Everyone is talking about referrals and we all instinctively know that referral programmes are not only worthwhile but hugely valuable in the recruitment armoury. The key is how to incorporate them into your recruitment drives.
A referral programme allows an employer to open up their recruitment hiring by rewarding someone who has introduced a successful candidate for an advertised job. Most organisations only use internal referrals which allow employees to recommend suitable candidates from their social networks.
The average employee will have 150 contacts on social media networks – 100 employees’ means around 15,000 contacts (and possible candidates)
Whilst internal referral schemes generate significant coverage, companies are starting to embrace incorporating a far broader external referral network into their recruitment strategies. In other words, extending your reach to a massive database of referrers by opening the referral programme up not just to employees but to people outside the company. This increases the potential talent reach of your campaigns and therefore increases the likelihood of a successful hire considerably.
Referrals are a great way for employers to engage their staff in recruiting as well as reducing overall recruitment costs for the business. It’s a fantastic way to attract new candidates - and as described above can also be opened up to a wider public audience of potential candidate referrers.
A referral programme does some or all of the following:
Using a referral system will help grow your company and with the latest programmes you don’t have to be an employee to benefit as anyone can take part!
You will want your employees and the public to proactively promote open roles so they need to feel like it is worth their time. Some companies offer large amounts as a reward for example £1000, or a percentage of the vacancy salary. Either way you need to highlight the benefits to attract immediate referrals.
Referral hires have greater job satisfaction and stay longer at companies – longer than hires sourced from either the corporate careers site or job boards.
On-going recommendations and introductions can help grow your recruitment network. It will also prove your company is a fantastic place to work.
To start reducing your recruitment costs and engaging in a professional referral network feel free to contact me.
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