Benefits of Employee Referral Program

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No doubt Employee Referral Program is the best & modern way of hiring. It is beneficial for Employer, Employee & New Joinee. Overall a win-win situation for all.

Below are the top benefits of Employee Referral Program:

1. Benefits to Employer

a) Higher retention rate: As this hiring is via the current employees of the company which is the most trusted asset of the company. Moreover, new joiners get a chance to work with their old friends. Which creates a healthy work environment. Hence higher retention rate for employer also.

b) Less hiring cost: As the third party job consultancy companies/vendors charge a heavy amount per candidate hiring which is much more the bonus paid to the employees as an employee referral bonus.  

c) Improves Quality of hiring: Hiring via the trusted resources automatically improves the quality of hiring.

c) Improves engagement: Imagine -Two friends in the same company!!! It creates a family type of environment in the company. Hence improves the engagement.

d) Encourage greater employer brand: Employees are the brand ambassador of their company. It all about mouth to mouth marketing. Hance employee referral program encourages the employer brand.

2. Benefits to Employee:

a) Work with friends: Who don't want to work with close friends? Employee referral program provides the opportunity to refer your friends to the company & work with them.

b) Employee Referral Bonus: It's obvious. Just submit the CV of a friend & wait to get hired. Once the candidate gets hired, get the gift from the company.

3) Benefits to New Joinee:

a) Quick hiring process: As the companies prefer this hiring process, so they give priority to the CVs received via Employee Referral. Hence this is quicker than the other hiring processes.

b) Get the status update from friends: No need to mail again & again to HR for status. No need to stay in uncertainties. Just call to your friend & get all details.