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Why Companies Should Invest On Employee Referral Programs

 Recruiting a perfect candidate for a company, is a daunting task. It is very hard to finalize the appropriate candidate for the post. Recruiters spend several working days to shortlist the perfect candidate for the available post. To avoid this kind of time-consuming task, most organizations prefer an employee referral program. Recruiters always vouch for the benefits of employee referrals.

The employee referral program assists the HR department of the company to connect quickly with the employee's professional network. Within minutes, they will discover a huge talent pool who will fit with the post. This is the primary reason why companies rely on the employee referral platform rather than the conventional recruiting process. 

Here are the advantages you are going to get from the employee referral program. 

Hire the best candidate quickly 

Most of the time, recruiting officers follow the conventional way of the candidate screening process as they know, it is the best way to select one. This process takes more time and there is no guaranty that, the selected candidate will meet all your requirements. On the other hand, the candidate applications that you get through the employee referral, are more qualified. In this way, the screening process will be shortened. 

Cost-efficient

Hiring any candidate is an expensive process. Companies have to spend a bunch of money while hiring. If the companies are going to hire the employees through recruitment agencies, they have to pay their commission. Sometimes, they demand a 10 to 20 percent commission of the annual payment of the employees. On the other hand, when companies are hiring candidates with an employee referral program, they have to only pay 2 to 3 percent as employee referral bonus amounts. It will save a huge amount of money for the company. Employee referral software gives more relevant data which will lessen the cost that is being involved with the recruitment process. 

The candidate will stay more time with the company 

The most remarkable advantage of employee referrals is, the referred hire stays a long time with the firm compared to other candidates. In this way, the employee retention rate grows. These employees will stay a minimum of one year with the firm, unlike different candidates who change the companies frequently. 

Employees referral candidates will fit with the company culture 

As the employees referring their friends or relatives for the post, they will play the match-making role. These employees do know the kind of work that needs to be done for the company. They do also know what type of skills are required to match the company requirement. Hence, the first screen their preferred friends or relatives and they recommend them for the job. In this way, there will be less attempt required to train or motivate them to be acquainted with the company culture. They will adjust themselves to other employees faster. 

Hire the best candidate for hard to find roles 

The biggest challenge with hard to fill roles is that the availability of candidates is limited. It is very hard to find a suitable candidate from job boards. However, with the help of an employee referral platform, this job can be done easily. You can find well-trained and experienced candidates who will meet the requirements.   

Most of the firms are now using employee referral software which has made this job faster and easier.

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