5 Reasons You Need a Successful Employee Referral Program

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5 Reasons You Need a Successful Employee Referral Program-3

Performance and Longevity

Referral hires perform better and stay longer than other employees.

The majority of employers find that referred employees outperform other employees on most aspects of overall company fit, which is highly valued by employers when evaluating applicants. Additionally, referred employees are more satisfied with their current job over the job they had previously in which they were not referred.

As referred employees work longer at a company (more than five years), their satisfaction with how they fit within the company's culture and their ability to fulfill job requirements tends to increase. Referred employees also tend to refer others. Almost two-thirds of referred employees have referred at least one person to an open position at their current company.

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.

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