Employee Referral Programs
In our January release of the complete review (over 30 questions) of corporate Employee Referral Programs (ERP), we uncovered interesting insights that ranged from how programs were set up to managed and even compensated around the globe. An overview showed us that nearly every US firm (~90%) has an ERP but that they’re managed quite differently. And that while anecdotal reports typically say that employee referrals account for 30-50% of a company’s hires, our over 200 participating companies averaged 27.5% – and what was categorized as “employee referral” just might surprise you.
There are so many differences in how company execute, measure and step by step improve their results, that this subject deserves a great deal more study by tapping into what peers are doing today to engage social media, reward (or not reward) referrers and much, much more. The results from this slice of more than 200 firms (including 74 CareerXroads’ Colloquium members) offers insights into bonuses, admin, non-employee referrals and much more.
If you aren’t a member, we’re happy to answer questions about what we’ve learned from this survey and share results (although specific survey participants are always anonymous). Give us a call or send us a note. CXR members are encouraged to continue to explore, set up time to discuss strategy and more.
Members should review this overview and the interesting details the follow below…