What Is the Best Employee Referral Software for Your Business?
Companies can hire new employees using various methods, but there’s only one that is the most reliable. Referrals, although practiced commonly, are often overlooked despite their being the safest and easiest way of expanding businesses’ talent pools.
Some employers aren’t sure how to reach top candidates through the referral method. In this case, it only makes sense to introduce employee referral software to the company. Being more reliable than the organic referral method, software solutions are capable of increasing the effectiveness of businesses like no other system.
Researching the best software solutions can take hours, sometimes days, to be finalized. Knowing how stressful the job of HRs is, we’ve decided to search for employee referral software solutions of top quality.
Top 6 Employee Referral Software Solutions
If you want to introduce the most reliable solution to your business, you should pick from one of the following employee referral software options:
Boon is one of the most unique employee referral software solutions on the market. This solution can be used by all sorts of businesses, no matter whether they employ software engineers or hairdressers. As soon as you introduce it, Boon is going to make your employee referral programs beyond effective.
|Allows for rewards management Is suitable for all businesses||Doesn’t allow for lead engagement Doesn’t come with analytics|
Teamable has been researching the best ways to use all of your business’ networks to boost referrals effectively. The team behind the platform has researched the most efficient ways to introduce Teamable to your business, so you don’t have to worry about whether the software will be implemented correctly or not.
|Prioritizes diversity hires Is easy to use||Doesn’t have excellent customer support Takes too long to upload teammates network|
Drafted is going to be the perfect solution for your business if you’re looking for a highly precise employee referral software. The team behind the platform later introduced employee referral software that finds quality referrals through your employees’ networks. The software has lots of experience in providing accurate referral suggestions.
|Allows for tracking Has a Chrome extension||May be confusing at first Can be expensive|
If you’re on the lookout for an all-in-one software solution, RolePoint is going to be a perfect fit for your business. This employee referral software is excellent for businesses of all sizes. The most noteworthy thing about RolePoint is that the software integrates with the majority of applicant tracking systems seamlessly.
|Offers system training Has support available 24/7||Is only web-based Doesn’t have a free version|
Source: Employee Referrals
Employee Referrals is going to help you find top-quality referrals and reduce admin time like no other solution. Since the software has been on the market for a while at this point, the team behind it made it possible to integrate with the majority of applicant tracking systems.
|Helps with system training Is easy to use||Doesn’t allow for lead engagement Doesn’t allow for referral tracking|
ERIN is a unique employee referral software that supports you in finding top talent. This tool will work like a charm for small businesses, as well as large enterprises. Although ERIN is new to the market, it has plenty of excellent features. It allows for alerts, reminders, push notifications, and so much more.
|Is easy to use Is easy to set up||Lacks administrative tasks Doesn’t provide analytics|
Why Using Employee Referral Tools Is Important
The job of HR teams is difficult and time-consuming. No matter what kind of business we take into consideration, human resources need to complete all sorts of tasks in an effort to make everyone’s lives easier.
Recruiting is no easy feat—there’s a lot more that goes into it than what you may think. Finding the perfect candidates that will match the rest of your team is a difficult task.
The best thing you can do to help relieve your HR team of extended stresses is to introduce software solutions. You need your HR to be rested if you want them to do their job properly. Doing manual tasks that can be easily replaced by digital solutions is going to wear your team down.
Searching for new employees takes lots of time and patience. By introducing employee referral software, you will ensure that your HR performs more effectively and also that you reach top-quality referrals only.
What Are the Benefits of Using an Employee Referral Tool?
Employee referral software solutions come with numerous advantages. Some of the most important aspects of employee referral software are the following:
- Employee referral software allows you to engage your employees. Nobody understands your company better than your employees. Employee referral software is going to enable them to take part in the hiring process, which can be extensively rewarding for the overall well-being of your team. This type of solution will also make your company workflow significantly more effective
- You will save lots of time when you introduce employee referral software to your business. Employee search wastes your HR team’s time and drains their energy. Employee referral software will ensure that the best candidates on the market find your company much more quickly
- Your employee retention rates will be boosted by employee referral software. The majority of candidates that find their way to your company through referrals are much more reliable than other potential candidates. This is what’s going to boost your employee retention rates, which improves the overall image of your business in the long run
- You will save lots of money when you start using employee referral software. You won’t need to advertise your job postings and spend ridiculous amounts of money on hiring processes once you introduce this solution to your business
- Employee referral software will allow for easier conversions. Referrals are well known for being the most reliable employees. The biggest advantage, though, is that they convert much more easily than candidates from your career site. By introducing employee referral software, you waste less time on employee search
Cutting Recruiting Costs
Once you introduce employee referral software to your business, you’ll come to realize how much time you had wasted on recruiting new employees. In business and almost any other aspect of life, time is money. Wasting it leads the majority of companies to a dead end.
If you want to save money on recruiting efforts, opting for employee referral software will be your best bet. Finding employees the traditional way is going to consume your time, money, and energy. Think about it—your new job offerings need to be advertised if you don’t use employee referral software, and we all know how expensive ads can get.
On top of the money-saving aspect, this solution will relieve your HR team of any further worry. Recruitment is one of the most stressful jobs in the world of HR, and it should be your mission to make it as easy on your team as possible.
Your HR department should focus on more valuable aspects of the business, so try to implement as many helpful tools as possible in an effort to relieve them.
Employee Referral Software—Precautions
Employee referral software solutions come with plenty of benefits. Although they can be extensively helpful to businesses of all sizes, there are some things you need to pay extra attention to. Before you decide on employee referral software, you should be aware of the following things:
- Pay attention to integrations. Before you give your hard-earned money to an employee referral software provider, you need to make sure that the platform can integrate with your ATS. If it can’t, you will waste your money, which is no business’s desire
- Don’t forget to be proactive. If you want to get optimal results with your employee referral software, it’s crucial for you to be proactive. Getting this solution and not utilizing it properly will result in poor performance, which will reflect on your overall satisfaction with the product
- Engage your employees. The best thing you could do is to gather your team of hiring managers and explain thoroughly how this software will solve issues. Although employee referral software solutions come with built-in workflows, you need to encourage your employees to use the software instead of letting them believe that it will do all the work on its own
- The length of implementation depends on you. If you’re too busy to deal with the implementation of employee referral software, it can take weeks before the process is over. We suggest that you encourage your team to get the job done as soon as possible. If everything goes smoothly, your employee referral software will be up and running in just a week
Choosing the Best Employee Referral Software—A Buying Guide
Employee referral software solutions usually come with plenty of features, but some of them are significantly more relevant than others. Most companies offer hundreds of them, but you need to think about which ones your business needs most.
Before you decide on employee referral software, you should make sure that it contains the following features:
|Feature||How it’s supposed to work|
|ATS integration||Integrations are crucial. Don’t think that your employee referral software is going to replace your applicant tracking system—it can’t. Having an ATS is essential, so make sure that your chosen employee referral software integrates with it.|
|Single sign-on||Your business probably works with plenty of different tools, which makes things complicated enough. If you can opt for employee referral software that has a single sign-on feature, go for it. This will make your tool much easier to use.|
|Referral policy||If you want the referral program to go smoothly, you need to make sure that your referral policy is displayed to your team each time they participate. This is going to eliminate any potential confusion and will get you those desired results.|
|Bonus and status tracking||Employee referral software solutions will allow your employees to track the status of each candidate, as well as the bonus. Employee referral programs fail to communicate this, which is why they’re often confusing.|
All of the listed features are necessary to have if you want everything to continue running smoothly. Picking the best employee referral software can be tricky because all of the options offer hundreds of features, and you can never be sure which ones are the most suitable for your business.
If you come across the four listed features in a few different software solutions, take a look at the other ones and determine what’s useful and what isn’t.
How Much Does Employee Referral Software Cost?
The price of employee referral software solutions can vary greatly. The majority of these solutions are priced based on the number of employees a business has. This pricing model is fair because you’ll get more referrals if you have lots of employees.
You should keep in mind that some vendors charge for implementation, which isn’t included in your annual subscription fee. Having someone do the work in your stead is even better, though, so we wouldn’t consider this a disadvantage.
All in all, the price depends on what you need your employee referral software to do, as well as the number of your employees. Anything is negotiable, though—most vendors will be open to it, so try your luck!
We’ll give you an example of an average pricing plan based on the number of employees:
|Number of employees||Average pricing|
All of the listed prices are just examples, so don’t rely on this information when making a decision on employee referral software.
The numbers might seem intimidating at first, but you need to understand what you’re getting from employee referral software. Do the math and figure out how useful this type of solution would be to your business. Making rushed decisions never helped anyone, so take your time and do your diligent research.
How to Be Sure You’re Making the Right Choice
Going to a product demo is always a good idea. It gives you an opportunity to get familiar with the product, which is an excellent way of avoiding future mistakes and confusion.
During the product demo, you should make sure to ask your employee referral software vendor certain questions. If you want to assure yourself that you’re opting for the right product, asking some questions is the perfect way to go about it.
In case you’re uncertain about what to ask, gather your team and have a conversation about it. As you may already know, nobody understands your company’s needs better than your employees. They will be the source of the most insightful questions you may never have thought of yourself.
To make sure you cover everything you need to know about the employee referral software, we suggest that you include some of the following questions:
- How many employees does your biggest client have?
- How many employees does your smallest client have?
- Will my employees find it easy to use your employee referral software?
- Does your tool integrate with my applicant tracking system?
- Can you introduce me to your customer service representative?
- How long will the implementation process last?
- Are there any other features I should be aware of?
- Which feature sets your product apart from others?
- Will I be charged for the implementation of your employee referral software?
- Which metrics do you think are crucial?
If the vendor is capable of answering the listed questions to your liking, congratulations—you’ve found the perfect software solution for your business! Don’t get too discouraged if the vendor doesn’t answer the questions properly, though. There are plenty of other solutions on the market, and you’ll find the right one in no time.
The most important thing you need to be aware of during the employee referral software selection period is that making mistakes is part of the process. There are plenty of lackluster solutions on the market, so don’t give up hope if you happen to choose one of those by accident.
You can always find another employee referral software solution—the market is packed with them. If you choose from the six listed ones, you aren’t likely to be disappointed. They’ve been inspected thoroughly, and we assure you that they’re the best of the best.
The most reliable way for you to find out what suits your business best is to talk to your employees. They understand what your company lacks and which areas could use some extra help better than anyone else.
As long as you keep in mind that you should make a feature selection, you will eliminate the majority of potential errors. Ask your team which features they believe would work best for the business and have a conversation about it. You will find the perfect solution in no time. Good luck!
If you’re looking for other types of HR software, you can find them all on this page!