Employee referrals and rewards are cornerstones of a strong HR strategy. No matter your industry, attracting top talent and keeping your employees engaged is vital to your organization's success. However, managing these programs can be challenging. This is where Locorum comes in.
Locorum streamlines employee referrals and rewards with customizable, scalable solutions that boost engagement and simplify HR management.
Originally designed to scale word-of-mouth referrals for businesses, Locorum’s platform also offers powerful tools that can streamline employee referrals and rewards.
The Power of Employee Referrals
Why Employee Referrals Matter
Employee referrals are one of the most effective ways to bring in new talent. There are numbers to back this up. Referred candidates are four times more likely to be hired compared to other applicants. If you offer a reward for successful hires, your employees are much more likely to refer their friends who would be a good fit.
Plus, studies show that referred candidates are a better fit, onboard faster and stay longer than those found through other channels. For HR teams, this means reduced hiring time and cost and a better cultural fit within the organization.
Challenges in Managing Employee Referrals
Despite their benefits, managing employee referral programs can be complex. Tracking who referred whom, ensuring transparency and keeping everyone motivated with the right rewards can be time-consuming. Traditional methods often lack the flexibility and ease needed to run these programs efficiently, especially in larger organizations.
How Locorum Simplifies Employee Referrals
Locorum’s employee referral software is designed to make employee referrals easy, efficient and rewarding. Here’s how:
- Custom Referral Programs: Tailor referral programs to meet the unique needs of your organization, whether you’re in retail, finance, or any other sector.
- Tracking and Management Tools: Locorum provides a dashboard where HR can easily track referrals, monitor their progress, and manage the entire process from start to finish.
- Automated Notifications: Both HR teams and employees stay informed with automated updates, reducing the workload on your HR department and keeping employees engaged.
How to Create an Employee Referral Program with Locorum
You can start an employee referral program in 5 easy steps:
- Sign up for Locorum
- Create an incentive referral program for your employees
- Choose your reward amount (i.e., get $250 for every successful hire)
- Promote your program to your employees with…
- An announcement email to your staff
- A note in your onboarding package
- Physical flyers with a QR code around the office
- Getting your hiring managers on board to spread the word
- Announcing successful employee referrals
- Wait for employee referrals to come in and track them through Locorum
To learn more about creating referral programs with Locorum, visit here.
Enhancing Employee Rewards Programs
Importance of Employee Rewards
Employee rewards are crucial for maintaining morale, boosting productivity and reducing turnover. It’s so important that 79% of employees say that an increase in recognition rewards would make them more loyal to their employer.
Whether it’s recognizing exceptional work or incentivizing participation in referral programs, rewards play a key role in creating a positive workplace culture. Here are some of the ways you can send rewards to your employees:
- Employee appreciation
- Employee incentives
- Employee bonuses
- Contests
Traditional vs. Modern Employee Rewards
Traditional reward systems often involve gift cards, cheque bonuses or company swag, but these can feel impersonal and fail to resonate with all employees. Modern, scalable solutions like Locorum allow you to create more personalized and meaningful rewards that truly engage your team.
How Locorum Simplifies Employee Rewards
Locorum offers a variety of reward options that can be customized to fit any industry:
- Personalized Reward Cards: Branded and personalized reward cards that can be used anywhere Mastercard is accepted, giving employees the freedom to choose their reward.
- Quick and Easy Reward Process: Reward employees in just three clicks, making it incredibly easy to recognize and appreciate employee contributions without the hassle of complex systems.
- Seamless Reward Management: Locorum takes the hassle out of managing employee rewards. HR teams can easily set up reward programs, track participation and distribute rewards, all from one centralized system.
How to Create to Send Employee Rewards with Locorum
Here’s how you can start using Locorum to enhance your employee rewards in three steps:
- Sign up for Locorum
- Select contacts you want to reward
- Enter the details and send the reward on a prepaid Mastercard
And that’s it!
Best Practices for Maximizing Success
Effective Employee Referrals:
- Encourage Participation: Regularly remind employees about the referral program and its benefits. Use internal communications to keep the program top-of-mind.
- Simplify the Process: Make referring easy with straightforward forms and clear guidelines.
Employee Rewards:
- Personalize the Rewards: Offer rewards that align with your employees' interests and values to ensure they feel truly appreciated.
- Consistent Follow-Up: Ensure timely delivery of rewards and maintain regular communication to keep employees engaged.
Ready to transform your HR programs? Start using Locorum today and see the difference in employee engagement and satisfaction.