How an Effective EVP Strategy Can Boost Staff Referral Programs

(61%) people who have left an organisation in the past year are looking to leave their current organisation in the next 12 months. 

- PwC Future of Work

An organisation’s ability to attract and retain key talent, and minimise the fallout of turnover, can be hinged on whether the EVP provides workers with what they want and expect.

Employee Value Proposition (EVP) 

An EVP is not just a buzzword, it is the promise your company makes every day about the total employee experience. It’s all about enhancing the employee experience across the entire lifecycle of their employment. It encapsulates everything from what an organisation uses to attract and retain talent, to how someone describes the total employee experience to their friends and family. It’s the balance of tangible and intangible benefits, representing why someone would choose to work at one organisation over another. 

When done right, an EVP extends across a company’s entire business strategy by: 

• Attracting people who share your brand’s passions and values 
• Inspiring employees to do awesome work 
• Giving your best employees reasons to stay 
• Setting the stage for the best possible customer experience 

In today’s environment, organisations can’t afford to get this wrong. EVP needs to be an ongoing initiative that infuses the hiring process, the first day, the first year, the entire tenure and even after employees leave the company. 

What is the research telling us? 

In our research companies with a strong defined EVP, employees are more likely to feel: 

Empowered. No matter what their position is, give employees the chance to lead, take their ideas seriously and trust them with important decisions. 

A sense of accomplishment. Challenge your employees to push the limits of what they can achieve. When they go home at the end of the day, they should feel proud of the work they have done. 

A sense of belonging. Ensure that employees feel your organisation is a place for people like them. This starts with being open to their contributions and ideas. 

When employees feel empowered, challenged and as if they’re in an open-minded organisation, they’ll be eager to refer others they think may be a good culture fit. 

How referrals can be your secret weapon 

According to Dynamic Business Australia, new hires sourced via referral programs produce 25% more profit for businesses. 

Many hiring teams are not tapping into the best source of recruiters – their own employees. Whether you are dealing with reduced budgets for hiring, finding a select few hires after recent layoffs or a sudden need to hire a lot of people, your existing employees can help you find the best candidates. 

We’ve found employees who refer others to you are more engaged than those who don’t.  

But that’s not all that surprising. What’s even more compelling is the employees they refer are also more engaged. And the benefits don’t stop there. 

Employees referred by a friend or family member tend to be more engaged, more committed, better performing and happier at work. 

So how do you make sure your employees approach Referral Day ready to refer? According to Business Franchise Australia, tangible rewards are an important component in developing an employee referral program. Our own research at BI WORLDWIDE also suggests that tangible rewards are highly effective. 

An effective EVP will make employees feel comfortable referring candidates, tangible rewards will motivate them to do so. 

Happy employees will share their experience with others. They are the best PR tool that your company has. We help you create and communicate a Referral Program to incentivise getting the word out. Some example referral tactics include: 

• Referral Campaign Development 
• Manager Referral Guide 
• Referral Flyer 
• Pocket Cards 
• Digital Banner Ads 
• Email Templates 
• Video/Animation 
• Referral Environmental – Posters, Table Tents, Decals, Digital Signage, etc. 

Your best employees stay for a reason. Encourage them to spread the word that your company is a great place to work. 

BI WORLDWIDE clients have seen improvements in turnover ranging from reductions of 10% to 70% when revamping their EVP.  

Unleash the Power of Advocacy 

As mentioned previously a well-implemented EVP enhances the total employee experience, increasing the likelihood of employees sharing their positive experience with their friends and family even after they leave, therefore creating brand advocates. There are several solutions organisations can implement to create a lasting memory and keep your organisation top of mind for individuals leaving or about to leave.  

Alumni Engagement & Advocacy 

Connect with your old employees by sending quarterly newsletters or coffee table books that cover employee events and activities & reflect the culture of the organisation.  

New Talent Referral Programs 

Referral programs are a great way to encourage old employees to promote and encourage people they know to apply for new roles.  

Post-Employment Research 

Feedback from exit surveys is especially useful for key learnings and feedback, which can be used in improving your EVP. If the feedback is taken on board, the former employees will feel their feedback is valued and appreciated, leaving a nice lasting impression.    

Most Memorable Farewell 

Make the last day of your employees memorable by sharing a personalised webpage curated with messages from colleagues, managers and leadership on their journey so far. 

The Grand Finale 

Send personalised greetings, hand-picked rewards, celebratory videos, fun facts about the year they joined and even a personalised webpage on important milestones such as service anniversaries. 

Retirement Award 

Celebrate your employee’s retirement with a specially curated kit containing a letter from the CEO, a personalised trophy and a memorable experience like a getaway. 

A well-thought-out and effective implementation of your EVP can go a long way in building a culture that attracts new talent, keeps top talent and as a result can drive new staff referrals from current and past staff.