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  • Satisfaction With ROI of Sources: Some Data

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    Prince Arora
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    - 69% of organizations have a formal employee referral program, and nearly 65% of job openings are filled through referrals and internal movement. 82% of organizations rate employee referrals above other sources of hiring for return on investment. - Surveys show the yield ratio of hires through employee referral programs is high compared to other hiring methods, with around 10% of referred candidates typically being hired. This is much higher than the overall 1.3% hiring yield for most companies. - Employee referral programs have long existed in manufacturing, where multiple generations often worked for the same firm. However, awareness and use of formal referral programs in manufacturing still lags other sectors like sales and insurance, though some companies like Godrej

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    benchmarking

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    Bench Marking

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    - 69% of organizations have a formal employee referral program, and nearly 65% of job openings are filled through referrals and internal movement. 82% of organizations rate employee referrals above other sources of hiring for return on investment. - Surveys show the yield ratio of hires through employee referral programs is high compared to other hiring methods, with around 10% of referred candidates typically being hired. This is much higher than the overall 1.3% hiring yield for most companies. - Employee referral programs have long existed in manufacturing, where multiple generations often worked for the same firm. However, awareness and use of formal referral programs in manufacturing still lags other sectors like sales and insurance, though some companies like Godrej

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    18 views2 pages

    Satisfaction With ROI of Sources: Some Data

    Uploaded by

    Prince Arora
    - 69% of organizations have a formal employee referral program, and nearly 65% of job openings are filled through referrals and internal movement. 82% of organizations rate employee referrals above other sources of hiring for return on investment. - Surveys show the yield ratio of hires through employee referral programs is high compared to other hiring methods, with around 10% of referred candidates typically being hired. This is much higher than the overall 1.3% hiring yield for most companies. - Employee referral programs have long existed in manufacturing, where multiple generations often worked for the same firm. However, awareness and use of formal referral programs in manufacturing still lags other sectors like sales and insurance, though some companies like Godrej

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    Some Data 69% of organizations accept the presence of a formal employee referral program at their organization (Career Builders

    s Referral Madness, 2010) Nearly 65 percent of job openings are filled through internal movement and referrals (CareerXRoads Sources of Hire Report, 2011) 82 percent of organizations rate employee referrals above other sources of hire for ROI (Career Builders Referral Madness, 2010)

    Satisfaction with ROI of sources

    Satisfaction with ROI of Sources


    Newspapers Career fairs Commercial Resume Databases Networking technology Search firms General job boards Niche job boards Campus recruiting Organization's web site Employee referrals 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

    Data Source: 2006 DirectEmployers Association Recruiting Trends Survey

    Benchmarking It is a matter of no contention that knowing the quality of the referral (whether the referral involves an employee who has prior knowledge of the referring candidates work in a previous firm) traditionally has always been of help.

    Various surveys prove that the Yield Ratio of hires through ERP is pretty high compared to other methods of hire. A whopping 10% of the number of people referred end up being a part of the organization. The fact was revealed in the Candidate Experience Awards Report 2012 and reiterated in the Cross XRoads Survey 2013. This is a stark increase compared to the overall yield ratios for most companies. On average just 1.3% people who apply to a firm end up getting hired. Hence, for the candidate it is about increasing his/her chances of getting the job, and for the employer it is about reducing all the man hours that go behind hiring the best person for the job.

    Manufacturing Sector Employee Referral Programmes have always been in place in the manufacturing sector all around the globe. It has been a common sight to see people of the same family but different generations working for the same firm. The jobs at such places are mostly mechanical and people used to prepare their wards to join the organization when they come of age. The trend has got formalized in this era of information. Today more and more companies are promoting referral programmes. Still, the manufacturing sector lags behind sales and insurance sector when it comes to hiring via ERPs. The awareness levels of such programmes amongst the employees is also abysmal, atleast in India. Godrej Industries fares pretty well in this regard. Awareness about its ERP has been consistently on the rise and they have very well been reaping benefits of the same.

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