Recruitment is an important process in every organization.
Recruiters spend days promoting an open position, searching for potential candidates, generating leads, screening applicants, scheduling interviews and finally converting a lead.
With a good recruitment plan we can decrease the time spent in the recruitment process. Employee Referral is one that would boost your recruitment process. It can help you to generate good leads with minimum efforts.
Now let’s see how it works!
A Referral Scheme allows your employees help you to get potential leads. It is when your employees have a great experience with your organization, they speak out from their personal experience (word of mouth) and promote the culture and open positions to their family, friends and potential candidates. This way you will have candidates who are pre-informed about your organization.
Also consider increase in your followers on the LinkedIn by 10 times on an average through first connections of your team mates. This is just your first-degree connections.
Not convinced still! Let us give you more reasons to consider Employee Referral Scheme to gear up your recruitment:
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Helps in Quality Hire-
Your current employees have an overall experience of your organization against which they can easily recommend you the suitable candidates for the same. Additionally, referred candidates are already mentored through the hiring process as your current employee will guide to put their best foot forward. Referred candidates prove to Referred candidate prove to be more reliable as they are connected with the current employee of the organization.
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Increases Employee Retention Rate-
Employee Retention is directly related to quality hires as best fit stays. Referrals are the candidates who are interested by themselves to join the organization therefore, the retention rate of referrals is comparatively higher than that of any other source.
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Reduce time and costs to hire-
Proceeding with the referrals eliminates the various steps of recruitment where you invest money in paid portals and sponsoring job post this results in saving a lot of your precious time and money. Human hours to fill the positions automatically gets reduced. The cost of recruitment process gets eliminated because rewarding your employees for referral can cut your cost lower than what you spend on other recruitment processes and you can manage it within budget. You can give hampers, gift vouchers or some other attractive benefits to your employees for making an effort.
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Strengthen employer brand-
Involving your employees with hiring can give them a feeling of being engaged and valued by company. This creates a positive attitude towards the company. When your employee recommends for an open position, they do the ‘word of mouth’ publicity for the organization. They spread the knowledge of work environment of your organization, your culture and values. Since job seekers trust more on employees’ words than from any other source, Employer Branding builds at a faster pace.
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Reach passive candidates-
Passive candidate is someone who is open for a new position but is not searching for the same. When these candidates are referred by someone close from friends or family; they are open to the position. Thus we get candidates with skills we would be searching for so long.
Thus you can see that Employee Referrals are popular for a very good reason. The current job market is 90% candidate-driven. This means picking talent is not your job now. It is turn of the talent to pick you. Consequently, finding candidates especially with in-demand skills has become tricky, time consuming and expensive process. This makes contemporary recruiters start involving current employees in their hiring process.
