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Focussing on employee referral programs

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Today there is a growing importance of engagement and relationship building with potential candidates. With the modified communication patterns, candidates expect two-way interactions with recruiters. …

Today there is a growing importance of engagement and relationship building with potential candidates. With the modified communication patterns, candidates expect two-way interactions with recruiters. And this is possible by leveraging the power of social media with the employee referral program of an organization. Using socially intelligent tools that engage employees and use them as recruitment ambassadors is the need of the hour.

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  • 1. RAISING YOUR EMPLOYEE REFERRAL PROGRAM RESULTS TO 50% OF ALL HIRES “50% is the new ERP target” © Dr John Sullivan 1 www.drjohnsullivan.com
  • 2. 2 What are the business reasons for focusing on referral programs?
  • 3. 3 Referrals produce the highest volume
  • 4. Referrals are #1 in volume 4 Source popularity Volume 1. Referrals 28.0% 2. Job boards 20.1% 3. Career site 9.8% 4. Recruiter initiated 9.1% 5. College 6.6% 6. Rehires 4.3% 7. Social media 3.5% 8. 3rd party 2.8% 9. Print 2.2% 10. Temp to hire 2.1% 11. Career fairs 1.9% 12. Walk-ins 0.8% Source: CareerXroads2012
  • 5. 55 Referrals are a high volume source Reached 90% of it’s hires from employee referrals Ernst & Young and Deloitte’s ERP’s both reached approximately 50% of all hires last year
  • 6. 6 Referrals produce high quality applicants
  • 7. 7 #1 in quality of applicants In a survey of 73 major employers… 88% said that… referrals are the # 1 best source for above average applicants Source: 2006 DirectEmployers Association/BoozAllen Recruiting Trends Survey
  • 8. 8 High quality applicants Although only 7% of job applicants came from employee referrals A whopping 40% of ERP candidates get hired Source: 2013 JobVite Survey
  • 9. 9 High quality applicants Referrals have the highest interview to hire ratio Data analysis by SilkRoad reveals that 17% of referral applicants are interviewed And 25% of those interviewed are hired (#1) urce: Silk Road 2013 http://blog.silkroad.com/?utm_source=TLNT&utm_campaign=ec74d7751a-tlnt-daily-most-of-your-job-applicants-really&utm_medium=email
  • 10. 10 Referrals produce quality hires
  • 11. Referrals are #1 in quality hires 11 Source effectiveness /quality of hire 1. Employee referrals 2. Large job boards 3. Niche job boards 4. Temp to perm 5. Recruiters 6. Trade media 7. Staffing services 8. College recruiting 9. Career fairs 10. Co-op education 11. Mass media 12. Military Source: staffing.org 2011
  • 12. Referral produce more profit 12 Referral hires produce more profit  Hires from referrals produce a nearly 25% higher profit… than hires from other sources Source: “The Value of Hiring through Referrals” (source: UC Berkeley by Burksy, Cowgillz, Holman and Housman http://faculty.haas.berkeley.edu/bo_cowgill/papers/Referrals.pdf)
  • 13. 13 Referral hires have high retention rates
  • 14. Retention results 14 Referral hires have higher retention rates  Referred workers are between 10% and 30% less likely to quit than workers hired from other sources Source: “The Value of Hiring through Referrals” (source: UC Berkeley by Burksy, Cowgillz, Holman and Housman http://faculty.haas.berkeley.edu/bo_cowgill/papers/Referrals.pdf)