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Why Creating an Employee Referral Program Will Bring You the Best Hires

Posted on May 27th, 2016 Read time: 2 minutes

According to an April 2016 study from Future Workplace and Beyond.com, most HR professionals believe interviewing employee referrals is more effective than meeting with other job candidates when filling open positions. Find out reasons why and how your company can benefit. 

  • Immediate Connections

Hiring employee referrals means your workers have connections their first day on the job. They already know at least one coworker and may have met more through previous social interactions. These connections create positive energy in your organization and help your teammates work more cohesively. As a result, more qualified candidates want to work for your business, providing you higher-quality output and an improved bottom line.

  • Sense of Community

Your new hires already trust your company and have positive feelings about working for you; otherwise their friends wouldn’t have suggested they join your organization. This helps build a sense of belonging within your business and cultivates even more employee referrals. You reinforce and celebrate your workers in a tangible way for contributing to your company’s success. Because your workplace is a wonderful place to be, recruiting and retention become much easier.

  • Enhanced Company Culture

By paying your employees a bonus when their friends get hired, you show you take the referral program seriously, and your employees will follow suit. Because your employee referral program measures the level of your company culture, your workers should be continually encouraging their friends to apply within your organization. Likewise, you should be hiring as many of them as needed. Because your workers know your company best, they know which friends will like working with you and be the most productive.

  • Increased Diversity

Meeting your diversity goals is simple when building relationships with communities you want to hire from. Employee referrals form a perfect outreach channel that promotes diversity, ensuring you comply with all applicable laws.

  • Time and Money Savings

Hiring employee referrals saves your company time and money by utilizing your closest and most-renewable energy supply. You avoid paying for expensive job ads. Employee referral bonuses cost a fraction of a recruiter’s fee. Your new hires are already tuned into your company culture. Everyone wins.

Start creating your employee referral program today. To help your company save even more time and money, review the services offered by Innovative Employee Solutions today!

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