Understanding the "ERIN Rule of 10"
In today’s highly competitive talent market, businesses are constantly seeking efficient, cost-effective strategies to tap into the best talent. One such method, which often gets overlooked despite its potential effectiveness, is employee referrals. Referrals are not just about numbers, they’re about tapping into the networks of your existing employees to find individuals who not only have the required skills but are also a good cultural fit for your organization.
Enter ERIN, an innovative employee referral platform designed to amplify the power of these referrals. But what truly sets ERIN apart? It’s the capacity to predict with surprising accuracy the outcomes of your referral efforts using the “ERIN Rule of 10“. Let’s delve into what this rule means and how it can reshape your hiring strategies.
The ERIN Rule of 10 Explained
At its core, the “ERIN Rule of 10” is a simple, yet powerful framework. Here’s how it breaks down:
10 Candidates Referred: Begin with 10 referrals made by your employees. This serves as your starting point or benchmark.
8 Accept their Referral: Out of the 10 initially referred, 8 typically show interest and accept the referral. This means they’re genuinely interested in exploring opportunities at your organization.
6 Complete their Job Application: Further narrowing down the funnel, 6 out of those 8 candidates will take the time and effort to fill out and submit their job application. This showcases an even deeper level of intent and interest.
1 Is Hired: After going through interviews and evaluations, 1 out of those 6 applicants will finally be selected and onboarded.
While it may seem at first that this conversion rate is low, think again. Traditional hiring methods, such as posting on job boards or working with recruitment agencies, often have much wider nets with less guarantee of quality. With the ERIN Rule of 10, you have a predictable and streamlined process that taps directly into vetted, quality candidates from trusted sources—your own employees.
The Benefits of the ERIN Platform and the Rule of 10
1. Predictability: In the uncertain world of hiring, having a formula you can rely on for predictable outcomes is invaluable. This helps in budgeting, planning, and ensuring there’s a steady stream of talent coming in.
2. Quality over Quantity: Instead of wading through hundreds of applications, you’re presented with a refined pool of candidates who’ve been vouched for by your own staff.
3. Cultural Fit: Referrals inherently come with an understanding of your company’s culture. This often translates to smoother integrations and longer employee tenure.
4. Cost Efficiency: It’s no secret that referral hires often cost less than hires from other sources. With ERIN’s structured approach, these savings are amplified.
In conclusion, the “ERIN Rule of 10” isn’t just a formula—it’s a paradigm shift in how businesses approach referral hiring. It emphasizes the value of each individual referral and the power of leveraging employee networks. With the ERIN platform’s ability to streamline and predict referral outcomes, organizations have a valuable tool in their arsenal to stay ahead in the talent game.
So, the next time you’re thinking of expanding your team, consider harnessing the power of referrals and let the ERIN platform and the Rule of 10 guide your way.