Building a Next Generation Employee Referral Program
Stop what you’re doing right now, and go fire your recruiter. Ok, not really. Your recruiter is a tremendous asset and hiring new employees is expensive, not to mention exhausting. You should actually be thanking your recruiter and HR team for finding, screening, interviewing, hiring, training, and reviewing as many people as they do. According to the Bureau of Labor Statistics, US employment will grow by almost 5% in the next 8 years. Is your current employee referral program built to recruit in the age of technology and Tweets?
Like others, you may find yourself asking why not just go to the usual job placement sites for your next round of hires.
The economy is growing again, hiring trends are positive, and the Internet of things is no longer a science fiction mystery. At the same time, a new generation of tech-savvy young adults are coming into their own and bringing with them a digital revolution. Technology has re-invented the way we do business, manage our personal relationships, and take in information; but somewhere along the way many organizations forgot to add tech to the recruiter’s toolkit. More specifically, it seems as though the most productive source for new hires, employee referrals, were forgotten.
It isn’t enough to post a job opening and ask your employees to share it on social media.
Employee referrals deliver more qualified candidates faster, while decreasing turnover and hiring costs. There’s just one caveat: If your organization isn’t already working on a next generation employee referral program, your competitor may end up hiring the next all-star instead of you.
Research suggests that employee referrals provide the highest return on new hire investments, but most employee referral programs have not caught up to this new era of talent acquisition. Utilizing technology to tap into employee social networks can be an excellent way to drive employee referrals. It improves the effectiveness of your talent acquisition program and extends your recruiting reach. Historically, large companies secured a hiring advantage through greater job posting spend.