In the Friday Fact section, Recruitment Tech dwells on a fact about recruitment technology based on recent research. This week: referral recruitment yields new employee in just 29 days on average.
Faster and cheaper
According to JobVite, the time it takes to hire an employee is only 29 days on average, shorter than using a job board to recruit top talent. With the latter, you will typically hire an employee within 39 to 55 days. In addition, using referral recruitment is also cheaper than traditional recruiting methods; you typically pay less than $1,000 per hire, JobVite calculated. Traditional recruiting methods can have high costs – between $4,285 and more than $18,000 per hire.
5 Brilliant examples of referral recruitment: from motorcycles to trips to Bali
Referral recruitment is on the rise. And there is a good reason for this: referred employees often fit in better with the company culture, they are more involved, are less likely to leave and are more productive. In this article we discuss five great examples of referral programs.