5 Reasons You Need a Successful Employee Referral Program

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Employees enjoy seeing the success of their referrals.

Sixty percent of employees have referred at least one person to an open position at their current company. When an employee refers someone, he or she is hired about two-thirds of the time. With a best-in-class employee referral incentive program, it's easy to engage current employees and leverage their networks.

How important is a strong incentive structure for referring candidates? After surveying HR professionals, iCIMS found that the larger the company size, the more important it is to incentivize your referral hiring.

  • For companies with 99 or fewer employees, 8 percent said extremely important, and 76 percent said very or moderately important.
  • For companies with 100-999 employees, 12 percent said extremely important, and 69 percent said very or moderately important.
  • For companies with 1,000 or more employees, 36 percent said extremely important, and 59 percent said very or moderately important.

Eighty-five percent of employers are expecting their companies' hiring to increase or stay the same. At the same time, workers are staying in positions for shorter periods of time. By capitalizing on employee networks, companies can start addressing the need for increased hiring in today's new era of talent acquisition.

In fact, companies already recognize the benefits of employee referrals. Organizations rank employee referrals as their most successful source of hires, above job boards, social networking sites and corporate career pages. Part of the reason employee referrals are ranked so successfully by employers is because they attract talent that benefits the bottom line.

In this slideshow, iCIMS, a leading talent acquisition solution, has identified employer and job seeker attitudes toward employee referrals and their impact at an organization.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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