LinkedIn Talent Solutions suggests that companies should be spending more time investing in referrals…
Ahead of recruitment agencies, headhunters, online job boards and social professional networks, internal referrals are now the top way that people first hear about their new job. LinkedIn Talent Solutions also states that the main reason (49% of) candidates hesitate in changing jobs is due to not knowing what it’s like to work for that company. This suggests that being referred by somebody within the business makes the decision to move much more likely, than moving to a company where this insight is unavailable.
Internal referrals are also a huge benefit for companies when hiring, as they are more likely to already be a good culture fit with statistics showing that Internal Referrals end up staying with the company longer than other sourced candidates.
This year, Morgan McKinley has focused on hiring career changers and experienced recruitment consultants, using an Internal Referral Scheme to encourage employee referrals. We have hired more referrals this year than ever before, including an increased number of career changers.
We are currently seeing that 1 in 3 people who are changing jobs are changing their careers entirely. Career changers could have come from any background, with sales experience, business development experience or industry experience being a perfect fit for a career change into recruitment. Career changers are hungry for new challenges and are curious to try out a new industry, so why not try recruitment?
We have already seen an amazing number of internal referral hires in 2015. We continually run campaigns to ensure our referrals are front of mind and this week our employees have the chance to win a Red Letter Day for referring somebody.
If you’ve experienced a great internal referral program, we’d be really keen to hear from you.