When it comes to finding top talent for your business, employee referrals can be a game-changer. Referred candidates are those who have been recommended for a position by your current employees. But what are the benefits of hiring referred candidates, and why should you implement an employee referral program?
Credibility of Referred Candidates
Referrals come with a built-in level of credibility that can save you time and resources in the hiring process. Consider this:
Quality Candidates: Referred candidates are more likely to be hired and stay longer with the company compared to candidates from other sources(Jobvite, 2020). This indicates that referrals often bring a higher level of quality and commitment.
Improved Retention: The same study found that referred employees have a higher retention rate compared to employees hired through other channels. This is attributed to the pre-existing relationship and trust between the referrer and the candidate.
Benefits and Cost Savings
Hiring referred candidates offers several advantages and cost savings for your business:
Faster Hiring Process: Referrals streamline the hiring process by providing a pool of qualified candidates who are more likely to meet your company’s requirements. This can significantly reduce the time spent on sourcing and screening applicants.
Enhanced Cultural Fit: Referrals are often aligned with your company’s culture and values since they have been recommended by existing employees. This increases the likelihood of a seamless integration into your team and a positive work environment.
Cost-Effective Solution: Referral programs can save you money on recruitment costs. According to a study by SHRM, the cost per hire is significantly lower for referred candidates compared to other recruitment methods.
Refered Plans: The Perfect Tools
Implementing an employee referral program can maximize the benefits of hiring referred candidates. It encourages your employees to actively participate in the recruitment process and become brand ambassadors for your company. Here’s your business should consider using an employee referral program, such as one of Refered’s plans, to upgrade your business:
Employee Engagement: A referral program boosts employee engagement and satisfaction, as it involves them in the hiring process and gives them a sense of ownership and pride in the success of the company.
Expanding Network: Referral programs allow you to tap into your employees’ networks, reaching candidates who may not be actively searching for job opportunities. This widens your talent pool and increases the chances of finding exceptional candidates.
Incentives for Referrers: By offering incentives or rewards to employees who refer successful candidates, you create a win-win situation. Employees feel appreciated for their contribution, while the business benefits from high-quality referrals.
Hiring referred candidates brings credibility, quality, and cost savings to your business. Implementing an employee referral program, like Refered offers, can harness the power of your employees’ networks, promotes employee engagement, and expands your talent pool. By leveraging the benefits of hiring referred candidates, you can enhance your hiring process and secure top-notch talent for your organization. Contact Refered today to get started.
