Employers have two primary goals when it comes to recruitment, hire the best candidates available and fill the positions as soon as possible. Today’s fiercely competitive job market makes achieving either of this goals extremely difficult. This obstacle is why companies like Deloitte are turning to effective sourcing strategies, like referrals from not just current, but also former employees to find talent.
Employers like Deloitte know that on average employee referrals are better qualified, onboard faster, and stay with the company longer than new hires that come from job boards, recruiting agencies or even the company careers page. It is for these benefits that Deloitte wants to expand their current employee referral program to give their alumni an opportunity to refer prime candidates too. Here’s how they did it.
Identifying Top Talent
As a well-known company, Deloitte receives over half a million resumes every year. This makes it extremely challenging to narrow the candidate pool down to just the 4% of these applicants that the company hires every year. Knowing how successful their current employee referral program is at sourcing high-quality candidates, Deloitte wants to expand its referral program to include its 174,000 alumni.
Even with an extended referral program in place, Deloitte also must develop a process to prioritize and filter through referrals to determine fit.
Deloitte's primary concern is having a platform in place that can accommodate both employee and alumni referrals. The company also knows it needs to find a way to accurately verify alumni and to determine if the company can legally pay these alumni for making referrals.
Deloitte introduced a new career landing page that both employees and alumni can use to make direct referrals. In addition to the career page, they created a tool that verifies the alumni's status when a referral was made. The company promoted their new career landing page to both employees and alumni and announced referral bonus amounts of $3,000 for any management position or higher and $1,000 for all other positions.
The expanded referral program proved to be very successful, and Deloitte now is sourcing 49 percent of all new hires through their new referral program.
If you’re having trouble hiring top talent, it may be time to expand your employee program to include your alumni, just like Deloitte did. This expansion can help you identify high-quality candidates that are a good fit for your company faster and more efficiently.
Learn how you can expand your employee referral program, or start a new one, by taking a look at these six dynamic
Pre-Built Employee Referral Program Templates.