From retention rates and job performance to cost per hire and time to hire, the stats around employee referrals outperform most other recruiting methods. Offering strong conversion rates (7% of total applications equalling 40% eventual hires) they represent the number one source of quality hires at a quarter of the cost ($1000 compared to an average of $4129).
Scan any up-to-date infographic on referral programs and you’ll see in seconds that they offer a very strong ROI. With such a powerful pedigree, more companies are moving towards using third party software to manage their referral programs and better compete for top talent.
Recognising this shift and knowing how powerful and cost-effective referrals are, we’ve recently further expanded our suite of system integrations to partner up with online referral marketplace, Preferhired. This means that whatever the size of your company you can maximize the benefits of this powerful sourcing strategy without impacting resources or workflow. And without leaving Workable.
So, how does it work?
Automating rewards and referrals
Preferhired provides a fully automated approach to managing referrals and rewards. Their digital platform leverages referrals made by internal employees and external contacts.
Referrals are tracked across three stages of the hiring process: applied, interviewed and hired. At each stage, wherever there’s a successful outcome, rewards are made in real-time according to a customizable, pre-defined budget.
With a flexible framework and a customized approach, it’s easy to scale up or down to meet current hiring needs, lowering your risk of unwarranted spend.
Ongoing, two-way communication with referers at every stage of the process and timely, immediate rewards, wipe out the biggest threat to a successful referral program; disengagement and a subsequent reluctance to refer again.
Streamlined, simple and symbiotic
Having connected your Workable and Preferhired accounts, you can pull all of your Workable jobs into Preferhired and then share them across your internal and external networks. Your only manual task is to add in salary details and set a referral budget for each of the three key stages.
As soon as you activate the ‘Interview’ step in Preferhired, the complete candidate profile automatically filters back into Workable at the ‘Sourced’ stage. The hiring process continues as normal from there.
The two-way flow of data carries on throughout the process as and when changes occur. Any updates made to job descriptions in Workable automatically feed back into Preferhired. Similarly, as soon as a candidate is moved to the ‘Hired’ stage in Workable, they’re automatically marked as ‘Hired’ in Preferhired.
Candidates arriving via Preferhired will have ‘Preferhired’ listed as their ‘Source’ in Workable, making reporting easy and accurate.
Super social: mobilizing your existing network
The average employee has approximately 150 contacts on social media. Multiply this by the number of people in your organization – as well as the external contacts you’ve built up – and you’ve got a powerful sourcing network.
Preferhired’s social share functionality makes it easy and quick for referrers to broadcast and share openings with their wider network; a network of like-minded, similarly high-calibre candidates. And because there’s already a connection, there’s likely to be a better cultural fit.
Preferhired works on any handheld device, which means it’s easy to reach those 68% of job seekers who habitually use their mobile device to search for jobs. Another quick win.
If you’re interested in sharing your product or service with Workable customers, take a look at our Developer Partner Program.
Not using Workable yet? Sign up for a demo and see how it will work for your organization.