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 3/10 Fair --- www.ere.net http://feeds.feedburner.com/erearticles
| Recruiting intelligence. Recruiting community. ... |
Saturday, May 03, 2008 --- 66 days ago http://feeds.feedburner.com/~r/erearticles/~3/282342589/3F387BCC043F43C0B248BB34
| Employee referral programs are the most powerful corporate recruiting tool, bar none. They can produce a high volume of quality hires who have been statistically proven to have lower rates of attrition. When designed well, they can not only be cost-effective, but they can produce one of the highest ROIs in the entire HR function. Firms with well-designed referral programs can tune them to produce over 70% of hires (AmTrust, for example, has reached 78%). However, there can be a dark side to referrals. Because the concept seems so simple, many program managers design their programs based on intuition, guesswork, and emulation. Unfortunately, while the concept truly is simple, executing it in a world-class way is anything but. As a result, most referral programs sadly underperform their potential by using numerous 'program killers,' or common components of a majority of corporate referral programs. If your referral program is struggling to produce a mere 30% of your organization's hires, I guarantee that you have more than one of these 15 killer elements as part of your program design: Responsiveness of the program. Nothing kills a well-designed program faster than slow or no response rates to employee referrals. If the person being referred doesn't hear something unique to their submission within 72 hours, they will become discouraged. If the employee making a referral doesn't get a similar rapid response, they will also ... |
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