Table of Contents The Benefits of an Employee Referral Program Employee Referral Program Ideas for Success Bonuses and Incentives are Just the Beginning The Far-Reaching Effect of Employee Engagement Turn Your Engaged Employees Into Avid Brand Ambassadors The Right Technology to Support Your Employee Referral Program A Solution That Drives Adoption The Power of the One-Platform Approach Ensuring Constant Optimization With Data Execute a Well-Rounded Employee Referral Program The Benefits of an Employee Referral Program
The benefits of employee referrals are universally lauded. Firstly, they allow you to connect and engage with new talent at a lower cost than more traditional methods. In fact, studies have shown that an effective employee referral program can reduce cost per hire by up to $3,000. Not only that, but the time to hire also diminishes when recruiting referred candidates.
On top of this, referred candidates come recommended by your current employees, who know your culture in depth and believe these referrals can be a good fit. This explains why the retention rate for referrals tends to be higher than that of non-referrals.
In addition to the evident saving and retention benefits, employee referral programs also shed light on an