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 employee referrals. See the stats that ERIN has collected in the past year in the infographic below.
2021 Employee Referral Statistic Highlights:
Employee Referrals are 5x more likely to be hired.
82% of Employees rated Employee Referrals above all other sourcing options to yield the best ROI.
$7,500 per hired employee referral is the amount saved in productivity and sourcing costs.
45% of employees sourced from employee referrals stay for longer than 4 years, and only 25% of employees sourced through job boards stay for over 2 years.
60 Days was the high end of the average days to fill a position without an employee referral. Employee Referrals came in at 35 – 40 days and ERIN Employee Referrals only take 20 days.
$1,500 was the average employee referral bonus in 2020. (Down $1,000 from 2019)
Interested in learning more about how your business can maximize its employee referral policy? Book a meeting to talk with the ERIN team here.