Dec 13, 2011

How Wisestep Enhances your Employee Referral Program

In recent years, social recruitment has been touted as the most rewarding strategy in hiring circles. This might every well be true. However, over 80 percent of all recruiters still agree that they cover most external hires through candidate referrals. Companies which have an efficient in-house recruitment program regularly report to meet 50 to 75 percent of their hiring requirements through referrals from their employees.

Four-fifths of all HR managers prioritize candidate quality above most other hiring criteria. This makes employee referrals even more significant in the present scenario. Employee Referral Programs (ERP) generate considerable number of high-quality candidates, with greater job awareness and lower turnover rates. In this context, replacing your company's ERP with a full-fledged social recruitment effort is ill-advised and short-sighted. HR managers should, rather, utilize the interconnectivity of social media to complement their Employee Referral Programs.

Even the best-run organizations find it difficult to establish a cohesive Referral Program. Noticably, only a small fraction of the employee base regularly engage in such schemes. The main reasons cited by employees for low participation include:

  • Low Awareness: Employees are either not aware of job openings in the company, or the presence of a rewarding referral program.

  • Difficulty in Participation: The referral process is long and time-consuming.

  • Lack of Transparency: Employees are not informed of the status of their referred candidate during the hiring process.

The concept appears simple enough; but, it's anything but simple to execute a world-class Referral Program. Most corporate referral programs struggle to meet 30 percent of their organizational hires. Any failure to optimize the performance of a tool as efficient and effective as an ERP is a failure nonetheless, even if it generates hires inline with industry averages.

Here's where Wisestep can step into a fray.

Wisestep integrates the userability and permeability of online networks into your company's Employee Referral Program – allowing greater internal participation, and higher number of referrals.

The first step towards a successful corporate Referral Program is through improving awareness among the employees. All job openings in the organization should be displayed in a space easily accessible and visible to all employees. With Wisestep, recruiters can update all their latest job posts to their coworkers by sending over individual emails.

Similarly, all jobs posted on Wisestep will also be displayed on over 30 other job sites and search engines. Recruiters and hiring managers can also share these posts on their online profiles or send them over to individual friends and contacts. Moreover, by adding the Wisestep App on Facebook, all new job opportunities will get displayed on the Jobs Section of the Company's Facebook Page.

Add the Wisestep Careers Page to update the company's website with the newest job openings. The customized Careers Page will automatically reflect all changes you make on Wisestep, helping keep your website up-to-date with the latest job information.

Now, employees can easily find and access all job openings at your organization, even while browsing through Facebook. And with an integrated Social Referral System, referring jobs through Wisestep gets done in a single click.

Social media integration allows job posts on Wisestep to be shared, posted, emailed and retweeted by employees. Each job posts comes with a Share option, and easy Refer and Help link. Employees can now share these jobs on their profiles, or send them over to interested candidates. With a single click, they can also select suitable candidates from their friends list within the online network. The ease of access will help giving your job posts a greater reach, by engaging the interest of a larger fraction of employees.

Wisestep also ensures that the hiring process stays transparent to referrers. Recruiters need not follow up individually to each referrer or candidate throughout the process. Instead, they can select from a list of email templates to be send over to the referrer, for each stage in their candidate's progress. This makes sure that the employee feels important and respected - not ignored and lost - within the hiring process. Greater transparency will lead to higher retention of participation in Referral Programs.

Around four-fifths of employers with a sound ERP offer employees referral bonuses/rewards for successful hires. These cash incentives, usually paid out after the selected candidate completes a pre-defined probation period at the company, helps in improving participation and a healthy competition amongst employees.

Jobs on Wisestep can also be labelled with referral rewards. These jobs can again be shared over social media, leading to a greater number of applications. Any click-backs leading to a hired candidate can later be rewarded as advertised. Wisestep intuitive Applicant Tracking System will keep track of all referrals, referred links and ensuing applications.

It is important to realize that while referral programs are probably the best in talent acquisition, most efforts end up in mediocrity. A few simple steps, and Recruiter's Account on Wisestep, can transform yours to a potent world-class corporate referral program.

1 comment:

  1. Hi,
    The posting on ERP was really good.The analysis you had made was really unbelievable.I can say this one one the best article i readout.Thanks for psoiting this article keep posting....