Employee referral programs are internal recruitment strategies employed by companies in order to seek the best talent for their teams. Employee referrals are the process through which employees can recommend members of their professional networks for open positions in their companies. This process is mutually beneficial for the employee, the employer, and the job seeker.
Benefits for Employers
Study after study has shown that referred employees are better candidates for the jobs and, as a result, they are more likely to get hired than standard job applicants. By hiring referred candidates, employers know that they are adding the best talent to their teams. Referred employees stay at companies longer, too, which diminishes the retention risk for employers. Further, the referral process fills job openings at a company much faster than the standard application process, which leads to a more efficient hiring process for the recruiters.
Benefits for Employees
Many companies incentivize their employee referrals programs in order to motivate their employees to refer talent for open positions. What this means for the employee is that for every referred candidate that gets hired, the employee receives a benefit, oftentimes in the form of a bonus on their next paycheque. Posting job opportunities on Refeb is a great way for employees to participate in their company’s referral program, expand their professional network by connecting with job seekers, and earn themselves a referral bonus.
Benefits for Job Seekers
For job seekers, a referral can mean the difference between landing an interview at your ideal company or your application getting lost in the piles of job applications on the recruiter’s desk. Employee referrals lift your resume to the top of the stack, and get you a foot in the interviewer’s door in an increasingly competitive job market. Many open jobs never see the job boards—they are filled through internal hiring processes, such as referrals. Referred candidates are considerably more likely to get hired than candidates who submit an application without a referral. By using Refeb’s services, job seekers can expand their network of referees and get access to more job opportunities than those available on the online job boards.