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What are the 5 Ways To Convince Management For Implementing ERP
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Posted On :
Mar-13-2015
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Article Word Count :
464
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The success of any employee referral program depends upon the active support of three important stakeholders, employees who are responsible for generating referrals, the recruiters who are responsible for getting them hired and last but not the least
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The success of any employee referral program depends upon the active support of three important stakeholders, employees who are responsible for generating referrals, the recruiters who are responsible for getting them hired and last but not the least, the senior management who are responsible for providing the investment required to run the referral program efficiently and effectively. Getting management support for implementing the referral program sounds a lot simpler than it actually is. This is because it is difficult to quantify all the benefits of a referral program and the primary focus of management is always the kind of returns generated on investment. But there still ways of convincing management to make the investment required for implementing an employee referral program.
Lower cost per hire compared to other recruiting sources
Recruiting agencies charge anywhere between 12-25% of the salary of a hired candidate which can add up to a substantial cost especially with senior level hiring. Referral incentives typically cost much lesser and more importantly are on the discretion of the management. There is also the option to introduce differential incentive rewards based on hiring need, which allows for greater alignment to business results.
Fastest application to hire time
Referrals help to speed up the hiring process to help the organization fill open positions much faster. While the average application to hiring ratio with employee referrals is just 29 days, the corresponding figure for job boards is 39 days and goes as high as 45 days for career and job sites.
Referral hires have the highest retention rate bringing down organizational turnover rate
Employee turnover is one of the biggest talent concerns facing organizations today and employee referrals afford a way out of the constant hiring cycle caused by employees joining and leaving the organization in quick succession. The average rate of retention for employee referrals is 46% for the first year, much higher than career sites at 33 and job boards at 22%.
Build positive employer brand
Since employees act as organizational ambassadors in the recruiting process, the organization gains the image of an employer of choice adding considerably to the employer brand value of the organization.
Builds a positive culture of teamwork and productivity
Working with people you know is always an added plus and referrals provide the best means of working with likeminded individuals. Since referral hires are mentored by people within the team, they adapt much faster to the organizational culture leading to more collaborative and productive teams.
Highlighting the above benefits should be enough to convince the management team of both the short as well as long term benefits of implementing an employee referral program.
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Article Source :
http://www.articleseen.com/Article_What are the 5 Ways To Convince Management For Implementing ERP _314091.aspx
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Author Resource :
Savio Vadakkan is the Marketing Professional at ZALP, a leading employee referral software. ZALP enables organizations to boost their employee referral hires by implementing an effective social media employee recruiting program.
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Keywords :
employee referrals solution, employee referral program, social media recruiting, employee referral, employee referral tool ,
Category :
Computers
:
Software
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