While career sites and job boards still collect the highest quantity of applications, employee referrals garner the highest number of qualified applicants. Innovative thinking companies such as Smartronix have gone outside the traditional practice of utilizing internal employees to reach their immediate contacts. Smartronix recognizes that ALL applicants who have applied for any position at the company could be a new source for new hires. As a result of this train of thought, Smartronix has now extended their referral program to everyone.
External referral programs allow companies to tap into various facets of professional networks and their growing resources, including websites such as the ClearanceJobs Cleared Network. Using already built online networks has afforded Smartronix the appropriate environment to beta test its most recently developed recruiting technique. This unique idea to allow anyone to receive a referral bonus was developed to increase the number of eligible applicants. By using the various professional networks the available, employment opportunities are visible to every person, thereby increasing the number of highly qualified referred applicants within the talent pool.
Job seekers are well aware of the current market; they have invested their time in searching for the best position. Active job seekers attend job fairs, reach out to their personal networks, and are out in deep competition with other like candidates hunting for their next position. These active job seekers can become a company’s best resource. By advertising a monetary incentive, a successful program can leverage the value within the active job seekers and their networks.
Tips for an Effective External Referral Program
Keep the external referral program simple to influence and maximize participation. Create a general email inbox for submission of resumes for the external referrals. Advertise the monetary incentive to every person viewing your current employment opportunities. Filling an open position is a numbers game. By increasing the number of people who apply for a position, you will increase the potential that the right person for the job will be in your applicant pool. According to Talent Function Group, LLC, on average 1,000 individuals will see each online job posting and 200 of those individuals will begin the application process. Then 100 of those individuals will complete the application and 75 of those 100 resumes will be screened out by either the Applicant Tracking System (ATS) or a recruiter. Just 25 resumes will be seen by the hiring manager, four to six will be invited for an interview, and one to three of them will be invited back for final interview. Eighty-percent of those selected for the job will accept it.
Imagine the potential of tapping into the initial 1,000 individuals to leverage their networks, and drive their external referrals to your current openings. Your applicant pool could increase exponentially and increase the odds of finding that perfect candidate.
The beauty of an external referral program is that you can tap into your company’s existing applicant pool. These active job seekers who have taken the time to view your posts and know you have a need. By adding a monetary incentive to each open position, you will drive external referrals from your current applicant pool, allowing the company to expand its current reach and build name branding.
To see the complete list of openings at Smartronix and/or the benefits of the monetary incentive yourself; tap into our external referral program on our careers page. For full details of our external referral program, including our W-9 process please contact firstname.lastname@example.org.