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The Employee Referral Program Social Net(work)

Posted by The Bean Team

24-Nov-2014 12:30:00

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The recruitment landscape has started to revolve around social networking, making employee referrals one of the most significant and effective mediums in any recruiting strategy. Employee referral programs increase the credibility of your talent pool and grant recruiters access to a unique, quality talent network. Recruiters who have realized the value of a strong ERP are working with a significant competitive advantage.


ERPs by the Numbers

Employee referral programs consistently produce the highest number of external hires, but that’s not all referrals do. CareerBuilder released the Referral Madness e-book highlighting the many organizational benefits of ERPs, and here are a couple of the strongest:


  • 82% of employers rate employee referrals above all other sources for generating the best return on investment  broadbeantwitter-01

  • 88% of employers rated employee referrals above all other sources for generated quality of new hires  broadbeantwitter-01


Other sources reveal more of the strong numbers behind ERP hires:


  • Referrals are the #1 quality hire, meaning they perform better on the job than any other source of hire  broadbeantwitter-01

  • 55.3% of respondents said employee referrals are “productive” or “very productive” sources of diversity hires  broadbeantwitter-01

  • Referrals are 5 times more likely to be hired  broadbeantwitter-01


Get it? Employee referrals result in the highest quality and quantity hires. While there are several ways to optimize your ERP, tapping into your employee’s social networks can be a simple and extremely effective way to expand your reach exponentially. The idea is to use your current brand ambassadors’ social presence to foster a positive employer brand, attract relevant candidates and connect with specialist networks of highly suitable candidates. Sounds like a plan?

 

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For more crazy good ERP optimizing tips, check out our recent post, “How to Optimize Your #1 Source of External Hires”.

 

 

Reach a Bigger Audience

Social media research has revealed the average employee will have about 150 contacts on social media networks. Let’s think about that. If you have just 75 employees, that translates to 11,250 contacts. While not even the majority of those contacts will be possible candidates, there is a large potential here for a very decent talent pool. We know that great talent tends to connect with other great talent. They worked together, went to school together or maybe they connected on professional sites like LinkedIn, Quora or GitHub. Social connections are the easiest way to spot and connect with the talent you need. Additionally, once you have identified this talent, they can stay in your talent pool for future contact.



broadbeantwitter-01 The average employee has about 150 contacts on social media networks.

 

Offer Relevant Rewards

If you want to reach the relevant, quality talent in your employee networks, you’re going to have to make their participation worth their while. Social media can grant ERP managers insights on offering relevant rewards to their quality referrers. Instead of one-size-fits-all rewards that can be very hit or miss, you can offer your brand ambassadors relevant rewards and incentives to show value and encourage future participation. Upping the incentives for high performing referrers is always a great idea as well.

 

broadbeantwitter-01 Make employee referrers' participation worth their while by upping incentives for high performing referrers.

 

Measure the Results

As recruiters are so fond of saying, “You can’t improve upon what you aren’t measuring”. It’s true; you have to have a performance measurement for every area of spend, and ERP management isn’t free. Use the right ERP social tools to measure the performance of your social networking ERP initiatives. You can see who is saying what, and what kind of impact it is having. You can see the impact that your referrer shares are having, and if the impact is converting to quality talent leads. Real-time reporting clarifies how you can improve ERP scheme performance. Stop wasting resources on ERP mediums that aren’t making a relevant impact.

So get started, tap into the social network of your employees and reach quality candidates through a source they trust – their friends. Infusing your employee referral program with social media will expand your reach, increase the quality of your talent pool and grant you the knowledge to optimally incentivize the program. Beyond the benefits, the social tools you can now connect with ERPs turn mountains of social data into the ROI tool of your dreams.

 

ERP social spend is no longer a gamble, but rather a solid investment.

See why...

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Photo Credit: mkhmarketing via Compfight cc

Topics: Employee Referrals , Employer Brand , Employee Retention