A referral program is a method for recruiters to identify talent by using their current employees’ social networks. Typically, employers institute a program in which they will pay a referral fee to current employees when they recommend potential candidates for open positions. Usually this paid once the candidate is hired and stays for at least 3-6 months.
Benefits of a Referral Program
Referral programs are among the most effective channels, if not the most effective, to recruit quality candidates. Current employees will typically refer candidates that have similarities to them, thus bringing in more great talent into an organization. A well thought out referral program can dramatically reduce costs by cutting out the need for job boards, external recruiters and time. In addition, it can severely reduce the time to hire and increase hires who are more satisfied.
Cornerstone Recruiting, enables employers to create a strong referral program by enabling employees to easily share jobs with their connections.