Talent acquisition teams are well aware of the tremendous value of Employee Referral Programs (ERPs), from faster hiring and onboarding to higher quality candidates and better employee tenure. It’s often the go-to strategy for hard-to-fill positions that fail to generate candidates through paid media efforts. Research from LinkedIn confirms that ERPs remain an extremely valuable recruiting tool with nearly half (48%) of all companies identifying referrals as their top source of quality hires.
Given the successful nature of ERPs, it’s surprising how many organizations let theirs fall off the radar or don’t have the time to invest. Technology however, can take an ERP from just so-so to awesome and automated.
Let’s take a look at three must-have approaches to automation that can help teams perform at their best and generate even greater return at the same time:
- Rewards Fulfillment: You can make program fulfillment a breeze through automation. For example, if you use cash rewards, investigate how your software can integrate with your payroll system so that employees’ referral bonuses are directly deposited into their checking accounts. If you favor giveaways, there’s also the opportunity to develop a custom landing page for your organization where employees can go to select their ideal giveaway.
- Tracking: Most systems have robust tracking features that allow you to know where all referred candidates are in the hiring system and send automatic updates to both referrals and their referrers. Leverage templates for automated communications at all phases of the hiring process so everyone stays informed. Automatic tracking also makes it easier to see which employees continually refer the candidates most likely to be hired, making it easier for you to properly acknowledge their contributions during their annual performance reviews.
- Measurement: When you automate the tracking of your ERP results, you’ll have instant access to success metrics, everything from referred and hired applicants to the social shares of your jobs by employees and even the quality of those hires. An automated solution will ideally include a dashboard where you can review real-time results in one place, allowing you to focus more time on what matters most—your relationships with candidates and implementing changes to the program to improve subsequent outcomes.
Managing an ERP to its fullest potential requires significant effort. Careful planning and the use of automation can cut down substantially on the time required to manage and maintain your program while contributing to the overall success of an effective strategy to attract top talent to your organization.