Employee referrals are the most effective source for new hires that a company can tap into. Referral candidates get hired faster (cutting your recruiting timeline by 55%), and cost less to acquire (saving 80% in fees on average). And the best part? They stay with your company longer.
In 2016, Tradeshift faced growing headcount demands with little-to-no internal referrals coming in. They were dubbed a fast growing tech “unicorn”, raising a Series D round with big hiring goals attached to the raise. Leadership challenged the team to hit an audacious goal: 35% of all new hires should come from employee referrals.
Tradeshift relied on cash incentives that were just not driving the return they needed. So they made the switch to Blueboard, offering exciting, shareable trips and experiential rewards for employees. Instead of cash bonuses otherwise spent on bills, rent or groceries, Blueboard offers employees their choice of bucket list experiences.
In this Partner Success Story, learn how Tradeshift partnered with Blueboard to transform their referral program, igniting participation rates that resulted in their new hire by referral percentage growing from 16% to 38% in just one year. Tradeshift set a big goal of 35% of all new hires coming from employee referrals, and since partnering with Blueboard has continued to meet or exceed program goals year over year, with internal referrals now making up 40% of the ~270 new hires made in 2019.
In addition, learn how experiential referrals employee referral incentives have been a great tool for building a more connected culture and employer brand. Because experiences are fun to share and easy to talk about, Talent leads are able to engage in more authentic conversations with Tradeshift employees, gaining a stronger pulse on their company culture and the program’s effectiveness. Employees are overwhelmingly grateful for the chance to take a much-needed vacation, leaving qualitative feedback, photos and personal stories within the Blueboard platform that serve as supporting assets for Tradeshift’s internal communications and employer branding campaigns.
"I don’t even want to think about what life would look like without Blueboard. I’d probably be trying to manage different reward amounts, handling cash in multiple countries, working with finance, and it would be such a mess. Blueboard has made it so much easier to run an exciting referrals program.”Read more 5-star reviews
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