In fact, the LinkedIn Global Recruiting Trends 2016 study noted that 26% of businesses consider employee referral programs to be a long-lasting trend.
It looks like employee referral programs are here to stay. However, to make referrals a sustainable practice, there should be a reward and incentive system in place. This will encourage employees to keep on submitting names into the candidate pool because they know they will get something in return for their efforts.
Financial incentives are the most common way of rewarding top referrers, but there are plenty of other ways to show your appreciation without having to hand out cash. You can offer attractive options rather than offer the same reward to everyone. This gives employees the benefit of personal choice by allowing them to select their reward from a list of available choices.
Here are some great reward options:
Token Rewards
Depending on the position, from entry-level to executive, you can give token rewards to your referrers such as:
- Starbucks gift card
- Spotify subscription
- Yoga membership
- Movie tickets
- E-book Reader
- Smartphone
- Laptop
- Watch
These are simple tokens of appreciation but are ones that your employees will likely enjoy. It’s also cheaper than giving a monetary reward.
Seasonal Rewards
You can pool your top referrers every quarter for a special raffle of seasonal give-aways. You can offer the following:
- Ski trip
- Beach getaway
- Hot air balloon ride
- Wine tasting weekend
These gifts are more pricey than the usual coffee vouchers and music subscription. It will be a memorable reward for your employee, which will most likely inspire them to refer more candidates.
Charity Rewards
It’s not uncommon for top referrers to want to share their rewards with people in need. You can offer them options to donate to charity in their name. Some of the top charities you can tap are:
These altruistic rewards can be much-appreciated incentives for employees who want do good and help the community.
Social Rewards
Sometimes, employees don’t really need much – a mug that says Top Referrer will do. You can give them a range of company branded gifts that recognize their referral contribution. Here are some neat ideas:
- 3D Crystal Plaque
- Customized Water Bottle
- Statement T-Shirts
- Giant Cheque
These are quirky gifts that show your appreciation by publicly recognizing your employees’ referral efforts. The best thing about it is that they can brag about their referral each time they use or display these items.
Referral incentives do not always need to be monetary. Sometimes, little gifts and the opportunity to make new memories with teammates can bring in as much motivation as a wad of cash. Depending on your company budget, you can choose from the options mentioned above to reward your top referrers for a job well done.
