Teamable Blog

Employee referral programs are not only immensely popular, but they also deliver results—to both the employee and employer. Employee referrals are the number one way potential candidates find jobs, and this is good news for employers - employee referrals give employers access to a high caliber talent pool.

We’re in a job hunter's market. With the unemployment rate at record lows and employers competing to fill open positions, qualified job seekers know they’re in demand. So how do you attract and retain the brightest talent? As an employer, what can you do to stand out among the crowd?

Hiring a new employee is a daunting task. Hiring managers, on average, will select only two percent of applicants for interviews because of the massive volume that comes through the door. The interview process itself averages almost 23 days. On average, it takes a company 42 days to fill an open position.

Creating a diverse workplace should be top-of-mind for businesses of all sizes - and diversity should not be limited to race and gender. A diverse workplace includes employees with distinctive thoughts and backgrounds, differing approaches to creativity, and contrasting views of the world.

Attracting and retaining quality talent is a challenging but critical. When you ensure this talent is diverse, you're making yourself competitive. Diverse talent is no longer something companies should strive for; it’s something all good companies prioritize. Not only do diverse companies attract and retain better talent, but there is now evidence that they are more productive and profitable as well.

When it comes to referral bonuses, employers have a lot of questions. It makes sense to set up an employee referral program, but if your goal is to expand your talent pool at a low cost, do you really want to spend that much on referral bonuses?

For those that can remember back to 1986, and to the blockbuster film Top Gun, the number one quote from the movie was between rebellious, hotshots Maverick and Goose. “I feel the need . . . the need for speed.”

Companies with inclusive cultures are twice as likely to meet or exceed financial goals, three times more likely to perform at high levels, six times more likely to be innovative, and eight times more likely to achieve better outcomes.

Employee referrals are the top source for hiring - on average, companies walk away with 30 percent of hires from referrals.

Recruiting the right employees for the job advertised is a critical human resources function contributing to increased retention and profitability of the company. If you hire the wrong person for the job, you may be looking at correcting issues caused by the employee, disruption in the culture, upset among other employees, replacement costs of the employee hired and beginning the recruitment process all over again.