Exploring Employee Referral Programs Big Talent Pool, Short Timeframe

Exploring Employee Referral Programs Big Talent Pool, Short Timeframe When it comes to sourcing candidates, a solid employee referral program (ERP) is one of the most effective places to start. Jobvite discovered that implementing a strong employee referral program in itsrecruiting process increased employee satisfaction it also found that 46 percent of employees hiredvia referral stay for more than a year, 45 percent stay beyond two years, and 47 percent stay for more thanthree years. With numbers like these, it makes sense for all employers to explore ERPsmore thoroughly. Shorter Recruitment ProcessRecruiting processes conducted viacareer sites cantake up to 45 days job boards recruit within approximately 39 days. An effective ERP, on the other hand,can fill a position in roughly 29 days. Sixty-nine percent of recruiters using employee referrals to hire candidatessay recruiting through this pro cess takes less time,and an additional 51 percent say its more cost-effective. Referrals simply move through the system more quickly,often becausehiring manager can pre-approve candidatesand recruiters can bypass agency fees and/or expensive postings.Larger Talent PoolsBy asking a gruppe of 75 employees for contacts of potential candidatesassuming each employee has a handful of friends, family members, and acquaintances to refer recruiters can quickly find11,250 new candidates.This isspecific math from specific companies, butstudies showthat referrals expose companies to more qualified talent and talent thats more likely to stick around than other, costlier methods.Likely Positions to RecruitSome positionshave a higher likelihood of hiring via employee referral than others. Highly skilled positions may be harderto fill using ERPs, simply because candidates for these positions are already scarce.On the other hand, positions in marketing, sales, HR, and design can be quite easy to r ecruit for via ERPs. Furthermore, applicants referred for sales positions are twice as likely to be hired than those who have been referred for engineering positions.Proper PraiseCash reward is the top incentivefor motivating employees to participatein ERPs, but its also important to praise employees for taking part in the recruitment process, regardless of the outcome. Whether the candidate(s) referred by an employee successfully make it onto the team or not, employers should reward participating employees with company lunches, monetary rewards, or social praise. Employees are more likely to engagein the referral process when offeredcash rewards between $2,500 and $5,000 far less than the cost of using an agency recruiter.Employee Engagement Giving employees something to be proud of will increase theirengagement in the process. Here are a few tips on creating an engaging work environmentCreate a compelling site.Make participation simple forhigher sign-up rates.Develop interesting job descriptions to grab the attention of those candidates who are being referred.Recognize employees who engage in the process. Doing so will ensure future engagement.Use gamification to boost participation.Give participating employeesfeedbackto help improve future referral results.Additional Benefits One in fivecandidates referred byemployeesare hired. Referrals also offer the most productive diversity hires. Employe-referred candidatestend to be better fits for acompany because these candidates have been vetted by current employees and are more likely to understand the waythe company works.Many employees tend to stay awayfrom ERPsfor fear thattheir candidates wont respond to hiring managers, but implementing the above tactics can help ensure higher participation rates and high-quality referrals.Get started withemployee referrals today and watch your recruiting and retention rates skyrocket