As one of the only business segments not directly contributing to the profitability of a company, HR has a large need to save money wherever they can. The average cost of a new employee in 2016 was roughly $58,000. To put that in perspective, for small business owners, the average cost of a bad employee was $8,000.
Finding quality candidates is tough, but the consequence for finding bad candidates is disastrous. A bad hire can lower productivity, reduce performance, and weaken team morale. Overall, it adds up to a very costly mistake from more than just a monetary standpoint.
One of the best ways to avoid high turnover rates is to use employee referrals. Factually, 40% of all hires across all industries are referrals, despite them making up a small percentage of the total application pool. Having an employee referral program is critical in today’s talent climate and understanding how to get started is only the first step.
Join #WorkTrends host Meghan M. Biro and her special guest Mike Bachman, CEO, Preferhired at 1 pm ET on Wednesday, August 9, 2017, when they discuss the value of employee referral programs.
The Value of Employee Referral Programs
Join Mike and Meghan on our LIVE online podcast Wednesday, Aug 9 — 1 pm ET / 10 am PT.
Immediately following the podcast, the team invites the TalentCulture community over to the #WorkTrends Twitter stream to continue the discussion. We encourage everyone with a Twitter account to participate as we gather for a live chat, focused on these related questions:
Q1: What are common reasons why employee referral programs fail? #WorkTrends (Tweet this question)
Q2: How do ERPs deliver financial advantages and time savings? #WorkTrends (Tweet this question)
Q3: How can small business successfully implement an employee referral program? #WorkTrends (Tweet this question)
Don’t want to wait until next Wednesday to join the conversation? You don’t have to. I invite you to check out the #WorkTrends Twitter feed and our TalentCulture World of Work Community LinkedIn group. Share your questions, ideas and opinions with our awesome community.