AIHR Learning Bite: The Employee Referral Program in a Nutshell
Employee referrals can add substantial value to organizations – and, as a consequence, they are on the rise. All the more reason to get started with that employee referral program if you haven’t done so yet.
According to research:
- New hires that come via an employee referral program are more likely to stay with your company;
- Referred employees start their job sooner than hires from other sources: after 29 days for referred employees as opposed to after 55 days for candidates sourced from career sites.
- New hires sourced via a referral program generate 25% more profit for their company than employees sourced via a different channel
Apart from the stats, there is a myriad of other reasons why employee referrals work: they are a better culture fit, they are more engaged, and are less likely to leave, more productive.
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