Employee referrals tips, ideas and Zao product updates

Employee Referrals – there is no more powerful tool in recruiting

number1What percentage of your company hires come from referrals? According to Dr. John Sullivan’s recent research, if it is not getting close to 50% here are a few numbers (found from hard data) that should inspire you to increase referral hires.

Referrals are:

  • #1 source for new hire quality and hiring volume
  • #1 fastest source of hire for time to fill (29 days from application to hire)
  • #1 employee retention rate after one and two years
  • #1 source of diversity hires

If you’re still not convinced, referrals are hired at a rate of 1 out of 3 applicants at top-performing firms versus 1 out of 10 at average firms AND 1 out of 18 from all sources. Referrals are a must for top performing firms since they save valuable time, which is often wasted reviewing weak candidates. Plus, referred candidates are a better fit for company culture, have lower termination rates and faster time to initial productivity.

These facts should be enough to justify additional funding for an employee referral program, but with Zao you can reap all these benefits and you don’t need extra financing for ongoing costs, we’re free to use and success based! Check out our employee referral management program now at Zao.com

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