How can you get the most of your professional network when hiring? The answer is employee referrals.
In a recent blog post by Heather Huhman for BusinessInsider.com, she busted a few of the myths of employee referrals. In the piece, she reminds readers that employee referrals provide better workers, as well as loyal employees who stay with the company longer than the average outside hire.
The sad thing is that despite evidence employee referrals are a powerful recruitment tool, many organizations remain skeptical.
If these companies can only see referrals in a new light, they will not only gain more candidates, but also a wider range of quality candidates from which to choose.
Crunching the numbers, you can quickly see that companies need a better way to cut costs associated with traditional hiring. Another survey, this time by the Society of Human Resource Management (SHRM), shows the cost-per-hire for mid-size companies (those with over 1,000 employees) is $4,285.
An organization that size should expect to hire over 550 people every year. That is around $2.4 million annually on recruiting alone. There’s got to be a better way to find the best talent.
Learn how employee referral programs turn good employees into great recruiters and grow your bottom line!
Frequently, the best hires come from pre qualified candidates, and referrals have consistently been a primary source of high-quality potential employees.
How can business make the most of this winning recruitment strategy?
A recruitment system that includes an employee referral program!
Encouraging employees to source potential candidates for open positions from existing social platforms and professional networks will ensure a steady stream of referrals and hiring leads. The best programs provide employees an incentive – often a cash bonus or other reward – for suggesting candidates who turn into new hires. Continue reading “Referral Madness!”→