How do you ensure quality and diversity of referrals with non-cash rewards?

1 Why non-cash rewards matter

Non-cash rewards can be a great way to boost your employee referral program. They can create a sense of appreciation, recognition, and belonging among your employees that encourages engagement, retention, and performance. Different types of motivators, such as intrinsic, social, or altruistic, can be appealed to with non-cash rewards and inspire employees to refer for reasons beyond money. Additionally, you can customize and personalize your rewards based on your employees' preferences, interests, and needs which can increase their satisfaction and loyalty. Furthermore, non-cash rewards help you avoid the pitfalls of cash rewards such as tax implications, budget constraints, or negative impacts on your referral culture.

2 How to design non-cash rewards

When designing non-cash rewards that are effective and meaningful, it is important to consider your hiring objectives, employees' preferences, reward structure, and reward delivery. You should ensure that the rewards are aligned with your desired skills, roles, or diversity criteria, and that you are collecting feedback from employees to determine what types of rewards they value. Additionally, you need to determine the amount, frequency, and timing of your rewards to ensure fairness and transparency. Finally, you should make sure that the reward delivery process is easy and enjoyable.

4 How to measure non-cash rewards

To assess the effectiveness and impact of non-cash rewards, you need to measure and track certain metrics, such as the quantity of referrals, the quality of candidates referred, the diversity of those referred, and employee satisfaction. You can compare referral numbers to previous or expected numbers, and analyze them by department, role, or level. Additionally, you should evaluate the qualifications of referred candidates and their progress through the hiring stages. Moreover, you should consider how diverse the referred candidates are in terms of your diversity goals and values, as well as their contribution to organizational culture and performance. Lastly, you should gauge employee satisfaction with non-cash rewards in terms of fairness, consistency, transparency, recognition, and appreciation.

5 How to improve non-cash rewards

To optimize and enhance your non-cash rewards, it is important to solicit feedback from employees, test and experiment with different types of rewards, communicate and promote your rewards, and celebrate and appreciate your employees. Surveys, interviews, focus groups, data, and evidence can all be used to gain insight into the preferences of your employees. Information about the benefits and value of the rewards should be shared through emails, flyers, or webinars. Additionally, expressing gratitude through thank-you notes, shout-outs, or parties will make employees feel valued and respected.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?