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| Benefits |
Referral-Trac*
A Lower Cost-Per-Hire and Improved Employee Retention!
Companies today are looking for ways to hire the best people at the lowest possible
cost. They are also looking for ways to retain their human capital. Most HR
professionals agree that the best source of qualified talent is to effectively
leverage their own employees. However, most organizations are not able to achieve
the results they would like due to the time and resources required to keep a referral
program dynamic and "top of mind" with employees. Organizations simply do not have the
framework or personnel for extending a program beyond a small employee base.
The market is ready for recruiting solutions that extend brand and culture by
leveraging the corporate talent supply chain. Referral-Trac* can help you:
Lower your cost per hire:
If you can efficiently administer and manage your ERP, the costs are significantly less than traditional recruiting methods such as contingent recruiters, newspaper advertising, Internet job boards, campus recruiting and job fairs. Look at the numbers from a recent SHRM study.
| SHRM - Average cost-per-hire |
| Contingent Recruiter: |
$37,830 |
| Campus: |
$3,765 |
| Other: |
$2,601 |
| Job Fairs: |
$2,031 |
| Newspaper: |
$1,415 |
| Internet: |
$666 |
| Referrals: |
$480 |
*Source: SHRM/Employment Management Association (EMA) recent
cost-per-hire study. EMA devised a factor for each category to approximate the additional
costs, such as salaries, overhead, applicant travel, etc…equal to an additional
50% of the reported data.
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Recruit:
ERM's referral software offers the technology to increase the number of referral-hires
to 50% or greater, significantly lowering your recruiting costs.
Refer:
Referral-Trac* efficiently drives the referral process. The ultimate success
of an ERP is directly linked to the efforts to increase employee awareness
and drive participation in the program.
Recognize:
Referral-Trac* handles it all automatically. Referral-Trac* will recognize
when a referral is made, communicate the rules and the associated awards
employees can win, reinforce the corporate mission, highlight past referral
award winners etc.,
Reward:
What is in it for the employee? You can include any size cash awards, or assign
unique gifts to each job. Awards are easily emphasized, changed or updated for your
organization.
Retain:
An ERP and the associated awards are a distinguishing employee benefit that your
competitors may not offer. Investments (awards) establish real ownership with
employees. These investments go towards reinforcing loyalty, company brand and
culture!
Bottom Line:
Companies who implement Referral-Trac* technology will have a significant recruiting
advantage over their competitors.
*Referral-Trac is a registered trademark of Employment Referral Marketing
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