Referral programs: A higher return on your recruitment dollar

The business case is sound. Here's what a carefully designed and executed ERP could mean for you:

• Maximize cost-per-hire.
• Generate a higher quality of candidate.
• Increase new hire success rates/reduce turnover costs (retention).
• Decrease time-to-fill.
• Maximize time (recruiters and management).
• Drive business growth.

 And some of the “softer” benefits:

• Gain insights into employee morale/pride.
• Maximize employee engagement.
• Reinforce your employer brand promise.
• “Invest” in your current employee base, with the additional benefit of garnering best-fit talent.

To maximize program successes, watch out for pitfalls. Consider this:

• Promote the program properly.
• Design the ERP carefully – without too many regulations.
• Execute and administer the program seamlessly.
• Train existing employees extensively.
• Do not over-rely on monetary or material rewards.
• Be willing to commit fully to program success.
• Set benchmarks and adequate measurements.