Employee referral program initiatives are key for companies looking to find the best talent, however employees are largely unaware that this is the case.
From medium scale enterprises to large multinationals, employee referral programs are playing an increasingly important role in many organizations’ talent acquisition strategies and are consistently ranking as the most effective way to hire top talent.
However, a recent survey by Talentboard has found that many candidates are unaware of how much success they could achieve through gaining referrals from their friends and acquaintances. Of 8,953 respondents, they found that:
49.9% were aware that those companies they applied to had an employee referral program
Of these, only a third actually used the referral program
But what is most interesting about this survey is how successful those candidates who applied via referrals were. Of the 8,953 respondents:
17.7% were hired
Those candidates that were referred for positions were offered 27.9% of all the available jobs.
Based on these numbers, the probability of being hired was 27.9% where a referral was used and 2.8% without a referral. These figures are the clearest example yet of how referrals benefit candidates as well as employers, and it is why we are so passionate about employee referrals.