1. SAMPLE Optimize the Referral Program Learn about becoming a member
Current employees hold the key to the right candidate.
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2. A quality referral program can lead to better hiring outcomes but many programs come up short
Implement a successful employee referral program, and find the right person for the role.
Talent acquisition specialists and hiring managers looking to increase the effectiveness of their referral programs.
Recruiters who are tasked with optimizing the organization’s current referral program.
Make the case for optimizing your referral program.
Come to a go/no-go decision on whether optimization is necessary.
Perform benchmarking and gap analysis of the current referral program.
Determine optimization projects to increase the success of your referral program.
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3. Referrals are the key to hiring success and the most successful channel for hiring top talent
Not knowing where to start for referral program optimization is common and is preventing companies from tapping into the potential an optimized referral program can offer.
Taking the time to set goals and track metrics can help to determine where the pain points are and narrow down the scope of projects to increase the effectiveness of your referral program.
The war for talent is accelerating and as recruiters continue to reach out to passive candidates, a good referral program is necessary to help get the right candidates to your organization.
Many organizations currently have a referral program but are dissatisfied with the results. Sixty-three percent of respondents have plans to optimize their referral programs in the coming year (source: McLean & Company, HR Trends and Priorities for 2014).
With limited time and an increase in open positions, many recruiters and talent acquisition specialists do not have the time to optimize their current program or don’t know where to start to fix the pain points.
In order to determine pain points, the current referral program needs to be benchmarked against standards and areas for improvement identified.
A thorough understanding of the program goals and benchmarks will help determine prioritized projects to increase the success of the referral program.
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4. Guided Implementation
McLean & Company offers various levels of support to best suit your needs
Guided Implementation
“Our team knows that we need to fix a process, but we need assistance to determine where to focus. Some check-ins along the way would help keep us on track.”
DIY Toolkit
“Our team has already made this critical project a priority, and we have the time and capability, but some guidance along the way would be helpful.”
Workshop
“We need to hit the ground running and get this project kicked off immediately. Our team has the ability to take this over once we get a framework and strategy in place.”
Consulting
“Our team does not have the time or the knowledge to take this project on. We need assistance through the entirety of this project.”
Diagnostics and consistent frameworks used throughout all four options
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5. Use McLean & Company’s Referral Program Optimization Model to strengthen your talent pipeline
Benchmark your referral program to make the case for optimization
Assess program requirements to establish next steps
Determine potential optimization projects
Assess effort and impact of candidate projects
Optimize your referral program to realize tangible business value
Realize:
Stronger pipeline
More reliable referrals
Shorter time to hire
Less turnover
Prioritize:
Effort involved in different projects
Potential impact of different projects
Consider:
Communication
Compensation
Mobile strategies
Gamification ideas
Social media
Process
Metrics
Review:
Program goals
Success metrics
Business value
Best practices
Measure:
Key metrics
Benchmark
Go/no-go decision
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6. Sample Slides
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7. Engage Passive Candidates
73% of organizations are dissatisfied with their current referral program
For many organizations, recruiting top talent is one of their most pressing problems and a referral program can help or hinder this initiative.
41% of respondents have plans to optimize their referral program (McLean & Company).
With 73% of respondents dissatisfied with their referral program, many of the organizations that McLean & Company polled have room to realize valuable benefits and leverage greater potential of their current employee network (McLean & Company).
From speaking to organizations with referral programs, McLean & Company learned that many implemented a program to realize better recruiting results but failed to measure the success or failure of the program and diagnose why it was not meeting their needs. Of the 60 respondents McLean & Company spoke with, 0% had tracking metrics in place to show success or failure.
Organizations that excelled at referrals performed 3.5 times better in revenue growth, and 2.0 times better in profit margins compared to firms that were proficient (Source: BCG-From Realizing the capability to profitability).
Top Talent
Referrals
Branding
Social Media
Culture
Engage Passive Candidates
How McLean & Company can help
Perform a gap analysis comparing success metrics with the goals for the referral program to determine areas of opportunity for improvement for your program.
Follow the steps in this blueprint to benchmark your current process, identify gaps based on your organization’s goals, and prioritize projects to rectify weaknesses.
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8. Referral programs can not only increase your quality of hire but they can also reduce time to fill and increase retention
Candidates are more likely to believe what a friend says about a company, and your employees are able to engage passive candidates better than any other source.
Increase Network. Each employee has an average of 150 contacts. Multiply that by 100 people and that is 15,000 potential candidates.
Higher applicant to hire rate. Employee referral programs account for 7% of the application sources but have a 40% hire rate.
Time to fill is faster. Majority of referrals start their position faster (29 days) than candidates from job boards (39 days) or career sites (55 days).
Higher engagement than non-referrals. Employee referrals stay longer with the company and have higher job satisfaction.
(Source: Jobvite)
(Source: Jobvite)
Having a database of resumes is less advantageous than having a deep network of direct connections to the best people, pre qualified and referred to you by your own employees. — Lous Alder
With the surge of social media, it is easier to tap into your employees’ networks and talent communities to hire the best candidates for your role; however, your referral program needs to accommodate the new technology.
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9. McLean & Company Helps HR Professionals To:
Empower management to apply HR best practices
Develop effective talent acquisition & retention strategies
Build a high performance culture
Maintain a progressive set of HR policies & procedures
Demonstrate the business impact of HR
Stay abreast of HR trends & technologies 
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" Now, more than ever, HR leaders need to help their organizations maximize the value of their people. McLean & Company offers the tools, diagnostics and programs to drive measurable results."
– Jennifer Rozon, Vice President, McLean & Company
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