Sometimes the hardest things to prove, are the ones that we already 'know' to be true. In talent acquisition, there's no better example of this than the value of employee and community referrals. While it's universally understood that referrals are valuable, it can be quite challenging to quantify the value of them. You need some employee referral program statistics to back up your hiring plan.
You're a talent acquisition leader who wants to build or bolster an employee referral program at your company. This requires team buy-in and a budget for rewards and a referral management software. While your executive team is on board with the concept of referrals, they won't green light your plan to increase employee referrals.
Your CEO says something like, "We already get lots of referrals. We don't have a referral problem. Why would we need more?"
Employee Referral Value - Without a formal business plan in place, it can be easy to simply concede and go back to manually asking employees for referrals when you need to hire. But, think about it: Would sales leaders ever get asked the same question? "We already have a lot of customers. Why would we need more?" Logic like this hinders a talent leader's ability to build their best team possible, but you can't blame your CEO or executives for not fully embracing your plan if you don't have the data to support it. Most executives don't know the quantifiable value of building or expanding an employee referral recruiting program.
The SlideShare (see below) breaks down the most impactful employee referral statistics. It's also (hint hint) easy to share with executives interested in seeing the data-driven side of referrals.
Or get all of the email templates and the customizable presentation and build your own deck to get executive buy-in on referrals.
It's understood that employee referrals are valuable, but challenging to quantify their value. Arm yourself with data-driven employee referral program statistics to make your case. Want more data on employee referrals program statistics? Check out the 2020 employee referral benchmark report.