Of the many things that are difficult for recruiters, is finding the right candidate to hire for a particular position. This is made even more difficult owing to the fact that there are a lot of candidates applying for a particular job, and filtering which candidate suits the role best can prove to be hard. The whole process has gotten more difficult due to the pandemic and the remote working provisions, as a recruiter is not able to gauge how much time and effort a recruit is putting into his/her work.
One thing, however, always proves to be an asset when it comes to helping employers determine which candidate is the right fit for their company; employee referrals. Employee referrals could very well be the most underrated source of potential candidates for employers. Asking your current employees whether they might be in touch with someone who could be a good fit for a particular job opening is the best way to find the perfect candidate.
Since HR already has a good rapport with the current employees, they can use this connection to help get suggestions regarding good potential candidates for the job. Such a job referral process can truly have a lot of benefits and prove to be convenient as well.
Let us have a look as to why Employee Referrals are the Best Source of Hire?
Reduction in hiring time:
One of the best things about this process of employee engagement is the fact that it takes very little time as the leads for the right candidate can easily be sourced through the existing personal connections with the employees. Thus the amount of time it will usually take to reach a candidate in the traditional way like using screenings and negotiations among other things is cut short to a great extent.
Reduction in hiring cost:
Another advantage of using such a referral program is that it reduces the hiring cost brilliantly. This is essentially due to a number of reasons. From the employee engagement aspect of it when it comes to contacting candidates and the screening method already been completed by default, to the money one saves not advertising the job, everything contributes towards major savings in the whole process.
Improved Quality of Hire
Every time an employer sets out to hire a new candidate, it becomes extremely difficult to find one that is perfectly suited for the job. There is no lack of talent in the potential employee sector, but many of the ones who are on the lookout for jobs happen to be, more or less, passive candidates.
Anyone who is worth employing is already employed in a good secure job! Hence finding such candidates is difficult as they won’t be someone who will actively advertise looking for a new job. This is exactly where employee referrals provide a great window of opportunity for employers in search of new and talented candidates!
As your employees are already aware of the kind of atmosphere they are working in, the work culture and all the perks of the job, spreading the word about why the company would be a perfect opportunity for any employee would come easy to them.
Higher retention rate:
The great thing about using an employee referrals program is that, upon reaching out to a potential candidate, the employees will be able to convey the work culture of the company, thus providing the candidate with an employee’s view of the company.
This ensures that the candidates will have an idea as to what kind of work environment they might potentially be joining. Since the candidates will already know someone on the inside to help them settle in, the chances of them veering off to another company goes down to a great extent.
So essentially, the whole employee referrals idea itself serves two purposes; the satisfaction of the employer, as they are able to hire a good candidate and the satisfaction of the soon-to-be employee, who will already have an idea about the kind of work atmosphere they are signing up for.
Glassdoor might be all the fad now, but no number of Glassdoor reviews can compare to the shared experience of a current employee of the company. The moment any of the employees decide to help the company out in helping hire candidates from among their friends and family, they also end up providing these connections with the potential to be advocates for the company itself.
Apart from the obvious need of hiring new candidates, what any company needs to grow are new clients. Job referral programs help in this aspect as well. When the people who your employees have connected to regarding the job offers, further spread the word about your company in their circle, one can easily end up gaining a new customer base altogether, thus building the image and the market for the company.
An employee referral program can go a long way in ensuring that a company is able to hire candidates that suit the job opening and fit the company like a glove. However, it is important to remember that prior to beginning the referral hiring process, a company needs to jot down all the sourcing basics properly.
Make sure that you do not solely depend on employee referrals as a means of hiring new candidates. Put some feelers out into your circle as well to scope out potential candidates from all directions and make sure you don’t miss out on any good candidates!