Employee Referrals to Cut Recruitment Costs
Employee Referrals to Cut Recruitment Costs
If you do not take advantage of your employees’ network, you could potentially be spending too much on recruitment. Using employee referrals to fill positions you could save thousands of dollars on recruitment costs.
Even though referral schemes are not anything new, the advent of professional networking and social media websites encourage employees to share job postings and refer their friends to specific available positions.
By offering incentives to your employees, a quickly growing business with many different job vacancies will be able to save massive amounts of money by taking out the need to go through a recruitment firm. The more members of your staff that you have recommending your company, the better your image. If your employees are promoting job vacancies, more people will be encouraged to apply because your company will come across as a great place to work.
Above and Beyond
The money that you will save using employee referrals is just the tip of the iceberg. In addition to costing less to recruit, referral hires typically are ready to begin their roles with the company faster. And tend to remain with the company for longer periods of time and are often better suited to the values and culture of the organisation.
Social media platforms have made it possible for employees to share posts with each of their unique network of followers. This means that job vacancies are visible to an enormous audience.
Consider that each person under your employ averages a hundred or more connections on their chosen social media network. When you multiply that number by the number of people that work for you, you will quickly see the potential.
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