In a candidate driven market, an effective employee referral programme should be the top source of your high quality hires.
According to research from Bersin by Deloitte, 51% of employers surveyed stated that referrals are their organisation’s top source of high quality hires. As the retention of new hires remains a significant problem for 90% of employers, creating an effective employee referral stream can provide a solution to your recruitment crisis.
- The Bersin by Deloitte study cites a 42% retention rate after three years for candidates sourced through employee referrals, compared to 32% for new hires recruited through job boards and 14% through careers sites.
- Mature talent acquisition functions are nearly a third (32%) more likely to source candidates internally, ie, through employee referrals or existing employees.