The excellent tools that MOLEX uses for career planning allow employees to develop their skills and gain new insights about the industry. Throughout the year, employees are encouraged to participate in excellent workshops and learning groups with the focus on topics relevant to their respective fields. Employees receive a personalized support in an effort to bring them up to date and successfully integrate them into existing teams and projects. Healthcare benefits MOLEX offers superior health benefits to its employees, of which some can be used by employee's family members.
MOLEX partially pays for dentures and braces as well. Employees have at their disposal various resources through which they can learn about their health and how to improve it. Any remaining funds left at the end of the year are forfeited. This way, employees can get medical help even in the middle of the night. It makes sure that hardworking team members are properly rewarded for their individual contribution to projects as well as their cooperation with other team members.
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Skip to content. Share on: Twitter LinkedIn Facebook. Choose Your Incentives One of the quickest ways to get started with a referral program is to decide early on what your employee incentives are going to be. These can be things like: PTO everybody loves some free PTO An extra holiday throughout the year A special thank you note from higher-ranking employees Exciting company swag An award or recognition ceremony Gift cards Useful and relevant memberships The better your mix of incentives, the higher your participation rate.
There is a lot of research that proves variations in employee retention depending on the source of new hires:. Therefore, employee referral programs are not only about finding new hires and filling open positions.
Referred candidates usually have an extra urge and motivation to prove themselves in the new organization. Furthermore, research shows that referred candidates get onboarded more quickly than candidates from other sources. Also, they tend to start their jobs sooner than other hires : candidates from career sites start after 55 days ; those found on job boards start after 39 days, and employee referrals start after 29 days. When bringing new people in, employers want to make sure that the candidates fit the overall organizational culture and core company values.
Referred candidates tend to have similar beliefs to their referrers, which is why organizations with employee referral programs usually enjoy a better company culture. Even though many organizations today already have employee referral programs, not all of them are as successful as they could be.
Setting up and managing a successful program is not easy, and it requires a strategic approach, time, and devotion from multiple stakeholders. Many employees bring in their friends and acquaintances because they prefer working with people they already know. Others, however, may need a little push. In the previous section, we talked about the benefits of employee referral programs and how referrals are the best source of new hires.
This is exactly what you need to communicate to your workforce. Being honest, open, and transparent about your talent acquisition challenges is the first prerequisite to making referral programs work. Then, explain to your people how they can help you eliminate those challenges and build a better company culture. Others have informal referral systems. Since formal programs usually see better results , one of the first steps towards making an employee referral program more successful is making it formal.
To do that, you need to first define some rules and procedures. First, you need to define whether the program applies to all job openings. Sometimes, employers have referral programs only for those positions that are hard to fill. Second, you may want to define whether a previously referred and rejected candidate counts as a referral for a new job opening. Next, define when the bonuses are paid out.
In general, the fewer exceptions you have in your referral program, the better. The program should be easy to comprehend.
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