Social Recruiting: Capitalizing on Your Company's Largest Asset

Employee referral is a trend in HR and the future of job recruitment. It offers an efficient and cost-effective way to hire top talent.

Social Recruiting: Capitalizing on Your Company's Largest Asset

Recruiting is time-consuming and labor-intensive. HR teams spend days or even months, advertising an open position, scrutinizing applications, and vetting candidates with the hope of finding the ideal person for the job. Also, they have to create a pleasant environment and culture to lure potential hires.

This is too much work. Is there a way to lessen the burden?

Luckily, there is. Among the most significant trends in recruiting right now is social recruiting. Otherwise known as the use of social media to find and hire talent. Social media recruiting can give your recruiting efforts a boost.

What is social recruiting?

It refers to the use of different social media networks, to find, attract, and hire talent. Social recruiting is based on the fact that many people use social media networks – currently, about 3.4 billion people making social platforms great places to target job seekers.

Many job seekers use social media in their job search – approximately 79%, according to Glassdoor. Also, Aberdeen Group research revealed that 73% of millennials used social media platforms to find their last job. Also, social media is among the most useful job search resources when compared to other resources such as job ads, job boards, and recruiting agencies.

Benefits of Social Recruiting

Recruiting is time-consuming and labor-intensive. HR teams spend days or even months, advertising an open position, scrutinizing applications, and vetting candidates with the hope of finding the ideal person for the job. Also, they have to create a pleasant environment and culture to lure potential hires.

A significant trend in recruiting right now is social recruiting. Otherwise known as the use of social media to find and hire talent. Social media recruiting can give your recruiting efforts a boost.

Employee Referrals

Just like referrals are effective in business, they are also useful in the recruitment process. Social recruiting makes it easy for employees to refer candidates and is among the most productive methods of finding top talent for your organization. It improves hiring metrics such as cost per hire, time to hire, quality of hire, and employee retention.

Employee referral is a structured program whereby companies request their existing employees to recommend candidates from their personal networks. They can recommend friends, family, and other relations for open posts in your company. In return, the employees are offered monetary and non-monetary incentives such as bonuses, gift cards, employee trips, and paid vacations.

Employee referrals have numerous benefits for your employees and business as a whole. Here are some of them.

Referrals allow employees to take part in the hiring process, which gives them a sense of ownership for their company. Employees feel trusted and valued to participate in the company's affairs. If a referral gets a job, the employee gets a sense of pride and accomplishment.

  • Enhance the quality of hire: 88% of employers contend that referrals generate above-average applicants. This is because current employees have experience with your corporate culture, mission, and vision. Consequently, they recommend candidates who are the best fit for your culture.
  • Reduce turnover rates: referrals are good fits for your company and hence tend to stay longer. Research shows that referred employees stay longer - 45% - compared to those obtained from other recruitment methods such as career sites -33% and job boards -22%.
  • Secure hard to source skills: while some job roles are easy to source, others are relatively difficult. Existing employees can help you find candidates with hard to source skills. Employees often network with professional peers and former coworkers, giving them access to qualified candidates for hard to source roles.
  • Save money: employee referrals reduce recruitment expenses. You move through the recruitment process faster and reduce related expenses. Instead of paying an external recruiter to shortlist candidates, you can ask employees to refer job seekers with the right qualifications at little or no cost. Employee referrals can save organizations up to $3,000 per hire.
  • Generate more profit: Referred candidates produce 25% more profit. This is because they take a shorter time and less cost to hire.

Employee Referrals and Employer Brand

Social recruiting strengthens your employer brand seeing as 67% of job seekers use social media to learn more about a prospective employer. Job seekers want to work with reputable brands and employers they trust. Social recruiting can help you build trust with potential candidates and position yourself as an ideal employer.

Employee referral is a great way to build your employer brand. Before an employee refers a candidate, he first talks to her about the open position. Job seekers trust employees' words than brand advertising. Research shows that job seekers are three times likely to trust employees than the employer to offer information about working at an organization. Therefore, using employees in the recruitment process makes them ambassadors of your brand.

You can strengthen your employer brand by posting job content on your social media accounts and sharing insights on what it's like to work for your organization. A positive employer brand can have a significant effect on your recruiting efforts. It reduces hiring costs by 43% and turnover by 28% and increases qualified applicants by 50%. According to Betterteam, 59% of employees affirm that an organization's social media presence is among the reasons that drove them to work there.

Bottom Line

Employee referral is a trend in HR and the future of job recruitment. It offers an efficient and cost-effective way to hire top talent. However, despite the potential to recruit millions of job seekers using current employees' networks, many enterprises are yet to embrace this affordable but effective means of social recruitment.