Does your company have a referral program for new hires?
Referrals are by far the preferred source of new hires. Bar none. Your employees know the culture. They know who will be a good fit. But just having a referral program isn’t enough. It has to be a good one. How do you do that? Just follow the VIP Referral Program.
First the program needs to be VALUED. A $20 gift card won’t cut it. Think of the money you would normally spend to recruit. A good program needs to be worth the effort. And don’t be afraid of increasing the amount for more difficult, hard to find positions.
Second, it needs to be INCREMENTAL. You want to reward longevity! So perhaps $100 when they start and $400 after 6 months.
Third, to get the most bang for your buck, it should be given in PUBLIC. At one of your company-wide meetings, call the person up and pay out the bonus (preferably in cash) right there in front of everyone! Make it clear to everyone that the program actually pays!
There you have it. The VIP Referral Program. Valued, Incremental, and Public. How does your program measure up?