Leading employee referral solutions platform, ZALP, recently announced the results of its Global Employee Referral Index ‘2013 Survey with an accompanying report based on the aggregation of the survey results.
ZALP launched the ER-i last year to allow organizations to evaluate their referral process by benchmarking it against that of industry leaders and other high performing referral programs of successful organizations. According to the company, more than 1,000 recruiting professionals across diverse industries participated in the index.
“ER-i was an initiative we undertook to help employers evaluate and assess their current referral program process accurately,” Priyanka Prabhu, marketing manager at Zalp, said. “It was overwhelming to see such an encouraging participation from recruiting professionals all across the globe. ER-i will only get bigger in the years to come.”
The survey found that 92 percent of participating organizations reported to having employee referrals as one of their top recruiting sources. In fact, this method will be the No.1 recruiting source to see a drastic increase in investment in 2014, according to survey results.
Hey findings include:
- 75 percent of the participating organizations reported to have recently adopted an automated or at least a semi-automated process to manage their referral program
- Using social media to drive referrals was a trend as organizations leveraging social media reported hiring 72 percent more candidates through this source every year as compared to those that don’t
- At 83 percent, LinkedIn emerged as the most preferred social media platform among organizations having a social media-integrated employee referral program
- 38 percent of the participating organizations said they preferred employee referrals because of low attrition rate among referral candidates
- Employee referrals reported a 48 percent lower time-to-fill and a 58 percent lower-cost-per hire than other recruiting methods
- In the U.S., Illinois, Texas and Florida had the highest volume of candidates through employee referrals
For complete results, download the report here.