What is an Employee Referral Program?
An employee referral program is a recruitment strategy used by employers to hire new employees. It involves existing employees referring their friends, family, and colleagues to fill job vacancies within the company. By incentivizing existing employees to refer their contacts, employers can access a larger pool of potential candidates, reduce the time and cost of their recruitment process, and benefit from a pre-vetted list of quality applicants.
What's included in this Employee Referral Program template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Employee Referral Program template for?
The Employee Referral Program template is designed to help HR teams create and implement employee referral programs. This template provides guidance and structure to help HR teams define their focus areas, set measurable targets and objectives, and implement related projects to achieve their goals. It is suitable for businesses of all sizes and industries.
1. Define clear examples of your focus areas
The first step in creating an employee referral program is to define your focus areas. Focus areas are the overarching goals that you are trying to achieve with your program. Examples of strategic focus areas that could fall under a Employee Referral Program could be: Create an Employee Referral Program, Monitor Employee Referral Program, and Reward Employees for Referrals.
2. Think about the objectives that could fall under that focus area
Once you have identified your focus area, you can start to think about the objectives that could fall under that area. Objectives are specific outcomes that you are looking to achieve, such as increasing the number of referrals or increasing the rate of successful referrals.
3. Set measurable targets (KPIs) to tackle the objective
Setting measurable targets, also known as Key Performance Indicators (KPIs), is an important part of the employee referral program. KPIs are used to track performance and measure progress towards objectives. Examples of KPIs could include increasing the number of referrals, increasing the rate of successful referrals, or increasing the amount of referral rewards.
4. Implement related projects to achieve the KPIs
Once you have identified your objectives and set measurable targets, you can start to think about projects or actions that you can implement to achieve your KPIs. Examples of projects could include creating an internal campaign to educate employees about the program, creating incentives for employees to participate in the program, or establishing a system to track performance.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade’s Strategy Execution Platform provides the tools and insights to help you effectively implement your employee referral program. With Cascade, you can easily track performance, measure progress towards objectives, and make adjustments to increase performance. Cascade also provides a library of best practices, templates, and resources to help you execute your strategy faster and more effectively.