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.
5 Reasons You Need a Successful Employee Referral Program
5 Reasons You Need a Successful Employee Referral Program
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.
