In 2016, 45% of internal hires and 30% of all hires came from referrals more than any other individual source, says SilkRoad’s Sources of Hire report. Incidental benefits from hiring referrals include better retention rates, lower hiring costs, and more quality hires.
Even though 62% of interviews come from external sources such as job boards, staffing agencies, and job fairs, they only amount to 48% of actual hires. The other 52% comes from internal sources like referrals and in-house recruiters. And yet, according to an HR expert, companies spend less money and energy on referrals than any other recruiting stream.
Recruiters can maximize quality hires by putting referral programs and outreach at the top of their recruiting agenda.
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