Low Cost or No Cost Employee Referral Tips

It has been proven time and time again employee referrals can be the most impactful source for hiring – in a variety of ways including overall cost, retention, and on-boarding new hires.

While a cash reward can motivate your staff to look in their rolodex, this post focuses on low cost or no cost tips.

Be proactive, seek out your employees and ask them to think about the best people they have worked with. Depending on the role you are trying to fill, ask questions like “Who was the best manager?” or “Who provided the best customer service?”.
As part of your orientation process, ask new hires for names or at a minimum, talk about the importance of referrals to your Credit Union.
Network, or better yet, blog with other Credit Unions and employers to see what is working for them. Brainstorm, and share best practices.
Provide an inexpensive gift like a gift card or movie tickets.
Provide recognition. Be creative – use what works best in your Credit Union. A newsletter, staff meeting, etc.
Brand your referral program. Create a slogan, remind people the reason behind their referral.
Set goals. Motivate, and raise awareness. Make a chart or graph touting results.
Give a rotating plaque, put their picture in it, put it in the lobby.
Lunch with an Executive. Either one on one, or ask your CEO to hold a quarterly luncheon – include those who have referred candidates and those that have been hired through referrals.
Say thank you! Remember to stop by to say thanks, or pick up the phone if you’re in a different location.
Hold a drawing for those employees that have referred candidates. Give a free vacation day, talk about a motivator!

The opportunities, while not endless, are plentiful when looking at cost effective solutions for motivating your staff to help in identifying your future workforce. The workforce is aging, and the gaps are widening for talent pools. Get creative!

Feel free to comment – and share additional ideas on what has worked well for you.

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