Referrals tend to be one of the best sources of new hires. Employees (who ostensibly have a good understanding of the company and the job in question) provide an element of trust and pre-screening for referred candidates. The interview-to-hire rate is generally higher for employee referrals compared to other sources, and as a result Talent Acquisition teams can realize significant savings in sourcing expenses and recruiter time by engaging employees in a robust employee referral program. Referral Tools are bespoke point solutions used to enable and digitize referral programs.
This Ecosystem Insight report defines the segment, assesses the state of play, describes key features and functionalities of the underlying technology, lists key vendors that make up the sub-vertical as well as alternative solutions, highlight trends in the segment, provide market intelligence on the key players, and provide best practices for firms interested in pursuing such solutions.