With 80% of employers saying turnover has increased over the past year, the hiring market is tight, making it more difficult to recruit and retain top talent.
Companies have been forced to reevaluate what they can offer candidates to stay competitive— from better benefits to introducing remote or hybrid work options and higher salaries.
If you’ve already leveled up your perks, all you need is to get a conversation started with the right candidate.
The easiest way to do so? Leverage your current employee’s connections.
Employee referral programs are one of the fastest and most successful hiring methods in your toolkit. Employees hired through a referral program are more likely to stay at a company longer. Not to mention, their retention rate is double that of other hires.
Consider Employee Referrals have helped tech companies go from no referrals to hundreds of referrals per month.
Referred employees cut your hiring costs, are usually a cultural fit, and make the recruitment process faster. The good news is that you probably already have employees who want to refer their friends and colleagues to your company. The question is, are they doing it often enough to make your job as a recruiter easier? And if not, what can your company do to encourage them?
A recent study discovered that although 72% of companies have a referral program for recruiting talent, only 4% of companies reach their true potential, meaning they can rely on their referral method for 30% of new hires.
Why do referral programs fall short of expectations?
Some employees may find it difficult to refer a potential candidate. They aren’t sure who to refer the candidate to. Should they go directly through the HR department? Or should they submit through the company’s application portal?
Perhaps, it’s unclear what happens next after they make a referral. Will they be kept in the dark unless it’s a match? Will they have to send multiple follow up emails to stay updated on the recruiting process?
Keeping your employees motivated to refer their peers to future open roles requires a very clear, seamless process.
Today’s AI and machine learning technology has the power to analyze who your colleagues know and automatically suggest they make an introduction. That way, you don’t have to constantly hassle your team for referrals and can automatically create a pipeline of highly-rated, diverse candidates.
By letting your team make referrals using a tool that they’re already using on a daily basis, like Slack, you can remove the burden on an employee to navigate the referral process on their own.
Make referring a potential match to an open job completely effortless by allowing them to add personalized notes in Slack as well. This gives you additional insight into a candidate's background.
When a team member refers to a candidate for an open job, a profile is created for them with details from multiple sources, like resumes, open source code and publications.
By leveraging a tool that can do this for you automatically, you can tap into comprehensive information about a candidate.
When you start letting technology drive the referral process for you, you can focus on building relationships with candidates, versus monitoring your candidate pipeline.
Ready to acquire top talent through referrals? Get started with Consider today.
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