Here’s a simple guide on how to do it:
Focus on these key KPIs:
- Ratio of referred vs. hired
Compare this to the ratio of applied vs. hired from other sources.
- Average retention
Measure retention of referred candidates vs. non-referred.
- Performance comparison
% of top performers vs. low performers from referred vs. non-referred.
- Promotions
% promoted within a designated time frame (e.g., 2 years) from referred vs. non-referred candidates.
- Revenue generation
For roles with objective performance data (like sales), quantify the average revenue referred candidates generate vs. non-referred.
How are you tracking your referral program’s success?
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