You can improve referral program by giving incentive per reference or can also set a bar kind of thing, Suppose an employee gives 1 reference he is eligible to get 1000/rs, if it is 2-4 references then amount is 2000/rs and if it is 4 or above 3000 per referral.
26th May 2014 From India, Delhi
Thankyou for starting this discussion. It would be of great help, if you could share what the program in your firm is. That way we can gauge it better and suggest.
Employee referral programs must be owned by the Business Leaders. The program would yield best results if you are transparent with the selection, specially the rejection of the referrals.
Promote the ones who have joined through referral program to build on the pride .
The monetary awards that you offer is a motivator. However, remain transparent about the payout of the money and its duration . If the money is supposed to be paid after the candidate completes training or on confirmation , please make it clear right in the beginning .
At one of the firms where I worked, we used to put posters with the employees who were referring and the ones who joined through it.
Make the campaign as visual as possible .
Review the program with your employees , asking for their feedback on how to make it better.
Referrals are the best way to hire quality candidates and cut down on the mushrooming hiring costs .
Wish you all the best !
26th May 2014 From India, Mumbai