Achievers Publishes Guideline for Successful Employee Referral Programs
Toronto and San Francisco – Achievers, the leader in employee recognition and rewards software, today released the “Ultimate Guide to Employee Referrals: How to Engage Employees, Save Millions, and Drive Employee Success™” e-book, revealing research that demonstrates the benefits of employee-driven recruiting programs, as well as a step-by-step process for implementing a successful employee referral plan. The report reveals recent studies that show that employee referral programs for recruiting successful hires decrease recruitment costs and times-to-hire, as well as tend to yield higher-quality candidates than traditional recruitment methods.
According to the new e-book, utilizing an employee referral program can save a mid-sized company more than $1M in the next three years, and return applicants who are three times more likely to be hired and far less likely to leave the company than traditional applicants through job boards. Just as beneficial are the incentives for employee engagement; employees who are involved in the recruitment process feel a greater sense of engagement with the company and control over its future.
“The Ultimate Guide to Employee Referrals” provides a step-by-step process for creating an internal recruiting program, including branding, goal-setting, incentives, and incorporating employees’ social media networks. Additionally, the e-book provides best practices for maximizing the effectiveness of an employee referral plan, and highlights several success stories of employee-driven recruiting programs that have increased retention and employee engagement and decreased the average cost per hire.