There are several pros of an Employee Referral Program at any organization.
1. Make the complete Recruitment process more effective by increasing the sources of good credential candidates.
2. To, motivate the current employees to partner in Talent Acquisition through attractive referral incentives.
3. Provide the employer a pool of Qualified and potential candidates.
4. Candidates referred by employees also tend to be of higher quality because the referring employee usually screens his or her referrals closely.
Every Organization is highly conscious and affirmative on the quality of Manpower / Talent Acquisition. You can perhaps do a comparative analysis on the quality of Management time spent on Hiring through other conventional channels vis-à-vis a sound Employee Referral program to see the difference. Employee Referral programs are not only a strong tool of cost optimization but also make the complete Recruitment process more effective by increasing the possibilities of good credential candidates.
The basic objective of any Employee Referral program is to make the complete Recruitment process more effective by increasing the sources of good credential candidates. And motivate the current employees to partner in Talent Acquisition through attractive referral incentives. However, following aspects need to be considered on utmost top priority while managing / implementing a Referral program at your organization.
You must communicate the precise job descriptions with Assessment / Qualification process with complete visibility to all the Employees with suitable rewards / incentives on closures within the stipulated time frame. The process of reviewing every job application needs to be transparent with feedback sharing sessions on time, and formal communication on results. Also, the organization must emphasize on formal communication while rewarding the referees.