Social Networks and Non-Employees Key to Successful Candidate Referral Programs, Finds Meritage Talent Solutions Report
A nationwide survey by Meritage Talent Solutions showed that employers are tapping into their employees' social networks and extending their employee referral programs to non-employees in order to compete for talent.
Sterling, VA (PRWEB) April 09, 2014
In search of top talent, employers are tapping into their employees’ social networks and extending their employee referral programs to non-employees, according to a new report by Meritage Talent Solutions.
The nationwide survey of 100 large and small employers showed that:
- Almost one-third of companies planning to launch referral programs will use third-party software with social referral features instead of relying on traditional applicant tracking system solutions.
- Those companies that rated themselves most satisfied with their referral solutions overwhelmingly (63 percent) used third-party software with social referral features.
- 22 percent of those with referral programs in place already include non-employees in those programs, and 45 percent of those planning to launch new referral programs will include non-employees in their programs.
- Non-employees most desired as referral sources include company alumni, customers, social media connections and vendors.
- Of those who currently offer cash incentives for referrals, 69 percent offer $1,000 - $5,000. Of those who currently offer non-cash incentives, most popular incentives include prize drawings (54 percent), company logo items (27 percent), and time off/vacation days (15 percent).
“Even in uncertain economic times, it’s a challenge to find and hire top talent,” said Kara Yarnot, founder and president of Meritage Talent Solutions. “So it makes sense that employers are getting more innovative — leveraging their employees’ social and professional networks, as well as expanding their referral programs beyond employees to identify talent with the skills they need.”
The Meritage report, “2014 Employee Referral Trends,” also provides insight into tools employers are using to manage referral programs, the goals of current and future referral programs, and the changes or improvements employers plan to make to their referral programs in the next 18 months.
The full report is available here.
For more information, visit http://meritagetalent.com.