Organizations rank employee referrals as their most successful source of hires, above job boards, social networking sites and corporate career pages.
Positive Morale
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.