest gadget
As a referral incentive, try to include gadgets like the range of mobile phones, smartwatches, it is not only attractive but also creates the desire to act and recommend
4. Holiday package
What more than a paid holiday? Every employee would love to grab this one!
5. Sponsor education
This can either be to the employees or to the employees family, this way the employee will gain even more trust in the organization that thinks about his career and will tend to refer qualitative talent.
6. Acknowledgement & Appreciation
Definitely cash incentives and monetary related benefits will excite the employee but nothing feels more satisfied and gives a sense of satisfaction than a heartfelt appreciation. Make sure to announce and reward them the appreciation in company get togethers or all hands.
7. Encashed paid leaves
Paid leaves can come very handy to employees for utilizing and if not used an option of en-cashing at the end of the year.
Referral incentives are an incredible method to boost employees to suggest candidates inside their organizations and assist your group with interfacing qualified candidates. Try not to allow a compeitive job to advertise moderate you down, begin offering referral incentives today and you'll lessen your chance to-recruit and cost-per-employ in a matter of seconds.