Successful Source of Hire
Employee referrals are the most successful source of hire.
Companies cannot hire effectively without employee referrals, which are the most significant source of hires for employers. They bring in top talent that increases quality of hires, instances of cultural fit and positive results, and decreases key metrics such as cost per hire, time to fill and turnover. Additionally, referred employees have higher job satisfaction, report better cultural fit, and feel more prepared to execute on their job duties.
Most employers hire nearly 40 percent of their staff from employee referrals. Across all company sizes and industries, on average, 24 percent of new hires come from an employee referral. Additionally, 88 percent of employers rate employee referrals above all other sources for quality hires.