It’s a candidate driven market today, where job candidates have innumerous choices when it comes to job selection, which has led them to increase their demands significantly higher than what candidates could do a decade ago. This has resulted in employers facing more competition for top talent than ever before in this tight labour market. Hiring managers are thus required to move quickly when making an offer, when they want to capture proficient candidates, and avoid exhausting and lengthy interview processes. Employee referrals can solve a lot of problems here.
Engaging your own team in referring top talent for your company can reduce the cost of traditional hiring, while also speeding up the time to hire. Also, referred employees tend to stay retained in the company for longer. As per recent studies, employers enjoy 75% reduction in the cost per hire for referred candidates over traditional recruiting methods, and employee referrals are hired 55% faster than candidates from other sourcing platforms. These statistics could certainly make a significant different in hiring competitive talent, without harming the overall financial health of the organization, couldn’t it!?
So, employee referrals bring three main benefits – reduced time to hire, reduced cost to hire, and long-term employees. But, this does not end here. There are many other additional benefits that employee referrals can bring that can keep your team loyal and also bring about further success for your business. Let’s take a look at some such additional benefits.
It helps boost your brand image
If you already have a happy, productive, satisfied, and loyal team, your team members will certainly also tell their friends and acquaintances the same. They can prove to be your greatest brand advocates! A compliment from your employees means a boosted brand image, bringing in more candidates for your vacant positions.
It brings access to an expanded wider talent pool
By not focusing solely on active job hunters, employers can seek passive candidates as well, those that aren’t currently looking for a new job, but can certainly be beneficial to your company. With your “n” number of employees, you gain access to “100n” number of possibilities to hire, including both active and passive candidates. This means you have an expanded wider pool of talent to work your way through, reaching out to high-skilled passive talent that may otherwise be hard to reach.
It’s possible to hire candidates that are a better fit for your team
Every employer wants to have a team-based collaborative culture within their organization, which can produce happier, more productive employees. Traditional hiring may or may not help find a cultural fit for the organization, unless you’ve partnered with leading leadership hiring companies in India. But, through an employee referral program, a cultural fit is highly likely. The employees working for you already understand your business culture, mission, and goals; hence they won’t recommend someone who isn’t a good fir for your organization. This means, the referred candidates are more likely to share your corporate values, making them a better fit for your team. Employee referrals are one of the top sources for quality hires. Another one is a recruitment company that knows the ins and outs of the business. One such name is WalkWater Talent Advisors, who tops the list of leading leadership hiring companies in India, having access to a large talent pool, each one being carefully scrutinized and sorted, so as to deliver the most apt candidate for a particular organization and job position.
For more information, visit: https://www.walkwatertalent.com/
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