You can call it what you want, but referral recruitment is on the rise. About 80% of recruiters say they can’t find the talent they need, especially since a lot of that hard-to-find talent may be passive. This means the chances are that most talent is already employed and is not looking for a change.
Recruiters have three challenges, first to find that talent, then to contact it, and finally to incite a change. To achieve results, having good networking abilities, knowing advanced sourcing techniques, and having a good persuasive discourse are essential. In spite of everything, if a good job opportunity presents itself, why not at least listen to it?
How do we get access to these passive candidates?
A good option to access those billions of passive candidates around the world is to go to professional and specialized recruiters like us, to help you find the ideal candidate, wherever you are. Another solution that companies consider is to ask other employees or trusted persons: a referral.
Many companies are creating in-house referral programs with bonuses or rewards. In other words, every person who recommends a candidate who becomes an employee will receive a type of compensation.
A more effective recruitment process
According to a study, referred candidates are 5 times more likely to get a job. In fact, it has proven to be the best source of recruitment for 92% of the companies that use it, above direct sources, job exchanges and social networks. Here are more numbers:
- It is the fastest recruitment system. On average, referral recruitment takes 29 days, in comparison with 39 days for job exchange and 55 days for corporate sites.
- 7% of candidates who apply come through referrals, and of these, 40% get hired.
- Lower costs: referral recruitment is 58% cheaper.
- Lower turnover: a referred candidate is more likely to stay in the company.
- Higher initial productivity: those referred are 25% more productive than those recruited from other recruitment sources.
- Better quality of hiring: Referents will look for experienced individuals with great skills, who can also adjust to the company’s culture. It also works as an indicator of company culture, if employees don’t like the company, they won’t recommend it to other professionals.
In addition, recruitment by reference is more efficient because there is a pre-evaluation of those referred by their referents, thus saving time to the company and the recruiters.
Referencers, a network of brand ambassadors.
It is precisely these advantages that make the programme an important supplement to companies’ current recruitment capacity. What if, in addition to receiving candidates assessed only by your own employees, you could also extend it to the entire network of contacts? Thanks to technology, referral programmes can now be expanded. If referents can provide the company with an important pool of candidates, why not expand it?
The rise of social and professional networks makes it much easier to create and build networks of contacts and recruiting relationships, so anyone could become a “recruiter” referencer. Why not create your own network of referencers? And if internal referents can be big brand ambassadors, why not the rest as well?
There are already platforms available to help you create and enhance an effective referencing network to access a community of professionals who are not actively looking for opportunities. Talent Hackers is one of them. A platform that looks for candidates through professional referrals and helps you create a wide network of referrals, thus expanding your recruiting power.
Do you want more information? Talent Hackers is a solution from Catenon Ventures, our innovation hub in which we develop different digital solutions applicable to the world of talent acquisition. A puzzle of possibilities to make your solution unique, personalized and also with a high component of innovation.