HireClix Stories: Rebooting Your Employee Referral Program to Increase Participation
The Challenge
A major midwestern bank had multiple employee referral programs throughout their lines of business. Each line of business had different program rules, referral award amounts, and communication plans. Most employees were only aware of referral opportunities in their immediate business area. Through these decentralized and disjointed programs, the bank was only hiring 27% of their external hires through referrals. By analyzing employee data, they uncovered that referral hires had longer tenure and better performance than external hires from other sources. Thus, improving the referral program became a top priority.
The Recommendations
HireClix’s consulting team partnered with the bank's talent acquisition team to build a centralized bank-wide referral program. After conducting surveys, employee and talent acquisition team focus groups, and several executive interviews, the strategic consulting team designed a referral program that:
- STANDARDIZED PROGRAM RULES ACROSS THE BANK
- PROVIDED A THREE-TIER REFERRAL BONUS AWARD STRUCTURE BASED ON BUSINESS NEEDS
- INCREASED INCLUSIVITY SO THAT MORE TEAM MEMBERS WERE ELIGIBLE TO PARTICIPATE AND EARN AWARDS
In addition, the team built a robust communications plan that focused on creating excitement for the program and educating team members on what makes a great referral candidate. The communications plan included a unique program name and consistent branding. The HireClix creative team developed posters, flyers, email templates, intranet pages, and program swag to engage employees and drive referrals.
The Results
The new referral program launched with great fanfare, including HR employees handing out program swag, flyers, and donuts on the launch day. The robust communications plan and clear directions encouraged people to start referring qualified candidates. Compared to the previous decentralized, disjointed programs, the bank achieved great results in the first year of the new program, including:
- A 15% INCREASE IN THE NUMBER OF REFERRALS SUBMITTED
- A 75% INCREASE IN THE QUALITY OF REFERRED CANDIDATES
- A 44% INCREASE IN THE REFERRAL HIRES
- A 50% DECREASE IN 3RD PARTY RECRUITING AGENCY FEES
- MORE THAN DOUBLED EMPLOYEE PARTICIPATION IN THE PROGRAM
HireClix’s Commitment To Transforming Talent Acquisition
At HireClix, we're at the forefront of innovating talent acquisition strategies in a rapidly evolving job market. Our comprehensive approach covers various critical areas to cater to the challenges faced by organizations in today's dynamic landscape.
In response to the demographic shift and overall fluctuation in the job market, our commitment is to keep our Candidate Experience (CX) research up to date in order to provide invaluable insights. Our goal with this research and analysis is to help guide organizations in making decisions around their recruitment advertising investments and shape talent acquisition strategy and infrastructure - including career sites, applicant tracking systems, and social media content.
Our core expertise lies in Recruitment Marketing services. With a focus on media buying, campaign management, and creative services, we offer tailored solutions to address the fluctuations in the talent landscape. We meticulously craft recruitment marketing mixes that pinpoint the most effective candidate sources, ensuring high-quality hires while optimizing ROI.
HireClix Strategic Consulting team is comprised of top consultants with real-world talent acquisition leadership experience. We analyze recruitment systems, process and optimize technology to streamline operations and enhance your employer brand.
HireClix Career Sites are powered by a modern, consumer-grade technology which transforms your career site, making it a compelling point of contact for potential candidates. Discover how our expert designers can craft custom career sites that align seamlessly with your corporate brand guidelines, ensuring you stand out in a competitive talent market.
Employer Brand Network acts as a technological powerhouse, expanding your brand's reach across previously unexplored consumer channels. By activating employer branding campaigns on diverse platforms, we help you engage with potential candidates in spaces where your brand visibility was previously limited.