How to Turn Your Employees Into an Army of Recruiters
HR and recruiting professionals face many obstacles, including a skills gap in the marketplace, increasing rates of employee turnover, and heavy competition for qualified and experienced applicants. Luckily, there’s a major (and underutilized) resource available that can help address these issues and more: their employees.
Are you ready to turn your employees into an army of recruiters and increase the quality and quantity of your referral pool? Here’s how to make it happen:
Embrace the Employee Referral Program
When you empower employees to refer candidates for positions at your company, you’re enlisting knowledgeable and motivated allies in your search for top talent. After all, current employees are in the strongest position to understand what you need in an applicant and why. From their vantage point inside the organization, they have a clear picture of the kind of skills you need, the kind of qualities that make a successful contribution, and the kind of personality that matches the company culture. Who better to assist you in your recruiting efforts?
When you embrace the employee referral program and turn your employees into an army of recruiters, this is what you can expect:
Employee Referrals are the Most Successful Source of Hires
Social recruiting metrics collected from 2007 to today reveal that although ERPs only accounted for roughly 7% of applicants by source, those applicants constituted almost 40% of eventual hires. By contrast, job boards brought in 43% of applicants but resulted in less than 15% of hires. Employee referrals solidly outperformed all other recruiting methods, including career sites and recruiting agencies. Imagine the results that could be achieved with a greater percentage of employee referrals!
Employee Referrals Result in Quicker Hires
The same data shows that applicants who were referred by existing employees were hired 55% faster than those who applied through a career site or job board. Not only do employee referrals cut down on the time it takes to hire and on-board new talent, they also result in decreased employee turnover. In fact, almost half of applicants referred by a current employee stayed at their new job for three years or longer, in contrast with only 14% of those hired from a job board.
Employee Referrals are Better Culture Matches
Faster on-boarding and longer retention for referred employees makes sense when you consider that employee referrals result in better culture matches. An ERP allows your employees to be your first line of defense against applicants who don’t fit into the existing company culture, leaving one less thing for HR and recruiters to stress about during the hiring process.
Employee Referrals Have the Lowest Cost-per-Hire
Recruiter, Inc. reveals that the average cost-per-hire runs anywhere from $4,000-$18,000, not including the price of lost work caused by an unfilled position in the meantime. However, with an employee referral program in place, that cost drops to as low as $1,000 per hire.
The numbers clearly demonstrate the effectiveness, speed, and value of a well-run employee referral program. So what are you waiting for?
Your ERP First Steps
The first step towards a robust employee referral program is to educate employees about the kind of candidates you’re looking for and the positions that are open for referrals. Once they understand the system, there’s nothing to stop them from leveraging their contacts and experience to form your front line recruiting team.
After you’ve mobilized your army of recruiters, keep them active and engaged in the talent search process by offering incentives and recognition for the referrals they provide. Contests, drawings, and ongoing communication will keep your referral program going strong.
Make it Mobile
Over 86% of job seekers use their mobile phone to search for jobs, and your current employees use their contacts and social media to spread the word about open positions and company culture. Make it easy for them to connect the dots by using a mobile referral platform.
The JobShakers Solution
Employee Referral Programs aren’t a new idea. You may even have deployed them with various degrees of success before. Today, technology is finally catching up with the ERP arena and streamlining the process to create a new paradigm of employee referrals that HR and recruiters are raving about.
JobShakers is shaking up the ERP process by providing a mobile platform for referrals and supporting materials so it’s easier and simpler than ever to educate, incentivize, and track the results of your employee referrals. With automated communication and data collection, the JobShakers platform does the heavy lifting for you so you can experience the benefits of an employee referral program with none of the old hassles.
What are you waiting for? Contact JobShakers to learn more today.