Significance of Referrals
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The document discusses the benefits of hiring through referrals, emphasizing that referred candidates are significantly more likely to land interviews and job offers, as well as have better retention rates. It notes that while only 7% of applicants come from referrals, they account for around 40% of hires and can expedite the hiring process. The text advocates for the creation of a tech platform to facilitate referrals, enhancing the likelihood of hiring qualified candidates quickly.
Significance of Referrals
- 2. HOW A SIMPLE REFERRAL CAN CHANGE SOMEONE’S LIFE. Hiring through referral is steadily catching on as the preferred way to recruit employees for a firm. As recruiters from various companies, SMEs and startups come to terms with the turnaround in the hiring mechanism that technology and social media has brought about, let’s look at some numbers that have made them sit up and take notice. 2X Referred candidates more likely to land an interview 3-4X Referred candidates more likely to be hired Friends and families more likely to help you get a job than your professional acquaintances Higher chance of landing a job if you are referred than applying directly through job boards and/or career sites Referrals thus helped more candidates in getting the right job. 54X5X
- 3. Referrals work because employees are better able to recommend their friends for jobs in their own companies or others, based on their qualifications as well as their suitability for the role. A delivery boy will have other friends or acquaintances living in his neighbourhood who may be looking for a job as a delivery boy. Low skill workers : Cook, Delivery boy, Maid, Office boy, Caretaker, Packer A telecaller could possibly recommend his college mates for a job as a telecaller. Mid skill workers : Accountant, Back office executive, Cashier, Data entry operator, Receptionist, Telecaller
- 4. A graphic designer would have several other people in his network who he could recommend for a job. High skill workers : DTP operator, MIS exec, HR exec, Marketing/Business Development/Sales exec, Graphic Designer, Tutor/teacher
- 5. RETENTION RATES Referred candidates are more likely to stay for a longer duration in a firm
- 6. QUALITY Only 7% of applicants come from referrals, but referrals account for about 40% of hires
- 7. SPEEDIER WAY TO FILL A VACANCY On an average, it takes only 29 days to hire through referrals, as compared to 45 days for career sites.
- 8. Referrals thus provide a quicker and more reliable way to hire and retain workers. But are companies doing enough to tap into this market? Over 80% of job seekers expect to be able to carry out at least part of their job search on their smartphone 73% use their phone to access social network applications at least once a day
- 9. It clearly follows that to facilitate higher referrals, some sort of a tech platform in the form of a mobile application or a website would have to be created through which people can refer as soon as they come to know of anybody who is seeking a job. Many a times, people who wish to refer someone for a job, in case they know of a vacancy somewhere, may not be able to do so simply because they have no mechanism there and then, or because it slipped out of their mind later on. A tech platform that allows referral on the move with the click of a button will help drive referral hires through the roof.
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