Refered helps lower turnover and build your top talent in 3 easy steps. Turn your employees into your best recruiting team with referral perks, made simple. The all-in-one referral platform helps you spend less time managing referrals. Referrals encourage employees to help you find the best candidates for your company. Referrals helps HR through the most challenging step of the hiring process: referrals. Automated employee bonuses will help you keep great employees longer. Struggling to find top talent and keep high performers? The Refered bonus program encourages your employees to bring you qualified candidates because they make money for every hour their referred and hired candidate works. Choose how often you’d like to give a Refered bonus: weekly, bi-weekly, or monthly. Upload employee hours through the Refered portal or sync to Paychex. The Refered platform does the rest! Visit the Refered website at https://www.refered.com/ to find out more today!
Now that you know more about Refered and their all-in-one referral platform, let’s talk about how employee referrals help lower turnover and build your top talent. Having a team that is dedicated to your business’ success is vital for maintaining profitability. Keeping turnover to a minimum allows you to save money on recruitment costs, as well as the time it takes to train new hires. Low turnover rates can also increase productivity as the people who remain feel more motivated and engaged in their roles. Employee turnover is a normal part of running a business, however, high rates of turnover can cause significant problems for your company. Besides the obvious cost of finding and hiring replacements, it’s not good for morale and can lead to costly mistakes. For example, if an employee leaves unexpectedly, it can disrupt the workflow and may even result in missed opportunities or project delays. A revolving door of employees can also lead to an unstable work environment, which in turn negatively impacts customer satisfaction and company reputation.
In fact, the cost of replacing an employee can be as much as twice their annual salary. This is a big financial burden for any company. Not to mention, the loss of institutional knowledge, skills and relationships that the previous employee brought to the job. This is known as opportunity cost and can be detrimental to the company’s success. High turnover is a clear indicator that there are some issues in your workplace that need to be addressed. It may be poor management practices, a lack of career development opportunities or a negative culture that causes employees to leave. Whatever the issue is, it must be addressed if you want to keep your top talent and avoid the revolving door effect. The best way to do this is through employee referral programs. For instance, a study conducted by Workhuman and Gallup found that companies with an employee referral program can save up to $16.1 million in turnover costs annually. This is a huge amount of money that could be used for professional development programs or additional benefits.
While it’s important to make sure your business is attracting and retaining the right people, it’s equally important to focus on keeping your current workforce happy. This can be refer a friend achieved through recognition, a great working environment and consistent performance management. When your employees are satisfied, they will be more productive and loyal to the company, making it easier for you to achieve your business goals in the long run. Now that you know more about how employee referrals help lower turnover and build your top talent, it is time to go back to the Refered website to find out more about their all-in-one referral platform today!