Why should I improve my employee referral scheme now..?

Successful employee referral schemes are a powerful recruiting tool for businesses – they provide significant cost savings and help companies to make more productive hires who stay long term. The problem is that increasing referrals still tends to fall quite low down on the priority list for companies.

Don’t just take our word for it though, let’s have a look at some of the key stats…

9 Key Statistics

1. Highest ROI

82% of employers rated employee referrals above all other sources for generating the best return on investment (ROI)

2. Better quality hires

88% of employers said that referrals are the #1 best source for above-average applicants

3. More likely to be hired

Employee referrals are 3-4x more likely to be hired than non-referral candidates

4. Better retention rates

Employee referral candidates have an average retention rate of 46%, compared to the 33% retention rates of organisations that only use career sites

5. More affordable

 Hiring through employee referrals saves companies at least £2,270 per hire

6. More likely to accept the job

Referred candidates are more likely to accept the job

7. Reduce time to hire

Employee referral candidates are 55% faster to hire, compared with employees hired through other channels

8. Good for diversity hires

Employee referrals are the #1 most productive source of diversity hires

9. Attract passive candidates

Employee referral schemes are more likely to attract passive candidates than other recruitment channels

These are just some of the key stats which show how running a successful referral scheme can be transformative for companies.

If you’re interested in implementing a referral scheme or improving your existing one, Real Links’ employee referral platform can help!

If you’re looking to learn more, feel free to get in touch by emailing sales@reallinks.io. We’re always happy to chat!

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Hiring Great Tech Talent Fast

See how one tech business filled all their hard to fill tech roles with referrals;

 

Learn how referrals can work really well for specialist hiring;

 

Understand what motivates tech teams to engage with referrals.

The Psychology of Referrals

Learn the 3 psychological models that will influence success

 

Understand your employee’s behaviour and how to influence it;

 

Use this insight to generate long term participation with your referral scheme.

Rewarding Referrals

Based on research with over 100 businesses;

 

Learn how to increase employee participation with referrals;

 

Loads of new reward ideas you can implement into your business.