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.
Decrease hiring costs
Watch our video to see how ERIN helps healthcare providers boost their referral programs to decrease hiring costs.
$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.
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.
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.
Let us show you how to transform your employee referral and internal mobility experience with employee-powered hiring.