Refer a friend vector illustration concept, people shout on megaphone with refer a friend word, can use for landing page, template, ui, web, mobile app, poster banner or flyer. Digital business

Employee referral programs are fantastic. That's because they allow employers to use their most valuable asset -- their good workers -- to help bring in other quality workers. The employee that refers a hire who ends up working out is often times rewarded for the assistance, which demonstrates how the program is beneficial to all of those involved.

As great as the average employee referral program can be, it probably could improve. Just seven percent of employees are hired off of a referral, despite the fact that two-thirds of companies have a program in place, reports Equipment Journal. So while employee referral programs boast fantastic benefits, they're usually not being used enough for businesses to realize all the potential they offer.

Here is a brief description of the five ways Equipment Journal suggests that businesses can improve their referral programs.

1. Spend more money on the program.

2. Make the referral process simple.

3. Make the incentive valuable enough that employees are willing to provide a referral.

4. Pay an employee as soon as the person they recommended is hired.

5. Publicize every success of the program.

In addition to providing five tips for improving referral programs, Equipment Journal's article also discusses the value of referral programs and reasons why they sometimes fail. To gather all of that insight, read the article here.