Have you heard about referrals, which are given not by your family doctor, but by your colleague or even you yourself? At Reiz Tech, we successfully implemented a referrals program, which helps in finding the best talents and candidates. Let’s talk a bit more about this program’s perks.
A referral is a recommendation of a candidate for a job opening made by a current talent or someone within the candidate's network. Typically, referred candidates do not go through the entire recruitment process. Instead of applying to a job advertisement, a person they know at the company submits their resume on their behalf. Afterward, the recruitment team assesses whether the candidate is a good fit, following the same procedures as they do for other candidates. But what benefits does the referrals program bring to the company?
First, with referrals, you can recruit faster. When talents refer someone, they can vouch for the candidate, ensuring that the individual at least meets the minimum requirements for the role. This allows the recruiting team to bypass the initial sourcing phases and proceed directly to interviewing the referred candidate.
Additionally, a referrals program helps you recruit candidates who are better cultural fits. When a candidate is referred, they often have a sense of the company culture and are more likely to agree to be a part of it. This way, the employee joins a workplace where they are already familiar with at least one person.
Referrals also allow you to recruit at a lower cost. Instead of paying an external recruiter or agency to provide a shortlist of qualified candidates, you can ask your colleagues to recommend people with the right skills at no additional cost or at a lower cost if a referral bonus is offered.
Referrals can help you recruit for roles that are harder to fill. While some positions may attract a large pool of qualified applicants, others can be more challenging to hire for. In these cases, your talents can assist the recruitment team by identifying potential candidates within their networks.
Finally, referrals benefit not only the recruitment team but also the talents who make the referral. In companies with a referral program, talents are typically eligible to receive a bonus or other benefits for successfully referring someone. Surveys show that talents who make successful referrals tend to stay longer with the company.
By adding a referral program to our company’s strategy, we get a 3-in-1 benefit: an engaged candidate, a rewarded talent, and a thankful recruitment team. Statistics show that referred candidates are more likely to accept a job offer. So why not give it a try?
