What is an Employee Referral Program? Why Companies Need to Embrace Them

Hiring the right people has always been fundamental to the success of every business. Today, getting qualified and dedicated workers on board is more complicated than ever. In the age of remote working, new hires need additional skills. That means things like knowing how to do video conferencing or self-motivation. What’s more, how you hire has had to change dramatically. Anything that can make your HR life easier is a godsend. An employee referral program can do just that. Employee referral programs have grown in popularity for HR professionals and for good reason. According to CareerBuilder, 82 percent of employers rated employee referrals above all other sources for generating the best return on investment. An employee referral program can help reduce both time to hire and cost per hire. Referred candidates are 55 percent faster to hire and employee referral programs can save companies $3,000 or more per hire. If you want to learn how to build a successful employee referral program at your organization, view our quick guide and tips below.