Pre-Vetted Job Candidates Save You Time & Money
It’s HR and recruiter’s eternal struggle: finding qualified applicants who not only meet or exceed their criteria but also make positive contributions to company culture and employee retention efforts. Searching through stacks of applicants for each needle in the haystack leaves you exhausted and demoralized – just in time to start the process all over again. It’s time to provide better options, but how?
Instead of spending all that time identifying candidates who then fall out of the hiring track during the vetting process (endless interviews, background checks, reference contacts, DISC assessments, etc…), why not turn to the people who are most qualified to pre-vet applicants? Your existing employees understand the company’s needs, values, and culture. They can provide referrals who need less vetting and eliminate many hiring obstacles up front, saving you both time and money.
Time-to-hire is a metric that haunts many recruiters. For every day you have to spend searching for the right fit, costs mount and tension levels rise, sometimes leading to hasty decision-making that quickly backfires. Pre-vetting candidates through employee referrals saves recruiters and HR professionals valuable time and energy.
Who better than current employees to identify candidates who are qualified, engaged, and a good fit for existing company culture? Deploying your built-in army of recruiters can help you pre-vet candidates for skill level, work ethic, and culture fit. With their inside perspective and investment in the company’s success, employees are a recruiter’s natural ally.
When a candidate is referred by an existing employee, there’s a two-sided incentive program at work. Employees want to refer a winning candidate. Referrals give them an opportunity to benefit from any incentives offered by the employer, bolster their own reputation and value, and instigate positive change within the company. The referred candidate wants to live up to the expectations of the contact who has referred them.
While it’s still important to follow common-sense hiring protocol (including background and reference checks), an employee referral kickstarts the hiring process and can significantly impact time-to-hire metrics. In fact, one study found that candidates referred by an existing employee took 10% fewer days to hire than those from a job board and 15% fewer days than those from a career site. When employee referrals lay the groundwork for a successful hire, everyone benefits.
Last August, the Society for Human Resource Management revealed the results of a survey which found that the average cost-per-hire is $4,129 and the average time-to-hire is 42 days. That can mean 42 days of lost productivity and mounting stress for HR and recruiters. A candidate who has been pre-vetted by an existing employee can significantly decrease those costs.
When you save time by pre-vetting candidates through an employee referral program, you’re saving money, too. Candidates referred by a current employee are more likely to both accept a job offer and to stay in their job for a longer period of time. Faster hires with longer tenures mean less productivity loss and less stress on both your psyche and your bottom line.
Reducing employee turnover is a vital component of lowering hiring costs (and keeping HR and recruiters sane). Research indicates that culture fit is a key contributor to employee engagement, satisfaction, and ultimately retention. Luckily, your existing employees understand company culture from the inside out. An employee referral program gives them the opportunity to directly impact work culture by referring candidates they believe will be a good match and a positive influence.
When candidates enter the hiring pipeline through an employee referral, they’re more likely to be a culture fit and therefore to reduce turnover rates by staying in their position longer. In average length of employment, employee referrals again beat out career sites and job boards, leading to significantly longer tenures.
Create A Culture of Employee Referrals
If you’re tired of the struggle to identify qualified candidates and guide them successfully through the hiring process, do yourself a favor and enable employee referrals to do some of the heavy lifting for you. When existing employees refer candidates, you save time and money, employees feel empowered, and the company gains a pre-vetted applicant who is likely to succeed.
JobShakers’ mobile employee referral program solution gives you all the tools you need to easily and successfully benefit from your employee’s knowledge and investment in your company. Start saving time and money today by contacting us to schedule a demo.