The Power of Referrals – Pt.2
In our last article we discussed the value Kyna Associates places on great candidate referrals and the steps we’ve taken to ensure we’re incorporating referrals into every stage of our recruitment process.
Here we’ll take a look at the impact of candidate and employee referrals, not just within internal recruitment, but the effect they could have on your business overall.
A report by Glassdoor found that employee referrals increased the odds of hiring by as much as 6.6%. In our current market, where candidates with highly specialised skills have an increasing number of job opportunities available, it is essential to target them before they become “active candidates”. This is where having an efficient employee referral scheme plays a major role.
If you’re considering implementing an employee referral scheme, keep in mind the following practices:
- Give consistent and timely feedback, this ensures your employees will continue referring and will keep your referrals engaged
- Recognise your referees through appropriate incentives such as financial incentives, wine or vouchers
- Allow for speculative referrals, this ensures you’re building your pipeline even if you don’t have any roles currently available
In an age where every employee has a network made easily accessible through social media, not having a referral process in place is untapped potential. Your star employee may be aware of other high-calibre candidates currently looking for their next opportunity, and being approached by a friend may lead to a much quicker recruitment process.
According to Jobvite, employees hired through a referral scheme are much more likely to remain in a role than those recruited through any other means. Giving your employees the chance to have an impact on your company’s recruitment process could not only increase the engagement of your employees, but also increase employee retention.
The report highlighted that those employed through referral schemes also start much sooner than those targeted through job boards or agencies, meaning that if you’re desperate to fill your next position, someone in your existing team could put you in touch with a candidate suitable for the role. Again, this gives your employees the chance to target those “passive candidates” before they upload their CV online or are contacted by other companies.
An effective referral scheme will also give those in your business the opportunity to become your own brand ambassadors. After all, your employees understand your company’s values and culture better than anyone else.
At Kyna Associates, we acknowledge the value of a good referral, which is why we offer a referral bonus of up to £500. Through developing relationships with high-calibre professionals, rewarding our referees and offering outstanding opportunities with some of the UK’s leading organisations, we’ve ensured our candidates are happy to refer our vacancies on to their network.
Let us know your thoughts; have you considered implementing an employee referral scheme? If you already have a scheme or process in place, what difference has this made to your recruitment process?
Kyna Associates is an Executive Appointments, IT and Business Change recruitment consultancy. If you’re interested in an opportunity with one of Kyna Associates’ outstanding clients, click here to take a look at our current vacancies, and don’t forget to follow us on LinkedIn for weekly updates, market insights and employment news.