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.
With these stats in mind, it shoud come as no surprise, that leveraging your company's internal network to find the best candidates should always be the first step. Whether your company has a program that is stagnant or your company just doesn’t have the resources, we can help!
Our latest eBook, 5 Building Blocks to a Better Employee Referral Program, walks you through five critical steps in building a program that has the potential to save you thousands, if not hundreds of thousands for larger companies. For those who have no program at all, we start at the foundation and help you analyze your company's needs and how to set a budget based on those. For the more established companies, we break down the importance of who to share to, where to share, and how to make sure you’re measuring the right metrics to track ROI.
Don’t wait. Grab your free copy of our eBook here.