When it comes to recruiting top talent, job referrals are becoming increasingly essential in modern business. Not only do they bring in high-quality candidates, but they also have a positive impact on employee retention.
Better Quality Candidates
According to a study by LinkedIn, job referrals are the top source of quality hires, with 48% of employers saying they have higher quality candidates compared to other sources. This is because referred candidates are typically pre-screened by the referring employee, which can save time and effort during the hiring process.
Increased Employee Retention
When employees refer their friends and colleagues for job openings, they are more likely to feel a sense of loyalty and commitment to the company. This can lead to increased employee retention, as referred employees are more likely to stay with the company long-term. In fact, referred employees have been found to remain in their jobs longer than those hired through other sources.
Recruiting can be expensive, especially if you advertise job openings, screen candidates, and conduct interviews. Job referrals can save you money in the long run, as referred candidates are more likely to be a good fit for the company and less likely to leave. According to a study by the Society for Human Resource Management, it can cost as much as 50-60% less to hire a referred candidate compared to a non-referred candidate.
Improved Hiring Process
Finally, job referrals can improve the overall hiring process. Referred can streamline the referral process, making it easier for employees to refer candidates and for recruiters to track referrals. This can save time and effort and improve the efficiency of the hiring process.
Job referrals are essential in modern business for a variety of reasons. They bring in better quality candidates, increase employee retention, save costs, and improve the hiring process. By leveraging the power of job referrals, you can build a strong, loyal, and committed workforce to help your business thrive in the long run. Contact Refered today to get started.