Boost Your Hire Quality with Employee Referrals

Asking your employees to recommend members of their network for job openings is an effective hiring method. Each employee who refers a candidate who becomes a new hire and remains for a set time typically receives an incentive.

An employee referral typically fits with your organization better than a non-referred candidate. As a result, employee referrals boost your hire quality.

Discover how employee referrals boost your hire quality.

Employee Referrals Have High Conversion Rates

A candidate with no connection to your company must undergo extensive screenings and interviews to determine their qualifications and fit with company culture. In contrast, an employee referral has a personal connection with your workforce. Therefore, the employee can provide extensive details about the referral’s background, qualifications, and fit with company culture. As a result, employee referrals typically receive more job offers for roles that non-referred candidates apply for.

Employee Referrals Decrease the Time to Hire

Hiring a non-referred candidate takes longer than hiring an employee referral. For instance, a non-referred candidate must undergo resume screening, extensive interviews, and background checks before potentially receiving a job offer.

In contrast, an employee referral has an employee advocate. Therefore, the employee can attest to the referral’s knowledge, skills, and experience. Also, because most people spend time with others who have similar personalities, the referral is likely to fit with your company’s culture. As a result, the referral typically needs a short interview process before potentially receiving a job offer.

Employee Referrals Strengthen Attraction and Retention Rates

An employee referral tends to remain with your company longer than a non-referred employee. For instance, an employee referral already knows a member of your workforce. Having personal ties to an organization encourages the employee to remain long-term.

Conversely, employees who lack personal ties from Day 1 can struggle to adapt to their new role and the culture. Therefore, if the employee does not form work relationships for guidance and support, they likely will not remain loyal to your company.

Employee referrals typically have higher job satisfaction than non-referred employees. For instance, an employee referral likely received accurate information about the company structure, culture, job duties and responsibilities, expectations, and other relevant details. As a result, the referral should understand what to expect and remain for several years.

In contrast, a non-referred employee might have received inaccurate information or misinterpreted the information. Therefore, the employee’s experience might not match their expectations. As a result, the employee likely will look for a new job within a short time.

Would You Like Help Boosting the Quality of Your Hires?

Employee referrals have high conversion rates, decrease your time to hire, and typically remain long-term. As a result, you save time and money on hiring, onboarding, and training.

Similar to employee referrals, Casey Accounting & Finance Resources can provide you with accounting and finance candidates to boost the quality of your hires. Connect with us to find out more today.

Strategies for Sustaining Business Growth in a Hiring Slowdown

Sustaining business growth in a hiring slowdown can be challenging. Helping your company move forward often requires adding additional members to your team.

Fortunately, you can take steps to sustain business growth during a slowdown in hiring. These suggestions can help.

Choose among these strategies to sustain business growth in a hiring slowdown.

Focus on Long-Term Stability

Show company leaders that employee growth is essential for long-term stability. Employees need ongoing opportunities for training to increase the value they provide your organization.

Without these opportunities for career growth, many employees will seek jobs elsewhere. The effects on your team and organization would be especially detrimental during a hiring slowdown.

Demonstrate the Return on Investment of Employee Development

Show company leaders that investing in employee development helps increase profits. For instance, software tools that impact your human resources, accounting and finance, marketing, and operations departments offer cost-effective upskilling methods to benefit your workforce.

Upskilling increases your employees’ ability to secure other positions within your organization. The results include:

  • Better engagement
  • Greater productivity
  • Increased performance
  • Higher employee morale
  • Stronger attraction and retention rates
  • Lower hiring, onboarding, and training costs

Strengthen Company Culture

Emphasize camaraderie and connection in your training programs. Build company culture and loyalty while you support employee learning and development.

For instance, offer in-person and remote Lunch and Learns. Employees can enjoy a meal together, engage in professional development, and learn from each other. These activities support relationship-building, collaboration, and cohesion.

Emphasize Employee Recognition

Managers should point out specific employee contributions, results, and impact on the company. These activities show that employees are valued and respected members of the organization. As a result, employees are likely to continuously improve their performance to add more value to the company.

Would You Like Help with Hiring After the Slowdown?

Strategies for sustaining business growth during a hiring slowdown include focusing on long-term stability, demonstrating the ROI of employee development, strengthening company culture, and emphasizing employee recognition. Prioritizing these activities helps maintain your company’s competitive edge without adding to your workforce.

If you would like help with hiring accounting and finance professionals after the slowdown, get in touch with Casey Accounting and Finance Resources. We can provide you with qualified candidates to help reach your business goals.