It’s All About Who You Know
VP, Director of HR at Patrick Engineering
Right now many of us are trying to fill critical roles while sifting through more resumes and applications than we’ve seen in years. The pressure can be overwhelming as we quickly scan candidate qualifications and move forward with a select few.
Now imagine that a current employee approaches you about someone in their network who they know to be extremely qualified. Makes it easy, right?
Think about if from the candidate’s side, too. For those actively job hunting, it is easy to become disillusioned with the process. They create the perfect resume, apply to the perfect roles and are confident they have what it takes to land the job. And then they wait.
Imagine they had someone on the “inside” who could talk to the recruiter or hiring manager. An advocate who can make sure their resume moves to the top of the pile of hundreds of equally-qualified applicants. Nice, right?
Employee referrals are the most efficient and effective way to land a job or to fill one. According to the Society for Human Resource Management (SHRM), employee referrals lead to quicker placement, are more cost-effective, and yield higher retention rates.
While this is certainly not a new recruiting approach, it’s one that is often overlooked. Not only can it save time, but it can be a financially attractive option compared to advertising, especially as more organizations look to trim budgets.
Suggestions to get started:
- Create a competition to see which employee has the most relevant LinkedIn connections for a specific job opportunity.
- Issue gift cards to employees who provide interview-worthy referrals.
- Offer employees financial incentives for referring candidates who get hired. Provide a quarter of the payout once the candidate reaches 90 days of employment and the remainder at 365 days.
In today’s world ruled by social media, it is quick and easy to peruse your network and find mutually beneficial relationships. It is important to know that recruiters and candidates are working toward the same goal of a strong, long-term match and utilizing connections is a better way to ensure a win-win for all.