Missed our webinar with Lyft on building your employee referral program?
No fretting allowed, because we've got it here for you on-demand so that you can watch it whenever and wherever it's most convenient for you. And if that doesn't sound easy enough, we also have an eBook of sorts on deck to fit your employee referral needs.
Clearly, we've got you covered. No fine print. No catch. No secret fees. Promise.
"Six Degrees of Separation: Getting Started on an Employee Referral Program" was a hit!
Lyft Recruiter Amy Zuckerman shared her experiences recruiting candidates for the SF-based rideshare company's team of top talent, which is now teeming with over 300 employees. The company is based in nearly 60 cities across the U.S. and is expanding its borders internationally, Canada and Australia to mention a few.
Entelo Recruiter Evangelist Loni Spratt also gave webinar attendees the scoop on why sourcing talent from your current employees' networks is a must — it's cost-effective, saves time on the interviewing and hiring process, and it gives employees incentive to help your team with its recruiting efforts. The benefits go both ways, and who doesn't like happy mediums?
Here are some takeaways from the webinar:
- Referrals are the #1 source for top quality new hires and fill open opportunities the quickest — 29 days for referrals, 39 days for job boards, and 45 days for career sites.
- Employees who come in through referrals tend to stay longer than employees recruited through other sources. Referrals have a retention rate of 46% after one year compared to 33% of employees who come in through career sites and 22% from job boards.
- 46% of all hires at top-performing firms are referrals, while for all companies, they range between 28% and 39.9% of all hires.
- Referrals are hired at a rate of 1 out of 3 applications for top-performing firms and 1 out of 10 at average firms. Compare that to an average applicant-to-hire ratio of 1 out of 18 from all sources.
- Job boards hires cost on average $1,671 versus referral hiring costs of $2,306 — only $635 more.
- Despite the old myth that referrals have a negative diversity impact, referrals were ranked as the “most productive” source for diversity hires, well ahead of major job boards, company affinity groups, and diversity career fairs.
Get a peek of the webinar and you'll learn:
- A step-by-step guide on how to implement a referral program
- Best practices for getting the company up to speed on the team's hiring initiatives
- Why your referral network is the most affordable way to find quality hires
- Tools for organizing and keeping track of referrals