Reduce Hiring Costs
Hiring costs can be a significant expense for any organization. Traditional recruiting methods such as job postings, career fairs, and recruitment agencies can be costly and time-consuming, and may not always result in successful hires.
ERIN can help organizations reduce hiring costs by streamlining the recruitment process, reducing recruitment advertising and agency fees, and improving retention rates, which leads to higher-quality hires.
Reduce hiring costs through employee referrals & internal mobility
Let the Numbers Speak for Themselves
How do employee referrals reduce hiring costs?
Faster Hiring Process
$454 is lost per week per vacant job position. According to the Society for Human Resource Management (SHRM), the average position takes 42 days to fill. So the total cost is $4,129.
ERIN takes an average of 21 days to fill a job, causing a loss of only $1,362 per unfilled role. That’s $2,767 that a company can save by using ERIN.
Eliminate Recruitment Fees
With ERIN, organizations can incentivize employees who refer successful candidates, which can reduce recruitment fees that would have been paid to outside agencies or recruiters.
According to Crelate, the standard recruiting fee for agencies is between 15% to 20% of the first-year salary, whereas some agencies charge 25% for hard-to-fill roles.
Reduced Advertising Costs
Employee referrals can help to reduce advertising costs since current employees can share job openings with their networks through social media or word-of-mouth.
Using ERIN, current employees can share job openings to their network with a click of a button.
Higher Retention Rates
Referred employees often have a higher retention rate than those hired through other channels since they have already been vetted by someone in the company and have a connection to an existing employee. This can lead to lower turnover costs and a more stable workforce.
Decrease hiring costs
See the Impact of Employee-powered Hiring
Watch our video to see how ERIN helps healthcare providers boost their referral programs to decrease hiring costs.
Activate The Recruiting Power of Your People
Let us show you how to transform your employee referral and internal mobility experience with employee-powered hiring.