In today's business and tech savvy world, there is one talent that continues to grow with importance every single day...your ability to network. With the fast growth of professional websites and apps such as LinkedIn, people everywhere are becoming connected in the blink of an eye. It has become very common for a professional to land a job because they heard of the opening through a connection, or they knew someone at the company.
Sharing job openings is easier than ever, thanks to the power of social media. With the additional help of an applicant tracking system (ATS), employees are able to share open positions within their company on their social media profiles with a simple click. Unfortunately, many employees still do not take the time to perform this incredbily beneficial task. In order to motivate employees to help the company find candidates and fill open positions, many companies have developed referral reward programs. One click could lead to a nice bonus or reward for an employee. However, plenty of people do not participate in these programs. So the question remains... why are they skipping out on such a great opportunity?
Software Advice recently published their findings after surveying nearly 200 employees in order to learn why employees do not participate in referral programs. 81% of respondents claimed the reason that they do not participate in employee referrals is because they do not know anyone who fits the criteria. The social media funtionality of an ATS helps to solve this problem more than employees realize. Your Facebook friend that sees the opening you have shared may not need the job, but they could have a friend who is a perfect fit.
Case in point: I was fortunate enough to receive a Fall internship at ExactSource due to the fact that my sister-in-law saw a Facebook post about the opening. Employees sharing job openings with their networks is crucial to finding more possible candidates. Ultimately your company benefits from receiving a promising candidate, and you are rewarded for helping to fill a position.
At ExactSource, we have developed ExactTrack, a state-of-the-art applicant tracking system. Designed for small to medium sized companies, ExactTrack significantly simplifies the hiring process. If your company is still tracking candidates and job openings with an Excel sheet, ExactTrack can save you from the mind-numbing task of sorting through endless names and documents. This enables employees to more easily engage in the referral process, due to the simplicity of the software.
More than half of the respondents in the Software Advice survey stated that they would be "significantly more likely" or "moderately more likely" to participate in the referral process with the addition of tiered rewards, referral tracking, social media sharing, candidate recommedations, gamification, and mobile accessibility. What kind of system could contain all of these program attributes? You guessed it...an applicant tracking system.
A reward system is a phenomenal way to increase employee participation. At ExactSource, we have a reward system in place for those who bring in new clients. The same can be implemented for those who refer a candidate and fill an open position. The rewards do not always have to be something extravagant, but they should provide enough incentive to motivate employees to give that extra effort in finding potential candidates.
Overall, employee participation in the hiring process will greatly improve with the implementation of reward systems and sharing capabilities. An applicant tracking system is the most efficient way to combine these features and increase participation. Need one more reason to convince you? How about three?
Studies show that employees that were hired through a referral are more cost effective to hire, easier to hire, and they also stay at a company longer than a non-referred employee.
Now it's time to test it out for yourself. We're offering a 21 day free trial for ExactTrack - no commitment. no catch. Click below and take the first step toward revolutionizing your company's hiring process.