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Employee referral system

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Employee referral system

  1. 1. Focus of discussion Meaning Introduction What motivates the referral? What demoralize the referral? Relevant suggestion of different IT firms Advantage of ERP Disadvantage of ERP CONCLUSION
  2. 2. Meaning Employee referral is an internal recruitment method employed by organizations to identify potential candidates from their existing employees' social networks. An employee referral scheme encourages a company's existing employees to select and recruit the suitable candidates from their social networks.
  3. 3. Introduction An Employee referral scheme encourages a company’s existing employees to select and recruit the suitable candidate from their social network. As a reward, the employer typically pays the referring employee a referral bonus. Thoughtfully implemented employee referral plans are excellent way to attract the best people at lower cost. In addition to cash reward for referrals, the company offers non monetary and also a raffle for those employees who have made referrals.
  4. 4. What motivates the referral According to the survey, the following result is obtained- 1) 45% of responded wanted to help a friend to find a good job. 2) 24% of responded wanted to help the company. 3) 31% of responded are motivated by the reward.
  5. 5. What demoralize the referral 1) 37 percent ->Don’t know anyone suitable for the position. 2) 42 percent ->Afraid of the consequences of referring a bad candidate. 3) 21 percent ->process is too much of a hassle.
  6. 6. Infosys is an Indian multinational corporation that provides business consulting, information technology, software engineering and outsourcing services. It is headquartered in Bengaluru, Karnataka. CEO: Vishal Sikka Stockprice: INFY (NSE) Rs. 3,595 .00 -35.55 (-0.98%) Founded: July 2, 1981, Pune Headquarters: Bangalore, Karnataka, India Founders: N. R. Narayana Murthy, K. Dinesh, Nandan Nilekani, Ashok Arora, S. D. Shibulal, Kris Gopalakrishnan, N. S. Raghavan
  7. 7. Infosys feature Do you know someone that would be a good addition to the Infosys Consulting Group team? Through the Infosys Employee Referral Program, employees can earn up to $500 for each successful placement. Employees who submit a referral for a successful placement will receive $250.00 after the employee referred completes their first three consecutive months on the job. After the completion of six consecutive months, the remaining $250.00 will be paid to the employee. If the referral candidate is placed as a full-time, permanent placement employee instead of hired by Infosys for a consulting position, the bonus will be paid in a $500 lump sum is paid. The Infosys Employee Referral Program is a great way to continue to expand the Infosys team with the quality people we’re known for, while YOU earn extra cash!
  8. 8. Infosys' employees will get an iPad for successful onsite referrals. Incentive at Cognizant Technology Solutions ranges from Rs. 5,000 - 50,000 per candidate, depending on the level at which the candidate is referred and inducted. At PayPal India, an employee even stands a chance to win a motorcycle. During the financial year 2012, 56 per cent of Infosys' lateral hires across the globe came through employee referrals. In India, 62 per cent of its lateral hires were employed through referral programs, she said. Take the case of PayPal India. Nearly 20 per cent of its recruitment happens through referrals. No one knows what suits PayPal better than our own employees. So far we have been hiring people through employee referrals, social networking and job portals. : Computer hardware giant Intel Corp. uses a abomination of monetary and nonmonetary incentives to get employees to refer others. In addition to a cash reward for referrals, the company also offers a raffle for those employees who have made referrals. Last year, the prize was a choice between a $1,000 travel voucher or a home-entertainment system. About 50 percent of the company's new hires come from referrals.
  9. 9. Advantages 1) An opportunity to strengthen the bond with existing employees- Referral programs acknowledge and reinforce the company’s commitment to rewarding the individual for helping the company. 2) Reduction in Recruitment expenditure- All the expenditure such as(Advertisement, venues, consulting firms etc.) that is wasted for recruiting of employee is minimized. Although the incentive and reward(non monetary benefits) are given to the referring employees, there is cost saving for the firm.
  10. 10. Advantages 3) Improved canditate quality and retention- The existing relationship between the referring employee and the candidate allows the candidate in following ways- 1- To understand the culture of the firm. 2-To better prepare to face interviews and other steps in selection. 3- To access his/her own livelihood of success at that firm. There is also a matching of expectations between employer and the candidate, resulting in increased level of staff retention.
  11. 11. Advantages 4) Higher candidate quality – Referral candidates can be five times more likely to get hired than other candidates. This is because educated employees know that their role is to seek out individuals with superior skills and experience. 5)Less recruiter time required — whenever recruiters are overburdened, any new recruiting program should minimize the use of their time. Employee referral programs leverage the time and the networks of your employees, so for referral candidates a significant portion of the finding, screening, and candidate selling is done by someone other than recruiters. And since nearly 50% of all hires at top-performing firms come as a result of employees’ time spent on networking and social media, recruiters’ time can then be focused on the remaining 50% of the positions.
  12. 12. DISADVANTAGE 1) An employees social network is limited- It may compromise the diversity of the workplace 2) Detrimental from responsibility- Actively referring candidates increases an employee’s workload and may be detrimental to their main responsibilities. 3) Elimination of suitable candidate- The hugh talent pool that is available is not exploited. In this manner a less capable candidate is selected.
  13. 13. DISADVANTAGE 4) Referral spamming and flood the system- The primary disadvantage is that it will lead to referral spamming and flood the system with irrelevant resumes as employees are motivated due to the incentives. HR teams without robust screening processes or experience will find it difficult to identify the right candidates. 5) “groups” or “factions” creation of “groups” or “factions” within the organization and in the long term lead to a phenomenon called “inbreeding”, where the candidates referred are virtual clones of the existing employees. This could impact the culture of the organization in a big way.
  14. 14. CONCLUSION Employee referral provide a win-win-win situation to all the parties involved i.e.- Employer, Employee and the referral candidate. Now a days more and more IT firms are involved in employee referrals and are reaping the benefits. The survey shows that the employees hired through referrals have a retention rate that 25% more than that of employees hired through other methods.

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