Referrals are a smart way to find the best talent available in the IT industry today. Companies which boast a great track record when it comes to their recruitment policies owe a lot of their success to a great employee referral system. Despite the importance of a referral system, many companies tend to fail by not streamlining their referral processes and of course, failing to tick those critical boxes while trying to make the best of their employees’ networks.
Well, there are three objectives which hiring managers need to have when it comes to referrals:
- On-boarding quality
- Saving time
- Saving costs
When these three objectives aren’t met, it clearly means that your referral program is heading in the wrong direction. Here’s a list of those aspects which you need to focus on to make your referral program impeccable:
- Referral frequency: As a hiring manager, you can’t expect referrals when you don’t assign targets to your workforce. Keep a track of the number of referrals which your employees are sending. Once you’ve fixed on a number, it helps you bolster engagement.
- Candidate quality: When employees are aware of your referral program, you can expect them to look for prospective individuals in their network. You can also measure the quality of candidates by noting the number of individuals who’ve successfully passed screening and earned an interview.
- Time: How many candidates have you onboarded successfully through referrals? Keep a record of this every month so you can compare it with your regular methods to realize the time being saved.