Organizations have a number of strategies they can use to attract talent: the Internet, print advertising, employment agencies, college recruiting, and job fairs, to name a few. Through the years, however, human resource executives have always agreed that employee referral programs (ERPs) have been the most effective way of finding new employees.
According to recent research, when recruiters and HR professionals were asked where they find their best candidates, the majority pointed to their employee referral program. A recent CareerXroads study of large, high-profile companies found that referrals brought in 25 percent of new hires. A recent Hudson survey reported that networking was the most common way workers (26 percent) and managers (33 percent) found their jobs. Among workers who earn $75,000 to $100,000 per year, the figure was 39 percent.
According to a recent Spherion Emerging Workforce Study, 58 percent of top HR executives said that referrals are the best way to recruit top talent. In another survey by HCI/ExecuNet, 62 percent of recruiters listed networking as their most effective means of finding senior managers. In the face of growing worldwide skills shortages, global competition and tight budgets, organizations will need to activate their employee base as the main engine of their recruiting efforts.
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