This post features excerpts from a Forbes article titled “How Staffing Agencies Can Beat The Great Resignation With Referrals,” originally published on February 11, 2022.
You’ve probably gotten at least one job from a referral, or hired a job candidate who was referred by someone in your extended network. If so, you already know the value of referrals. But how much more valuable are referrals at a time when companies are facing high-than-normal turnover?
Forbes recently published an article from our founder and president, David Folwell, on how referrals can help staffing agencies thrive in the Great Resignation. Compared to job boards, referrals yield high-quality candidates who are faster and less expensive to hire. And because someone they know has recommended them, hires that came from referrals are also more likely to stay with the company longer.
The beauty of referral programs is that you can pay your employees, candidates and other contacts to send qualified applicants your way. Your money goes to the people you know and the people they know and helps build loyalty with your candidates.
As a bonus, referral program participants are doing some of the groundwork for your recruiters, freeing up time to focus on building relationships with candidates. They also become brand ambassadors, promoting the company within their networks. And that’s something job boards can’t do.
For more on how referrals can boost hiring and employee retention efforts, check out the full article.