The ultimate guide to employee referrals

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The right people can make or break a company. That’s great news for the self-employed, but unless you have a workforce of one, staffing is a major, perpetual concern.

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The ultimate guide to employee referrals

  1. Stop wasting time and money!
  2. Start using employee referrals.
  3. If you’re not encouraging employee referrals, you’re wasting time, money, and effort.
  4. Lots of money.
  5. Fact: Referrals are cheaper.
  6. Traditional recruitment methods can cost upwards of $18,000. Employee referrals usually cost less than $1,000.1 $1,000 $18,000
  7. Fact:Fact: Referrals are faster.
  8. Time to placement2 Career sites Job boards Employee referrals 45 days 39 days 29 days
  9. Fact:Fact: Referrals are more effective.
  10. Employee-referred candidates make up just 6.9% of total candidates but account for 40% of total hires.3
  11. Fact:Fact: Referrals reduce turnover.
  12. Retention after 2 years4 Traditional recruiting Employee referrals 20% 45%
  13. Bonus: Because the referral adds a layer of pre-screening, they have a 350% reduced chance of being fired.5 T E R M I N A T E D
  14. Fact:Fact: Referrals are more efficient.
  15. Referred candidates are hired at a rate of 1 to 3. Non-referrals are hired at a rate 1 to 10.6 Referred candidates Non-referrals 1in3 1in10
  16. Fact:Fact: Referrals yield higher quality employees.
  17. Referred employees are 25% more profitable than their peers.7
  18. Fact:Fact:Fact: Referrals ensure a good fit.
  19. Your employees will screen out anyone who doesn’t fit.
  20. Fact:Fact:Fact:Fact: Referrals broaden your reach.
  21. Referrals bring jobs to the attention of people who aren’t actively looking. We’re hiring!
  22. So what are you waiting for? Get started!
  23. Step one: Define your employee value proposition
  24. Know what you offer potential employees.
  25. Step two: Set a goal
  26. How many referrals do you want? By when?
  27. Step three: Pick a leader
  28. Designate someone to champion the project.
  29. Step four: Create incentives
  30. You’ll get the best response if you give your employees a little something for their efforts.
  31. Step five: Spread the word
  32. Your employees won’t start making referrals unless they know you’re looking.
  33. But don’t stop there! After the launch, check in, remind employees, and give updates on your progress. !
  34. Download The ultimate guide to employee referrals e-book. DOWNLOAD NOW Want more tips? The ultimate guide to employee referrals ™ How to engage employees, save millions, and drive Employee Success
  35. Achievers inspires Employee Success™ . Our software helps global companies dramatically increase employee engagement, retention, and performance to drive overall business success. www.achievers.com
  36. Sources: 1. VanNest, Allie. “INFOGRAPHIC: The Cost of Hiring.” GetHired.com blog. GetHired.com, 30 May 2012. 2. “Jobvite Index.” Jobvite. n.d. Web. 28 Apr. 2013. 3. Ibid. 4. Ibid. 5. Staffing.org, 2011 6. Dr. John Sullivan and Associates research 2008–2011 7. Burks, Stephen, Bo Cowgill, Mitchell Hoffman, and Michael Housman. “The Value of Hiring through Referrals.” University of California, Berkeley, Haas School of Business. 26 April 2013.

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