If you’re reading this, you probably already know the value of referrals for your staffing agency. Referrals drive profits — they deliver superior talent to your customers at a lower cost.
There’s plenty of evidence that referrals are the top source for quality candidates:
- Aside from internal hires, referrals are the top source of high-quality candidates.
- Avionte emphasizes that candidate referrals speed up time to hire.
- Barnard College of Columbia University researchers found that referrals yield 70% more good hires than non-referrals.
So, let’s dig into how sourcing more referral candidates can help you remain competitive and focused on candidate experience, all while scaling faster.
Win the war for talent and differentiate your brand
One of the best things about referrals is that they’re uniquely connected to your firm, helping you deliver a differentiated product to your clients. When you focus on referrals, you can find talent that your competitors can’t — even candidates who aren’t currently hunting for jobs.
Reduce spend on job boards
Not only will referrals help you stand out from the crowd, but they can also lower your talent acquisition costs. Instead of paying job boards, you can pay your current talent pool to refer people on your behalf.
Place talent faster (and smarter)
In today’s market — with demanding clients, tight timelines, and talent that disappears in a flash — reducing your time to hire could be the difference between thriving and just surviving. Referred employees take an average of 29 days to hire, much faster than candidates from job boards and career sites (39 to 45 days).
Find (and retain) higher-quality hires
With referrals, you can forget the time-consuming cold calls, emails, and texts. The odds of finding qualified, suitable talent this way are very low. Referrals help match top candidates to your open positions so your recruiters don’t have to hunt for them.
And because referral candidates are typically a better fit for the job, they tend to stick around longer — 70% longer than non-referral hires.
Improve the candidate experience and establish trust
Referral programs prove to candidates that you value their input, you stay true to your word by rewarding them with referral bonuses, and you’re committed to strengthening candidate relationships by partnering with (and impressing!) people from their network.
With a strong referral program, you can show your talent that your firm is a step above the rest — that you keep them and their happiness at the center of all you do.
For more information on the importance of referrals and how to design and manage a successful referral program, download our free Referral Program Best Practices & Benchmarks eBook.
