WorkTaps

In almost every company, hiring is always happening: from entry-level hourly employees to the C-Suite. In all that activity, there’s rarely time to assess whether we’re hiring smart or recruiting by rote. A better approach to the revolving door of recruitment is within your grasp – and it’s not an online job board. If you want to hire smart, skip over the job boards every other company is using — including your competition — and focus on the data behind quality hires.

The Numbers Don’t Lie

Think your career site is drawing talent? A recent study found only 12% of visitors to career pages convert into applicants, with another 12% moving on to interviews. From there, 28% are extended a job offer, and 10% will turn it down. Top to bottom, you’ll need 270 candidates to view your page for each hire. Once hired, less than a quarter will hit a first work anniversary. 

Quality versus Quantity

Employee referrals are the number one source for quality hires. According to a study, 26% of external hires come through a referral program, the most effective way to source. Instead of 270 candidates, it generally takes only 15 referrals to result in a hire.

Referred candidates are 55% faster to hire and can save a company thousands for each position filled. Referrals stay employed: after one year, they’re on the job 46% of the time, compared to 33% from career sites and only 22% of job board hires. Glassdoor reports that referred candidates are the most likely to accept an offer.

WorkTaps’ data show even more promise for a great hire. Our customers report an 18% applicant-to-hire conversion with a short average time to hire, which is only 10 days. Over a 12-month period, 68% of WorkTaps’ referrals were still on the job and going strong, countered to a dismal 31% of hires retained via job boards.

Luck of the draw

Hiring by habit puts businesses at the mercy of the marketplace and the luck of the draw, not to mention the cannibalization of candidates. 

Top Talent Knows Where to Find Top Talent

Your employees have hundreds of contacts in their professional and personal social media circles. These include everything from old friends to new neighbors – from hourly workers to upper management. Within that sphere are people who hold the same work ethic as your star players: most people gravitate toward those who think as they do. Tapping into these resources is key to finding quality candidates who are hired quickly and stay on the job longer.

Creating a Referral Program as Easy as 1, 2, 3 

The experts agree employee referrals are the most effective and cost-conscious way to hire. However, word of mouth isn’t enough to create an employee referral process. A structured program that makes it fast, easy, and intuitive for employees to tap into what the company needs allows them to search their own resources for quality candidates. Updates on vacancies keep staffers in the loop. Once a hire is affected, a referral reward motivates staff members to do it all again.

Automating Employee Referrals

Employee referral programs are the most brilliant way to hire, but busy HR professionals rarely have time to create and monitor them. WorkTaps’ employee referral software takes the work out of developing an internal referral program. Sign into the system, and in a few short steps, you’re broadcasting openings to everyone on your team or a select group. Updates go out automatically; the system even reminds you to whom to send a referral reward. You’re tapping into the best candidate stream possible: your employees.

Hiring by habit puts businesses at the mercy of the marketplace and the luck of the draw, not to mention the cannibalization of candidates. Internal referrals are the smart way to hire. WorkTaps’ employee referral software is not just easy to use, it’s easy to measure success and ROI. Find out how WorkTaps can help you create an army of brand ambassadors (and recruiters) as you tap into your greatest resource for talent acquisition – your fantastic team.