How do you track and analyze the data and metrics of your employee referral program?

1 Define your goals

The first step is to define your goals and objectives for your employee referral program. What are you trying to achieve with your employee referrals? How do you align your employee referral program with your overall hiring strategy and business goals? Some common goals for employee referral programs are to increase the quality, diversity, and retention of hires, to reduce the time and cost of hiring, and to boost your employer brand and employee engagement. You should also set specific, measurable, achievable, relevant, and time-bound (SMART) targets for each goal, such as increasing the referral rate by 10% in six months, or reducing the cost per hire by 20% in a year.

3 Collect your data

The third step to your employee referral program is to collect data from various sources and tools. It is important to collect your data regularly and consistently, and ensure that it is accurate, complete, and secure. Sources and tools such as an Applicant Tracking System (ATS) can help you manage the hiring process and track referrals. A software such as an employee referral platform can help automate and streamline the program, while employee surveys can help you gather feedback and insights from employees. This data can be used to measure and improve employee engagement, employer brand, and referral culture.

4 Analyze your data

The fourth and final step is to analyze your data and metrics to evaluate your employee referral program and identify areas of improvement. You can use various methods and techniques, such as benchmarking, trending, segmentation, and correlation. Benchmarking can compare your data and metrics with industry standards, best practices, or competitors. Trending examines the data and metrics over time to see how they change. Segmentation breaks down the data and metrics by different categories or groups. Correlation finds the relationship between two or more data and metrics. By tracking and analyzing these metrics, you can gain valuable insights into your hiring performance, employee behavior, and business outcomes. This can help you optimize your referral program, reward your employees, and improve your hiring outcomes.