By now, you’ve probably already heard and read about why referrals are the best way to find quality candidates for your team - more specifically, through employee referrals. But as a quick recap, employee referrals give you the best candidates because they are brought in by the people who know your organization the most - your employees.
Data we’ve collected shows that more than 40% of all hires come from referrals, versus only about 15% from job boards. Referred candidates tend to be hired faster, onboard quicker, stay longer, and increase engagement within your organization.
It’s not just us - many other sources talk about the value of referrals in building your team. Authors Geoff Smart and Randy Street of the book “Who: The A Method for Hiring” explain how they’ve interviewed industry leaders from different fields and that majority of them cites referrals as their “top technique for generating a flow of the right candidates for their business”.
However, one of the key factors that increase the chance of a successful employee referral program is the timing - and this time of year is one of the best times to do it. Why?
It’s the Christmas Season - a social time for many
Filipinos love the Christmas season. Go to any mall and you’ll hear the familiar yuletide jingles humming in the background coupled with ornaments already on display and for sale. This is the season that many people go out and attend social gatherings with friends and family, which is a great opportunity to network and tell them about openings in your company.
Christmas is also a time where people are more likely motivated by rewards offered through referral programs because they might need the extra cash to buy the ever-important Christmas gifts for their loved ones. A little extra cash never hurt but some referral programs offer non-cash rewards like gift certificates (which can also make for a great Christmas gift).
January is approaching - welcoming a new wave of applicants
You know what that means. This is the time that employees start to look over the fence for new or better opportunities to welcome the incoming year. People tend to wait until after receiving their 13th-month pay or annual Christmas bonuses to send in their resignations, but these last few months of the year is the time people are already looking for a job, making it a great time to run a referral program.
It’s the time for Strategy Plans
Chances are that you’re already working on your Strategy Plan for 2020, so you are more likely clear about what roles you are looking for in your organization for the upcoming year (or at least, we hope you are!)
During this time, you can plan your hiring needs and resources more carefully since you’re already working on your strategies for next year. Having all your key players in one room creating your plan allows you to properly decide what you need and what campaigns you can run to make the program more successful. One of the most important factors that make an effective referral program is to understand and clearly define your hiring needs and resources which you can do during your planning meetings.
To maximize the effectivity of your referral programs, it's a good idea to make sure you find a good employee referral system to go with it. Recruitday's Employee Referral System, for example, is automated and easy-to-use, saving you as much time as possible so you can focus on other important tasks. It also ensures that you don't violate the Data Privacy Act when running your referral program.
These last few months are when people get together, when employees start looking for jobs, and when you can have all key players in one room creating a proper plan for the upcoming year. One of the key factors of a successful employee referral program is the timing. Be sure to get ahead of 2020 and start taking advantage of the power of referrals.
Thinking of running and Employee Referral program?
Check out our recruitment services here.