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PPT Employee Referral Program
Transcript of PPT Employee Referral Program
Delaying and dividing those financial incentives
Not much transparency through the process
Promotional materials are non-existent
No leadership engagement However, this is just the tip of the iceberg... Which means,
The more referrals we hire.... The higher the ROI from each employee on average
The more high quality employees we will have
The faster we will fill our openings
The less turnover we will have
The more efficient our recruiting process
The less money we spend on other methods of recruiting!!! According to Recruiting Roundtable... Not all ERPs are created equal! 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 In these organizations: More than 30% of employees made a referral in the preceding 12 months(compared with PPT: 7.1% in 2012)
50%+ of their hires are from referrals
(compared with PPT: 39% in 2011) SPEED Retention Efficiency Application-to-hire time Referrals are the #1 fastest time to fill (29 days for referrals, 39 days for job boards, and 45 days for career sites)
-Source — Jobvite index 2012 Average length of employment of all initial hires after one year Referrals are #1 at 46% retention after one year (compared to 33% from career sites and 22% from job boards)
Source — Jobvite index 2012 Applicant-to-hire ratio Referrals are #1 and are hired at a rate of 1 out of 3 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)
Source — Dr. John Sullivan and Associates research 2008-2011 Incentives The Brand Central Park What's Next? Implementation With the help of our marketing department, we will go beyond simply a referral "policy", and create a complete brand, including a name, a logo, and a multimedia campaign. This will help spread awareness, generate excitement, and cement the idea with our employees as a worthwhile individual pursuit. Examples: 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. The central hub for all ERP info The new program should have prime real estate on Central Park 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)
Success Stories and videos/interviews
Ongoing status of their referrals Example: We should have a reward of $500 for an internal referral that becomes a hire, with that amount increasing commensurate with the difficulty of the hire (ideally in simple $500 increments).
Payouts should be paid in one transaction within 30 days of the start date of the referred employee.
Monthly or quarterly drawings 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 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 for employee referrals compared to other sources of hire
Improvement in time-to-fill ANY QUESTIONS? After: Before: Overly-complicated, divided, delayed, payment incentives.... For positions requiring 0-2 years of experience: $250 at 6-months, $500 at 12-months
For positions requiring 2+ years of experience: $500 at 6-months, $1000 at 12-months
Essentially, $750 for entry-level, $1500 for non. ....and not much else. Smaller, simpler, immediate, (more effective) payment incentives $500 standard referral bonus, more for exceptionally difficult fills. A transparent process, with a central hub so our employees know where to go for information and resources to make the process easier and smoother. A recognizable ERP "brand" that gets people excited & leadership engaged, and keeps participation constant. More referral hires than ever before! A traceable process with measurable metrics for program analysis. In Summary... 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.