Recruiting is a tough job. HR professionals spend a long time promoting an open position, filtering through applications, and potential screening candidates – all to hopefully get the suitable person for each job. Moreover, these professionals are assigned with creating an inviting environment and culture that are desirable to likely hires in the first place. There must be a way to reduce the pressure. There are – employee referrals.
Executing an employee referral program permits existing employees to refer friends, family, and other connections for open positions within the company that can provide your recruitment efforts with great help. How? Creating an employee referral platform lets your employees do loads of recruitment work for you. Below are four main reasons to consider creating your recruitment through an employee referral program.
Save Days Off Your Time to Hire
Saving time through more productive methods is a huge concern for most businesses. In today’s fast-moving world, no one has time to waste. And that involves time devoted to hiring and recruiting. The good news is that recruiting referred candidates can reduce your time to hire and can hurry up the process by removing extra screening steps and allowing HR professionals to manage employee referral software solutions and sweep through steps that may otherwise need closer inspection and discussion.
Cut Recruiting Costs
When you split the time and effort to hire a new employee, you also split the required cost. You do not pay anything for your employees to promote your job openings to family and friends. And when they are doing this work for free, you can reduce traditional job advertisements. You can also reduce outside recruiter costs as employees better understand your company and get a better sell-through personal bonding. Even if you provide employee referral bonus amounts for successful hires, it is generally only a fraction of what you might have paid for promoting and recruiting.
Create an Engaged Workforce
Permitting current employees to recruit their family or friends for open positions at your company is a great way to create an engaged workforce and a productive employee referral platform. And the advantage is double:
1. Current employees feel reliable and valued since they are taking part in its future and growth. Moreover, if their referrals get the job, they feel a sense of delight and achievement.
2. Referred employees feel busier from the very first day as they already know at least one person at the company. And they are usually easier to absorb into the culture since they have a fixed buddy or mentor to turn to for advice.
Increase Employee Retention
The best talent typically comes from within – through internal hires/employee referrals. Employees often hired via referral are more likely to stay with a company longer than those hired through other means. This is good news for your employee maintenance rates. You can keep track in company employee referral software.
To Sum Up
The benefits of employee referrals hugely rely on the success of its program. If you can accomplish well, then you can enjoy the most advantages. What matters most is how you engage your employees through employee referral programs using interactive processes, employee referral bonus amounts, virtual rewards, etc. So, build an employee referral program for your company.
