The way we work has changed, so the way we hire should, too.
A year after unemployment rates soared to all-time highs, a record 4 million professionals voluntarily quit their jobs, confident that they could find better employment elsewhere in the strengthening economy.
Employers with compelling perks and positive reputations can retain and attract talent better than their competitors. Does your business have the right talent and tools to ride this wave of growth?
Here are the top 4 ways Bonusly can help you retain talented employees and accelerate and scale your hiring efforts.
Encourage referrals with Bonusly Awards
Your employees are one of your most valuable resources to attract new talent. After all, referrals beat all other sources at generating the best return on investment. Many organizations already have referral programs in place, but they’re often missing two key components of an effective referral strategy: employee visibility and awareness. Bonusly Awards make it easy to give referral bonuses that are visible to everyone in your organization, taking care of recognition and awareness in one fell swoop.
If you’re ready to get started, you’re in the right place! There are a few ways to promote referrals using Bonusly depending on your needs and priorities, let’s start with Claimable Awards. Claimable Awards are easily visible in the Claimable Awards section of the Bonusly platform, but we suggest including plugs for referrals in new hire onboarding materials, all-hands meetings, and beyond. If you’re looking to empower employees to request recognition while minimizing upfront admin effort, Claimable Awards are for you. Simply create a new Claimable Award, determine your award name, bonus amount, and message, and watch the referrals roll in! 💃
The other way to streamline your referral program is to use Manual Awards. Manual Awards allow your hiring teams to send out referral bonuses with a pre-set template. Plus, Manual Awards can go to multiple team members simultaneously pulling from an earmarked hiring fund, so the recruiting team doesn’t have to detract from their own points balance.
In addition to setting up a referral bonus through our Claimable or Manual Awards, we’ve seen success with incentivizing social media sharing, content generation, and interview participation. Our post on employee award ideas is a good place to start if you’re ready to build out your hiring incentive program.
Retain existing talent with Bonusly Signals and Analytics
Now, we know retaining existing talent isn’t exactly hiring. However, HR professionals know firsthand that keeping existing employees is much easier (and cheaper) than acquiring new ones. Hanging onto your top employees requires a continuous feedback model and a deep understanding of the needs and issues of your current talent.
If you’re ready to get started, you can learn how to calculate your existing employee retention rates to establish a benchmark to improve upon.
Signals, our fun and easy employee feedback tool, can be used to get a pulse on the benefits that matter most to your current employees. That way, you can be sure you’re offering the benefits that will keep your existing employees happy and attract new candidates.
Signals can also help promote your company’s reputation. How, you ask? If your current employees feel heard by the organization, they’re more likely to speak to friends, LinkedIn networks, and potential new hires positively about your company. In a candidate-driven market, sites like Glassdoor become increasingly important to attracting new talent. Long story short, your employee engagement programs impact your internal culture as well as your external reputation.
Bonusly’s people analytics can help you identify when one of your top performers is at risk of leaving. This isn’t a direct hiring tip, but it will keep you from having to hire for one more position and spend time and resources training a new employee. Your Analytics Dashboard will give you an indication of who is receiving recognition, how your team is connected, and user participation. The Bonusly Organization Graph can help uncover if someone on your team is disconnected, which may indicate they are at risk of leaving. Use Bonusly Analytics to stay ahead of turnover risks before a high contributor shows up in your office with their two weeks notice.
With 850,000 new jobs added in June 2021, job seekers are in the driver's seat. You can count on Bonusly to help you make sure your organization is an appealing destination.
Want to learn more about how to use Bonusly to accelerate your hiring efforts? Our sales team is here to help.