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2020 was a unique year for talent acquisition. It shifted from being highly competitive in finding top talent to doing more with less. Trends emerged and the average referral bonus decreased. It became more about helping to find the right person for the position rather than focusing on the financial incentive. As we prepare for 2021 it is important to strategize and learn the power of referrals.
With survey results coming from business around the world during the COVID-19 pandemic, the survey results show how businesses adapt to today’s labor uncertainties through best practices, technologies, and agility.
The recent Covid-19 pandemic has spurred many recruitment specialists to quickly adapt their talent acquisition (TA) processes, priorities, and technologies to new realities.
This survey was fielded after several Covid-19 public health measures were put into place, and answers may be influenced by the response to the pandemic. However, the survey also encouraged respondents to take a longer view, looking ahead to the next several years.
When looking to tap into your employees to fuel your candidate pipeline, the first thing that comes to mind is “how much should we pay for a referral bonus?”. The reality is that there are several layers to a proper employee referral policy. Your policy is the foundation for a successful employee referral program. By providing the right incentives, and structuring it the right way, you can ensure employee participation and avoid costly mistakes.
Your budget just got cut, your team isn’t fully staffed, and you need to hire specialized positions. How will you adapt to ensure not only that you are recruiting top talent, but that you aren’t leaving behind previously deemed high priority items such as diversity hires? These are difficult situations we’re going to dive into with our special guest panelists.
The term “Talent War” has been loosely used over the past decade to describe the fight for top talent in competitive industries. In 2020, recruiting has been abruptly reshaped with talent acquisition leaders now fighting a new battle to keep their teams effective and in-tact, meet the new demands of their CEOs, embracing technology, and still recruiting top talent while navigating new hurdles that they’ve never faced before.
2020 is one of the most talent-competitive years we’ve ever seen. The constant battle to find and retain top talent is forcing Talent Acquisition teams to change their focuses. One of the most common focus areas is on Employee Referrals, due to its nature of yielding high-quality candidates at an extremely cost-effective rate!