Hiring managers need a diverse set of tactics in their toolbox for recruiting strong candidates. One of the most effective tools is an employee referral program. Referrals from current employees can result in some of the best hires an organization can make. Referred employees perform better, and stay longer than the average off-the-street hire.
Some of the benefits of an employee referral program include:
- An improved closing ratio. While employee referrals typically only account for 7% of applicants, they close 40% of the time, according to data provided by Jobvite.
- A full pipeline. When you have a formal referral program in place, those programs can provide hiring teams with a steady flow of passive applicants who are not actively seeking new positions, but who are open to new opportunities.
- Higher-quality candidates. Referring employees put their own reputations on the line when they recommend someone for a position. They will only refer candidates who can boost their own credibility over the long-term.
- Access to skilled candidates. Referral programs can be extremely effective in industries that require access to candidates with very specific and unique skills sets, such as IT and engineering. Jobs that require these skills can be extremely difficult to recruit for, but employees will have strong industry connections, and can refer employees who have both the skills and the experience to thrive at your organization.
Referral programs not only give your hiring team access to better candidates, they also improve morale among the current workforce. Most companies offer a monetary bonus for successful referrals. That bonus not only incentivizes employees for making strong referrals, but also provides employees with a bit of a boost for seeing the referral through. They will feel valued, and that can improve their engagement and job satisfaction.
If you’re interested in learning more about effective employee referral programs or other recruiting methods, Dunhill Staffing Systems can help. We have a proven and tested recruiting method that delivers successful candidates to all of our clients. Additionally, we work with top-tier talent from a variety of IT and engineering backgrounds who are always ready and excited to tackle new challenges whether they are temporary or permanent. Contact us today to see how we can help your business succeed.
