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Employee Referral Program

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by

Chandrika Nagesh

on 15 November 2013

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Transcript of Employee Referral Program

THE TALENT CLOUD
Employee Referral Program


With our current referral policy in place, we sourced an average
17%
of our hires from internal referrals.Within a year of having the following ideas in place, we should be able to achieve our goal of

22%-24%
Why is the Employee Referral Programme important to us?
What are we doing now?
Focusing on financial incentives

structure those incentives

Promotional materials are non-existent

No leadership engagement
Which means,
The more referrals we hire....
higher the ROI high quality employees

faster we will fill our openings less turnover we

will have more efficient our recruiting process

less money we spend on other methods of recruiting !!!
According to Recruiting Roundtable...
Best-in-class Employee Referral Programs:
Emphasize recognition and modest rewards
Have a well-defined, transparent process
Provide comprehensive materials to educate employees about the positions we’re focused on
Provide a suite of emails and other materials that our employees can use when they reach out to potential candidates
SPEED

What's next ?
The new program should have prime area on campus so employees have a place to go for:
Info on how the program works
Online submission forms and any process requirements
"Hot Jobs", key upcoming openings
Descriptions and narratives about our openings, what the ideal candidate looks like, and the best places/ways to find them (including leveraging social media)
Reward/payout information
Success Stories and videos/interviews
Ongoing status of their referrals
Example:
Measuring Program Success
We will measure:
Source of hire
Retention by source of hire
# and % of employee referral hires
# and % of employee participation in the program
Total cost of recruiting in major categories (agencies, job boards, advertising, etc)
Time-to-fill by source of hire
Which we will use to determine:
Increase in percentage of hires from Employee Referrals
Improvement in retention of employee referrals compared to other sources of hire
Improvement in time-to-fill
ANY QUESTIONS?
From the
value
perspective...
We spent
$10,294
in 2012 on ERP incentive payments on a total of
9
referral hires: around
$1,144
/
Hire
If all goes according to plan in our first year with this new program...
We will spend
$15,000
on an estimated
30
hires: or
$500
/
Hire
,
while simultaneously increasing speed, retention, and efficiency.
Our Competition
Bharti Airtel Ltd. - 40%
Vodafone Ltd. - 14%
Idea Cellular - 37%

Recruiting Excellence Awards 2013:
Best Employee Referral Program
Ernst & Young @ 35%

source: www.glassdoor.com
www.ere.net

By:
Chandrika Nagesh

EMPLOYEE
REFERRALS

JOB BOARDS

CAREER SITES

25 days
35 days
40 days

RETENTION
47%
39%
14%
EFFICIENCY


Source —
Dr. John Sullivan and Associates research 2008-2013
Jobvite Index - 2013
Referrals are #1 and are hired at a rate of 1 out 3 of applications for top-performing firms and 1 out of 10 at average firms. (Compared to an average applicant to hire ratio of 1 out of 18 from all sources)
% of hires
Referral Bonus
Name of the
Policy
Incentives and Promotion
Syntel
Net Magic
Intel
50%
buddy referral
55%
-
5,000-10,000
5,000-15,000
8.3% / 10,000
Banner, Bumper Prizes, Regular mails
Banners, E-mails
Raffle
Ernst&Young
1000$-4000$
10,000-50,000
More than one bonus, Banners, Emails
IBM
1/3rd
24%
250$-350$
Banners, Money, Raffle, E-mails,
Nortel
2000$
Raffles that offer 100,000$
16%
Infosys
10,000-50,000
WIPRO
125$-250$
50%
ConnectInfy
14%
-
-
Idea
5,000-20,000
37%
Company
The central hub for all ERP info
Revise compensation for Referrals from time to time and per referral.
Payouts should be paid in one transaction within 30 days of the start date of the referred employee.
Monthly or quarterly lucky draw to provide "participation awards": small gift cards, tickets, etc
Once a sustainable process with measurable business results is in place: larger quarterly or annual giveaways, higher payouts for hiring employees away from industry competitors
displaying/flashing names on wall of fame/screens.
The Multimedia Campaign would include...
Posters around the office

Table tents on tables in break room and conference rooms

Screen savers and computer log-in pages

Kickoff campaign: The first opening within the new system will include extra fanfare and incentives to build excitement.
Implementation
Incentives
Multimedia campaign

Prime Area for ERP info

Incentives
Makes the program employee friendly
employees can get all the required info here
Databases of the referrals will be maintained so unexplored potential talent can be tapped when required
Referral statuses can be tracked and updated
Low Investment required compared to investment made on other sources

RELEVANCE AND IMPORTANCE
RELEVANCE AND IMPORTANCE
Idea of more money,instantly incentivizes employees
Fast money Increases satisfaction giving the feeling of contentment
Big bumper prizes capture interest
Flashing names on monitors and wall of fame increases morale.
RELEVANCE AND IMPORTANCE
Visuals attract immediate attention

Conveys the message in one look at the visual

Effortless Communication
SCOPE
WHAT ARE OUR COMPETITORS DOING ?
Full transcript