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The Guide to Better Employee Referral Bonus

Over the years, the pool of job openings has widened, and the number of employees applying has even increased to a considerable extent. Another essential thing which the employees need to work on is the employee referral bonus. By adopting the best employee referral programs, employees can easily hire the right talent, which can be invaluable in the current era of talent acquisition environment, where the openings generally outnumber the qualified candidates. 

Here are some tips for ICIMS demo for the employee referrals bonus:

Give the Employees What Exactly They Need to Refer
It is a forever green strategy to  the existing employees to brand the company. Hence, if done right, this can add massive value. If your company wants to build an active referral program and want it to work effectively; then one needs to create an environment or a culture that is referral worthy. 
The existing employees will only give a useful review of the company if they feel comfortable and like the working environment there. As soon as the new joiners join in, ask them for at least five personal contacts and make an active database of the same.

Set Clear Expectations and Guidelines Right from The Start
It is essential to make sure that the existing employees in the company correctly understand the referral programs and all the other guidelines and expectations. Including things such as who is precisely eligible to participate and who is likely to receive the referral awards. According to a survey, the following statistics have been made sure: 
  • 78% of the companies provide their employees with the same rewards for a referral by overlooking the position. The position could be of an entry-level employee or a manager; the referral bonus amount will be the same.
  • 60% of the employees in a company participate in different referral programs to earn rewards.
  • 58% of the companies give preference to those candidates who have been referred by the current employees.
  • 55% of the companies accept referrals from other sources such as clients or customers.


Offer Incentives to Motivate the Existing Employees
As per current research, 74% of the employers have been indulged in providing referral incentives. 92% of these employers offer cash referrals. However, it is not very easy as it seems. It doesn’t go like you refer someone, and if the person joins, you get the referral bonus. Many of the employers have set a bar; that is, the employee will only be eligible for a referral if the individual stays in the company for a minimum period of  six months. Hence, as per the stats, only 27% of the companies  are seen offering full rewards to the employees right after the referrals.

Marketing of the Program
The last amongst these is to treat the employee referral program as a marketing campaign; if done right can get access to some vast pool of talent. Investing in these communications and marketing plans can increase the chances of employees participating.

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