Following on from Liam’s blog last week, “Why you should always meet your recruitment partner before engaging in a new recruitment process”, this week we look at the importance of referrals. Referrals are important to both candidates and clients, here’s why..
Did you know, just 6.9% of hires are from referrals! Candidate referrals are something that means everybody wins. Everybody in a recruitment process can benefit from a candidate referral. From the hiring manager to the person that made the referral, everybody can take something positive away from the situation.
Hiring Managers
Time is so precious when recruiting, and as we all know, time costs money. The time if takes to source CVs, conduct interviews and even the time the position stays vacant, it all comes at a cost to the company. Candidate referrals are 55% faster to hire, compared to employees sourced through job sites. 55%.. that is a lot of time saved, and therefore money saved too. (HR Technologist)
“Employee retention refers to the ability of an organisation to retain its employees.” Employee retention is very important to any business for several reasons. If employees stay for a year and move on, this increases expense due to paying training, equipment, recruitment fees etc, and it also decreases moral due to the feeling of unease spreading throughout the team. Retention of referred employees is 45% compared to 20% from job boards. (ERE)
Making a referral
If a referral you make gets hired, the new employee will owe you one for sure, but so will we! Here at RP Analytics we run a referral scheme. This means that for every successfully placed referral, you will receive a thank you in the form of days out, experiences or vouchers. Treat yourself for your part in hiring process, it’s on us!
Have you heard the saying “you scratch my back and I will scratch yours”. That is how a referral will work. The person you have referred has now grown their network at the new company. If you find yourself looking for a role, I am 99% sure they will help you if they can. Just ask.
Do you want somebody to refer you?
If you know that somebody within your network can refer your details to a helpful source, don’t be afraid to ask. Whether that be via LinkedIn, email or even face to face at a networking event. It takes 5 minutes but could benefit everybody!
Speaking of networking, Max will be here next week discussing the importance of industry specific meet ups!
https://www.ere.net/10-compelling-numbers-that-reveal-the-power-of-employee-referrals/
(https://www.hrtechnologist.com/articles/recruitment-onboarding/3-reasons-why-referrals-are-the-way-forward-for-recruitment-in-2018/)