Better together.
Referral programs are positioned to feed a multitude of talent initiatives, but does yours?
Referrals are powerful - they engage and reward the people you have, drive efficiencies for your HR and TA teams and attract the talent you need. However, they fall short of their potential if not aligned to broader talent acquisition goals like internal mobility, DEI and retention.
Employee referrals are often not viewed as a critical part of a company’s talent acquisition or sourcing strategy. Instead, companies design them as isolated programs that are not communicated effectively. Employee referrals should support overall TA priorities, DEI initiatives, and employee engagement efforts.
Don't put limits on the reach of your referrals.
All too often, employee referrals are managed in isolation. They're treated as a distinct sourcing channel for new hires, and that's it. Unlike other sourcing channels, referrals involve your current workforce in the process - a critical component that integrates referrals into your talent approach.
Drive internal mobility, too.
The 'Great Resignation', 'The Great Re-Shuffle' or 'The Great Re-Prioritization' - whatever you want (or, don't want) to call it, holding onto the people you have is more important than ever. According to employees, only 18% feel their employer has a good understanding of their skills and interests. But, you know who does? Their co-workers.
While 70% of companies have increased their investment in internal mobility this year, only 50% of companies have increased the number of internal hires this year. Opening up referrals to your existing employees can accelerate filling roles with people that might be ready for that next step in their career, while driving engagement and retention for everybody involved. Colleagues know one another's true strengths and interests, and might refer a coworker for a role they wouldn't have otherwise considered - helping you move non-traditional candidates into new career paths, too.
If employees and peers are empowered to refer candidates and share jobs with colleagues, internal mobility and referral programs will both benefit.
Extend your reach into diverse talent pools.
Over 40% of leaders cited 'finding diverse candidates' as their top sourcing challenge - yet many continue to invest in the same job boards and sites, limiting their reach by diving into the same pools of talent over an over.
Easy mobile and social sharing capabilities with referrals, coupled with enticing incentives, encourage your employees to get your jobs in front of as many people as possible. This means referrals start to highlight your jobs to groups that might have otherwise been inaccessible or invisible to your recruiters. You can also support and reward external referrers, which now amplify the reach of your jobs even further beyond your own employee's networks.
Diversity in talent acquisition starts with sourcing. Companies will not be able to hire diverse talent if they do not source diverse talent.
Build bigger talent pools for tomorrow, too.
In a recent Gartner survey, 33% of CHROs believe the current talent shortage will remain this way for the foreseeable future. This means a key part of talent strategy is building up and nurturing communities of talent that your hiring teams can leverage for hiring needs beyond today. Referrals are proven to help build 10x bigger talent pools - which will feed your people initiatives far beyond just the people you hire today.
A strong employee referral program will enable companies to reduce turnover, improve quality and speed of hire, and reduce costs.
What's Next?
Without a strategy or the right technology, employee referral programs are difficult and tedious to implement and are not embedded in the overall talent strategy.
You've considered all 3 critical roadblocks - but, there's more! Head back to the beginning for a *bonus* roadblock.
Convinced your referrals program could use a boost? Let's talk about how Aliro can help you implement or improve the role referrals play in your hiring strategy.
Credits:
Envato Elements