Hidden Talents: The Recruiting Power of Existing Employees
February 17, 2017 Mike Erlin
These hidden gems in every company can generate the best candidate leads, help decrease recruitment costs and speed up the process, and even step up into roles themselves, saving you the trouble of having to find an external candidate.
Internal recruitment and employee referral programs could prove to be the recruitment strategy you need to stay ahead of your competitors.
Why it’s worth focusing on internal recruitment
Hiring managers at companies that actively seek to recruit internally spend a lot less time sifting through hundreds of job applications, interviewing and writing reports. Talent acquisition software can also streamline the process, identifying current employees with the skills and abilities required for a vacant role, and tracking new candidates where necessary.
Recruitment is an expensive process, with advertising costs and interviewer salary considerations alone taking a toll on company budgets, especially if the process needs to be repeated for whatever reason. Internal recruitment can slash these costs by eliminating the need for advertising, extensive interview processes and employee onboarding.
Internal recruitment also brings opportunities for employees to upskill, be trained in higher level positions and enjoy faster career advancement.
Engaged and motivated employees who feel valued and invested in are more likely to stay long-term. Better retention and reduced turnover means less investment in the recruitment process, and increased client confidence in your brand and the capabilities of your people.
Reaching a wider talent pool with a referral program
As well as recruiting internally, using your existing employees to recruit external candidates can deliver great talent you might not otherwise uncover.
Your employees often remain connected to former colleagues and university friends, who all have their own contacts as well. This means a single current employee has a potential professional network of scores of people – many of whom will have similar work interests, and the skills and qualifications your company needs.
You can harness the power of these networks by rewarding employees who successfully refer a candidate with a cash bonus or a gift.
The advantages of rewarding employees who recruit for you
There are a number of benefits to referral programs. According to LinkedIn’s Global Recruiting Trends 2016 report, 32% of businesses stated that employee referral programs generated the highest quality job applicants. Referral programs can reduce the cost of the recruitment process, and the time it takes to find suitable candidates.
Candidates also have the potential to be a better cultural fit, right from the start. Current employees experience company culture first hand, meaning their friend or former colleague already has a good idea about the environment – a perspective that a recruiter or senior management figure is unable to provide. Great cultural fit leads to motivated employees who enjoy their role, embody the company values and strive to perform above and beyond.