Established employee referral programs are essential for maintaining a constant pool of candidates that are of high quality in nature. The largest struggle when developing a program is communication and engagement. The ability to communicate the benefits to employees, to participate in such a program, is a major obstacle that needs to be overcome before the program can be successful. One of those methods of concise communication is the value proposition or tagline you’re using to create a strong buzz.
Regardless of industry, employee referral programs are a classic tool for building a solid pipeline of quality candidates. The Director of Talent Acquisition and Compensation for Stanford Health Care is quoted saying that quality referrals are still the number one driver of traffic for many of their positions. Their employee referral program is used to monetarily incentivize their employees. Also, before opening new hospitals they constantly push referrals in order to obtain the best talent, but it’s not always that easy.
According to the Bureau of Labor Statistics, the healthcare industry will add more jobs than any other industry between the years of 2014 and 2024. What does that exactly mean for recruiters who are looking to hire from this diverse pool of candidates? Whether you’re hiring a registered nurse or looking for high-quality clinical care workers - understanding the nuances of the industry, and how to hire without hiccups, is now more important than ever.
The healthcare industry is in a unique situation. As a whole, it’s growing! More jobs created means more candidates needed to fill all those vacancies. While this spike in job growth is great for the economy, it’s been a challenge for healthcare recruiters across the board. In an age of increased recruiting costs, longer hiring times, higher turnover, and candidates making counteroffers despite budget restrictions, the art of recruiting healthcare professionals needs to be reassessed. So, what does one do…. They ask their employees to help.
In November 2016, Health eCareers and DHI collaborated with 352 healthcare employers and recruiters to conduct their Annual Recruiting Trends survey. The results helped predict trends and changes in healthcare recruitment in 2017. Here’s a breakdown of the findings, and the top 10 takeaways you should know for 2017 and beyond:
Statistically, referrals yield the one of the most reliable and smoothest hires available. Which makes having an aggressive Employee Referral Program (ERP) a no-brainer for any talent acquisition team. However, what doesn’t come as easily to a talent acquisition team is how to identify obstacles that may be causing your current program to be ineffective.
Topics: referral programs
As one of the only business segments not directly contributing to the profitability of a company, HR has a large need to save money wherever they can. The average cost of a new employee in 2016 was roughly $58,000. To put that in perspective, for small business owners, the average cost of a bad employee was $8,000. Finding quality candidates is tough, and the consequence for finding bad candidates is even steeper. Enter the referral. There should be no doubt in the mind of any practitioner that the referral is and will continue to be one of the best sources of hire. In fact, 40% of all hires across the board are referrals, despite them making up a small percentage of the total application pool.
Topics: employee referral program
Starting an employee referral program is hard, but worth it. Not only are they the most productive source for diversity hires, but they stay longer, are a better fit, and and cost less. Don’t have a program? Join us on September 12 at 1p EST for the secrets to a flawless employee referral program.
There’s no doubt that referrals make the most sense when it comes to hiring. After all, they save time and money and I don't see that fact changing in the foreseeable future. But, before you can interview, make an offer and begin to realize the benefits of it, you’ve got to have the actual referral. For many companies, it’s a lot easier said than done. Even those with established employee referral programs (ERP) and good incentives may feel as though getting employees to make referrals is like pulling teeth, and that difficulty takes away from all the benefits there are to be had.
Topics: employee referral program
If you’ve been a practitioner for any number of years you’ve heard that employee referrals are the golden ticket in recruiting. You’ve probably heard this so much that one would think this special class of candidates could be considered the eighth wonder of the world. Over 67% of practitioners that use some type of employee referral program say that this pool of candidates has a faster time to hire, they’re the best source of hire, and to top it off, it’s more cost effective to hire from this group.
Topics: employee referral programs
For certain industries high-turnover is the nature of the beast. Staff can be transient, the competition steep due to high demand of a specific skill-set, or the roles needing filled are challenging and simply prone to a high burnout rate. While for these industries retention struggles are expected, for others, poor retention can be a symptom of a hiring process that isn’t addressing organizational fit. This is a major problem as a poor hire can become toxic and costly to a work environment. Not to mention, the added cost of refilling the position time and time again.