This post was originally published on the Lever blog.[/caption]The other day, we at Lever published an infographic from our most recent recruiting benchmarks research for startups and SMBs with fresh insight into how referrals dominate the recruiting process. The moral of the story was this:
To help you get your employee referral program firing on all cylinders (and prevent your ERP from turning into a DERP), we invited Vinayak Ranade, CEO of the referral network Drafted, to offer up some tips. —When you start tracking your recruiting process in your brand new applicant tracking system (ATS), you realize that the number of hires you get through referrals has steadily declined. You find yourself relying more on expensive outside agencies, hiring just seems to get harder, and more expensive.Then you have a brilliant idea. What if we just took a fraction of the money we pay to headhunters and give it to employees instead? It’s like crowdsourcing our new hires! Duh.Your new Employee Referral Program (ERP) is launched with a simple email to all employees announcing a referral bonus for anyone who introduces the management team to the company’s next hire.You get an uptick in resumes in your ATS that week from submissions. There’s some buzz going around the office about it. “It’s working!” you think.But by Day 10, all you hear is crickets.The Talent team starts periodically reminding everyone about the referral program. But after a while the referrals dry up again.
Give a shot of adrenaline and 1,000 volts to resuscitate your DERP with these tactics:
Everyone knows referrals are the #1 hiring strategy and produce incredible results from a cost, quality, and retention standpoint. Simply starting an ERP is like putting a bandaid on internal bleeding. Don’t be stuck with a DERP. — We happen to make tools that help with ERPs, NERPs, DERPs, and everything in between. If you want to have the Best ERP (BERP), the upcoming Drafted + Lever integration might be able to help ;). Oh, and you can get started for free.This post was originally published on the Lever blog. Lever is a Drafted parter that focuses on streamlined, modern recruiting technology.
At Drafted, we believe that your company network is your single biggest competitive advantage when it comes to hiring. Our mission is to make it easy for you to leverage your network in the hiring process to find the best candidates. Your network is already powerful, it’s just too much work to make it a priority over the day-to-day of recruiting. Companies that use Drafted see their employee referral numbers go up by 2x, their time to hire drop by 30% and their overall hiring efficiency increase significantly within just a few months.