Keep up with the latest hiring trends!
The recruitment process can be costly and time-consuming, so it’s no surprise that many companies always look for ways to streamline the process. Employee referral is one recruitment strategy that has been gaining traction in recent years and is now considered best practice in recruiting training. Studies have shown that employees whom another employee refers are more likely to stay with the company longer and perform better than those who are hired through other means.
SmartRecruiters CEO, Jerome Ternynck, even claims that because “we have unlimited leads via our social connections” we are already connected (via our “employees’ network“) to every single candidate we will hire next year through our “Talent Graph“. This infographic explains why you should push your employees for referrals and exactly why you should be taking employee referrals far more seriously than you are already.
Get ready for some mouth-dropping facts:
- 40% of all candidates put forward via employee referrals are hired, yet just 7% of all applications an organisation will receive are employee referrals. Meaning almost half of an organisation’s hires are coming from only 7% of the applications they receive.
- Applicants hired from referrals start their new position an average 10 days faster than their counterparts.
- On average, 47% of applicants hired from referrals stayed loyal to a company up for 3 years or more. Only 14% of applicants from job boards stayed the same length of time.
- 70% of employers say referred hires fit the company culture and values better than those from other sources of hire.
- 51% of employers say referred applicants are less expensive to recruit, while 67% said the recruiting process for referrals is shorter.
To learn more about the benefits of referrals and how to utilise your “Talent Graph” by “connecting the dots” between the best potential employee for the job and your current staff members, read our blog “How to: Unleash the Power of ‘The Talent Graph“.