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! See the stats that ERIN has collected in the past year in the infographic below.
2020 Employee Referral Statistic Highlights:
Employee Referrals are 4x 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.
$2,500 was the average employee referral bonus in 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.