Employee referrals are a large secret to success many companies have been rolling out in recent years. So, we would like to share about the Top 3 Companies Get Massive Success with Employee Referrals.
If you’re not aware of how well it works, you might think that this is simply a perk for the employees: but the reality is, employee referrals are a big score for many companies.
Top 3 Companies Get Massive Success with Employee Referrals
These are the top three companies that have seen incredible success from using employee referrals and why it’s worked so well for them!
What Are Employee Referrals?
Employee referrals are when a company rewards its employees for encouraging other people to apply to work for them. Employees know that their name will be tied to this new worker, so they usually only bring in high-quality applicants and ensure that they won’t have to worry about being in trouble because the new worker broke the rules. Employees are then rewarded three months to a year after the new employee starts working with the company: as long as they stay with it.
This is usually a financial reward, but every company offers something different. These are the top three companies, why they offer, and why it works so well.
Google is the best company when it comes to referral bonuses! They offer trips to Hawaii when employees refer enough new employees, which they found is far more popular than when they offered cash bonuses. This is a huge perk to many employees and allows the company to reap the rewards by constantly having new and fantastic workers introduced.
Digital Ocean’s incentives are a little different! For every referral candidate that’s hired and makes the period of time needed, the original employee gets a $3,500 cash bonus, plus a $1,500 charitable donation paid by Digital Ocean on the employee’s behalf. Within a year of starting this program, 40% of the company’s new hires were from referrals.
Hewlett Packard Enterprise
Hewlett Packard has built its company identity around its work culture, which includes a competition to see which employees can refer the best workers. Champions are rewarded every month with a bonus and a celebration of this referrer, putting out memos and email blasts to tell everyone who’s doing the best for the company. This amount of support can feel great for an employee who might not feel appreciated.
How Do I Make This Work for My Company?
If you’re trying to set up an employee referral program for your company, the good news is: that you’re set for success! Although this can be expensive over time, you don’t have to pay out the reward if the employee you hire from the referral is able to stay the full time you need them to. Paying this bonus is far cheaper than the hiring and training cycle many employees have to keep going through to try to keep just a handful of new workers.
Every Company has Different Needs
Whether you’re trying to build a larger customer base, or you simply want employees that will stay beyond the 90-day mark: an employee referral program can change everything. Consider offering this, and watch your high-quality applicants roll in.