Your company network is the collection of networks of all the people in and around your company.
Here’s a simple way to estimate how large your company network is. Let’s say your company has 100 employees. If each of them is connected to 500 people, then your company network size is 100 x 500 = 500,000.
It takes a village to build a great company. From the first day when the founders start, everyone is helping out. Friends, family, soon followed by investors and advisors. Not long after, there are customers, service providers, and partners.
Talent is central to building a great company. You can’t build something meaningful without a great team.
Almost all of the talent you hire, is going to interact with your company network at some point along their journey.
Some of this will be employee referrals. Some of it will be external referrals. Some of it will be reference checks . Some of this will be reverse reference checks i.e talent is checking up on your reputation as an employer.
Once someone joins your company, your company network of employees is going to help them on board and get up to speed. Every person has mentors who are in the company network, and peer-mentors outside the company that are valuable for learning and development.
When someone on your team is getting ready to make a move, your company network supports them for a smooth transition to the next step of their journey - whether it’s an internal or external move. Happy alumni are amazing contributors of referrals and boomerangs.
The best way to attract, retain, and develop the best teams is to invest in your company network. There is no limit to the return on your investment in your company network. The more invest, the better your return.
These are just some of the reasons why so many companies already invest in their company network, mostly through employee referral programs. 80% of employers have some kind of employee referral program.
What’s more important though, is that 88% of job seekers ask their network for help when thinking about a career move.
BUT, only 29% of job seekers are hired through employee referral programs.
The other 59% of job seekers are undeserved by your current employee referral program.
Your company network is the most valuable, highest converting, and cost effective way to attract and retain the best teams.
Yet most companies don’t even know how large their company network is. They don’t have a picture of who is in it, how they can help, and which people in the company network are looking for their next opportunity.
What’s worse, is that unlike every other critical business function, less than 5% of employers track metrics related to their company network. They have no way to track their network activity, scale their network operations, let alone predict the ROI they can get from it.
Imagine if you had a company leader that came to you and said “We get customers from Facebook Ads, LinkedIn Ads, and Google Ads. The Facebook Ads are the lowest cost, highest converting revenue source, so we’ve decided to spend all our budget with Google.”
You’d think they are crazy! You might even think they should get fired.
Most companies spend a majority of their People Ops and Talent budgets on everything from recruiting agencies, outbound automation tools, sponsorship, career page designers, to job ads and premium subscriptions to dozens of services. Their lowest cost, highest converting talent source is their company network.
It’s because the company network is not often viewed as reliable and predictable. You simply tack up a referral bonus on the company bulletin board and call it a day.
If you need to hire 100 headcount in a quarter you can’t guarantee you’ll get that from referrals, but you can guarantee to fill that by spending $25,000 per hire through an agency.
Drafted helps you make your company network reliable, predictable, and trackable. You can know exactly what your company network size is, the distribution of talent in your company network, and the activity in your company network. You can source external referrals. You can build your company community. Most importantly, you can continue investing in developing your company network, to create a truly evergreen channel for building the next stage of your business.
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.