Welcome to Talent Tech Labs Lookback. We spend a lot of time exploring the Talent Acquisition Ecosystem and Marketplace and while every TTL Trends Report focuses on a different theme, we occasionally like to look back at some of our greatest hits.
The Top Priority for Effective Recruiting Leaders
George LaRocque is recognized as one of the top HR influencers and global thought leaders. He founded InfluenceHR, which is the industry’s first ever marketing symposium focused on helping HR Technology companies more effectively engage the HR Buyer. Connect with George on Twitter at @glarocque.
Editorial Note: George Larocque is now with HRWins. At the time of this report, he was with InfluenceHR.
Corporate talent acquisition is one of the fastest-changing HR segments. Candidate behavior and technology used to find and engage candidates are changing at breakneck speed. It can be a challenge to keep up on the trends, technologies and approaches to sourcing, recruiting and engaging candidates—even for industry analysts.
In the midst of all of that change, one constant shines as a beacon for both recruiting leaders and recruiting technologists alike: employee referrals are the best source of hires. Commitment to an effective employee referral strategy and program, as well as supporting technologies, remains one of the most important priorities for talent acquisition.
Here are five reasons employers of all sizes are implementing and/or re-thinking employee referral programs:
1. Source of Quality Candidates
Employee referrals are up to 14 times more likely to be hired than candidates from other sources. They also stay employed at the hiring firm up to 46% longer than employees that came from other sources.
2. Source of Hire
Employee referrals outpace the closest source of hire by nearly 2:1. Employee referrals are also hired 55% faster than other sources.
3. Internal Mobility
Companies are filling nearly 42% of their open positions internally. The effort to communicate open positions to employees is, by definition, the first point of engagement for both generating employee referrals and internal moves.
4. Employer Brand Advocacy
Employers are increasingly realizing that mobilization of employment brand advocates is a powerful force in competing for talent both locally and globally. Employee referral programs empower the workforce to communicate and share the benefits of working for and with their employers.
5. Increased Performance of Freelance Hiring
As the on-demand economy continues to grow significantly, the demand for freelance workers is growing exponentially. Research shows that referrals can also accelerate freelance hiring, leading to faster acquisition and better performance among freelance work
Clearly, employee referral tech is evolving and being used throughout the industry. Larocque discusses its popularity and the reasons why employers of all sizes are implementing it. Inspired yet? Want to discover more about investments, HR and talent acquisition? Head over to Talent Tech Labs website to get more industry insight and sign up for our blog. Want to explore more into TTL’s Think Tank and industry research>? Download our latest trends reports and while you’re there jump into our series of trends reports covering topics from Real AI, Vendor Marketplace, Employer Branding and more!Want to know 5 reasons employers of all sizes are implementing employee referral programs? Click To Tweet