According to recent studies, referrals are the number one source of employee retention and hire quality after one year. These are more than just temporary employees, too. These are quality candidates who bring value to an organization and stay for the long-run.
So, if employee referrals yield great workers, how can we encourage our current workforce to get on board? This infographic, compiled by social employee referral management platform Zao, illustrates how to implement an employee referral program in order to attract and maintain a quality task force. Some takeaways to note include:
- Referrals are #1 in employee retention rate after one year
- Cash rewards for referrals are the #1 incentive for getting employees to participate; 48% of employees report it would further motivate them to participate in referral programs
- Referrals are 5 times as likely to be hired
- Gamification increases engagement in the recruiting process; 70% of large companies will implement some sort of game mechanics into their workplaces by 2014
Check out the full infographic below and let us know your thoughts in the comments!
Have you implemented an employee referral program? Why or why not?
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