Forward-thinking companies leverage their entire referral network. Hiring is the top challenge for startups and Fortune 500 companies alike. Thinking about hiring in a holistic way through referral networks can help you win at employer branding, recruitment marketing, and referral hiring.
At Drafted we really love referrals and the people that send them, so we are constantly thinking of great ways to reward our best referrers. Here are some of our all-time favorites.
In three years, Yotpo’s staff has grown over sixfold — from 50 employees in Tel Aviv alone, to over 300 with offices in New York, London, and soon, Salt Lake City. Rapid scaling at a startup is notoriously challenging. It’s expensive, time consuming, and presents a range of operational challenges. But Yotpo’s company wide bingo-themed Recruitathon saved the company $70,000, and brought in over 500 referrals, plus 16 new hires in the Tel Aviv office In 2016, the Yotpo New York City office grew from 30 to 90 employees. In 2017, they hired another 20 people in just 44 days during their February 15 challenge. And if you think there must have been a quality versus quantity trade-off, think again.[…]
Earlier this year, we launched referralprograms.org as a free community resource to share data about referral programs. (Here’s a link to the announcement) Based on community contributions and other publicly available data, we surveyed 145 companies to create a benchmarking report for referral programs. We’re kind of obsessed with referrals at Drafted. We noticed that when speaking with talent leaders anywhere, the same kinds of questions kept coming up: Does a referral bonus actually help get more referrals? What’s a good referral % to aim for? How can we structure our program and bonus to be the most effective? How does our referral program compare? Now that we’ve compiled the information for you, you can stop Googling referral programs and start browsing[…]
When it comes to diversity, referrals get a pretty bad rep. It’s easy to see why. Birds of a feather do flock together. Your employees will probably refer people who are similar to them. Before you know it, you have a diversity problem. So you like referrals, but you also like diversity. Are you being forced to choose between your favorite children? Maybe not. Tons of companies are exploring ways that referral programs can improve diversity. Seattle-based company Glowforge had an all-male software engineering team. They introduced a new external referral program. Nine months later, that same team was 50 percent female. This wasn’t just some fluke. According to Lightspeed Ventures, referral programs are one of the top, low-cost methods to[…]
Many employers know and use an ’employee referral program,’ often shorted to ERP. Employees can refer someone they know to the company. If the hire is successful, the employee gets a bonus, such as paid vacation or cash reward. ERP’s in this sense are strictly in-house, and operate only within the company. But there’s another, more versatile kind of ‘ERP’ – the External Referral Program. In HR circles, it’s been called a lot of different things: Community referral program Non-employee referral program, or NERP Bounty hiring program Open referral program … and so on. NERP, ORP, CRP – whatever you like to call it, external referral programs are an in-and-out-of-house program that engage the community to find top talent. Now, let’s go[…]
At Drafted, we believe that referrals are an invaluable source of top talent. Research has our backs on this, too – data consistently shows that referrals lead to candidates with longer tenures, broader diversity, and better performance. Despite this, a lot of hiring managers are still wary of referral programs. Why? We asked around, did our research, and saw some of the same issues coming up. Here are 5 common hesitations employers have about referrals – and why they’re wrong. Misconception #1 ‘I already have too many candidates’ We get it – Your ATS is overflowing with candidates. You have interviews lined up for weeks and are getting more emails than you can handle. Turning down a promising referral because you have ‘too many’ other candidates[…]
Team scaling, 1 trillion emails, and the synthesis of people and strategy with Pattie Money, CPO at SendGrid You’ve almost certainly received a SendGrid email, and you probably didn’t even know it. If you’ve ever gotten an Uber receipt, an Airbnb welcome note, or an eBay password reset, you can thank SendGrid. In the past few years, SendGrid has gone from a small tech startup to one of the most prominent companies in its space, with over 35 billion emails sent per month. In fact, on March 27th, they celebrated their trillionth email send. Naturally, we were excited to speak with Pattie Money, SendGrid’s Chief People Officer to discuss what goes on behind the scenes at the cloud-based email service.[…]
Yesware is not a company concerned with just talent acquisition. They are a company whose focus is talent as a whole. Monthly massages. Uber compensation. Gym membership. Professional coaching. Perhaps the reason employees at Yesware seem dedicated to helping their team is because their team seems dedicated to helping them. Their company page lists some extensive and creative benefits, including unlimited vacation policies, daily catered lunch, weekly exercise classes, and dinner and an Uber home if an employee works late. We want you to be your best self, the company website says in large font above a list of some of their benefits. A holistic approach to talent Yesware is sales acceleration SaaS company based out of Boston, MA.[…]
The other day, we at Lever published an infographic from our most recent recruiting benchmarks research for startups and SMBs with fresh insight into how referrals dominate the recruiting process. The moral of the story was this: Referrals get hired at way higher rates (8 percent of all referrals are ultimately hired, versus 1.2 percent across all candidates) than candidates from any other origin. It’s time to step up your employee referral program (ERP). If you don’t have an ERP yet, you’re past due on the time to set one up. To help you get your employee referral program firing on all cylinders (and prevent your ERP from turning into a DERP), we invited Vinayak Ranade, CEO of the referral[…]