Unemployment has reached a historic lows and companies are struggling to hire and retain workers. Filling jobs in a timely manner is critical to operating a successful business. With a tight labor market, business leaders need to have a strategy for recruiting and retaining their employees.
At Synteract, a leading clinical research organization, recruiting highly qualified candidates is a top priority. Many companies in the industry rely heavily on expensive third party recruiting firms and Synteract wanted to build out their internal recruiting capacity to reduce these costs.
With competition for talent in the industry at an all time high, Synteract's Director of Global Talent and Development, Nicole Mullikin, needed a cost effective solution to scale their employee referral program globally and control recruiting costs. While their current program was performing well, Synteract set a goal to hire more than 30% of their hires from employee referrals across their global offices.
Employees hired through employee referrals consistently outperform hires from other sources such as job boards or recruiting agencies. Numerous studies have shown employee referrals are hired up to 50% faster and remain employed up to twice as long. A simple employee referral program can be an effective way to recruit and retain employees.
Synteract decided to work with EmployUs because they needed a simple solution to promote employee referrals, keep employees informed and standardize how they track and administer referral bonuses. By integrating EmployUs into their applicant tracking system, Synteract was able to launch employee referral campaigns and ensure all of their referrals would be handled appropriately.
Since 2016, Synteract has seen their employee referral program steadily increase and eventually surpass LinkedIn and Indeed as their number one source of hires. Today, EmployUs helps drive nearly 40% of all of their hires globally and has helped them avoid over $2M in recruiting fees by being able to fill their jobs internally and stop relying on external recruiting agencies to fill their open jobs.