external referral program

Many employers know and use an ’employee referral program,’ often shorted to ERP. Employees can refer someone they know to the company. If the hire is successful, the employee gets a bonus, such as paid vacation or cash reward. ERP’s in this sense are strictly in-house, and operate only within the company. But there’s another, more versatile kind of ‘ERP’ – the External Referral Program. In HR circles, it’s been called a lot of different things: Community referral program Non-employee referral program, or NERP Bounty hiring program Open referral program … and so on. NERP, ORP, CRP – whatever you like to call it, external referral programs are an in-and-out-of-house program that engage the community to find top talent. Now, let’s go[…]

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At Drafted, we believe that referrals are an invaluable source of top talent. Research has our backs on this, too – data consistently shows that referrals lead to candidates with longer tenures, broader diversity, and better performance. Despite this, a lot of hiring managers are still wary of referral programs. Why? We asked around, did our research, and saw some of the same issues coming up. Here are 5 common hesitations employers have about referrals – and why they’re wrong. Misconception #1 ‘I already have too many candidates’ We get it – Your ATS is overflowing with candidates. You have interviews lined up for weeks and are getting more emails than you can handle. Turning down a promising referral because you have ‘too many’ other candidates[…]

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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: Referrals get hired at way higher rates (8 percent of all referrals are ultimately hired, versus 1.2 percent across all candidates) than candidates from any other origin. It’s time to step up your employee referral program (ERP). If you don’t have an ERP yet, you’re past due on the time to set one up. 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[…]