Recruiting can take a lot of time and effort, but one way to save hiring resources and improve the quality of your new hires is to implement an employee referral program. Employee referral programs produce candidates who perform better and stay with companies longer. In fact, according to a survey, 74% of employers said candidates sourced from employee referrals were highly qualified for the role.
What Is an Employee Referral Program?
An employee referral program is a program through which employees can refer the people in their networks, such as friends or family, for open positions in their organization. Referrals are so valuable to companies that many employers include some kind of incentive to motivate employees to refer more and more people.
Employee referral programs can do wonders for a business looking to expand without putting more burden on recruiters and hiring managers. In fact, surveys found that 66% of companies use referral programs to find applicants. Referrals were also cited as the third most popular way to fill open roles after online job sites and company career websites.
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