It might be time to pay closer attention to your company’s employee referral program. You may not give it much thought, and it’s probably not your fault. Many companies have an employee referral program, but they don’t do much with it.
Smart companies realize the amazing benefits of asking their employees for job hiring recommendations—and they know the success of the program depends on you. Effective employee referral programs help companies grow by tapping into your ability to decide you would like to work with. Think about it: you want to work with professionals just like yourself, right? So, it makes sense for your employer to pay attention when you make a recommendation about who they should consider for a job opening. Here are some of the top benefits for both you and your employer.
Shrink job opening times
Multiple sources, including the U.S. Bureau of Labor Statistics, show that there are hundreds of thousands of current open positions in the trades industry. If you’re a plumber, electrician, or an HVAC tech, you know it’s already difficult for companies to find good people.
Job growth in these fields, coupled by the fact that up to 45% of those who currently have these positions plan to retire within the next 10 years, means that it’s going to become even harder for employers to find professionals like yourself to add to the team.
On average, it takes about 55 days for a company to hire a candidate with no connections. The time drops to an average of 39 days when they come through job boards for your specific industry. But, that time drops to just 29 days when a referred candidate is hired. Recommending someone for an open position in your company can cut the time it takes to fill it by 40%.
Better people on the team
You might get a referral bonus, but the benefit you should be most excited about is that you’re increasing your own opportunity to succeed by bringing on people who share that desire to succeed.
There’s a strong correlation between team performance and working with people you know and respect. Recommending people you know is a big predictor of success. Like attracts like, and there’s less of a chance that your employer made a poor hiring choice. In fact, one study shows that referred employees are 350% less likely to be fired for poor performance.
People you know benefit from your perspective, so they’ll already have a better understanding about your company and its culture. This “inside scoop” helps to increase employee retention. Organizations such as LinkedIn report that employee referral often is one of the highest indicators of employee engagement.
What does it really mean? “Employee engagement” is one of those buzz phrases tossed around a lot. We tend to care more about the places where we work when we are surrounded by people who share our goals. If that’s what you want, helping your employer create an environment like this requires your participation. It’s what makes your referral of someone you know and respect so valuable to them.
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