Referral programs are another new trend in recruitment world as it helps organizations source new talent on the basis of existing employee pool. Referrals improve the quality of hire in a considerable way. The quality of hire Experts believe that referral programs have number of advantages like possibility of getting the right candidate for the job role is high as the existing employee who has referred, knows the company and the position well. The referrals understand the company very well and speed up the recruitment process. There is a huge impact on quality of hire and speed of hiring process. However, there will be more chances of retaining the new employee as they fit with the company culture and work environment easily.
Organizations believe their employees as their brand ambassadors and to leverage their personal networks to bring in more employees within the organization. Employees are being offered with an incentive for successful recruitments for selected positions. Companies are using various programs & platforms to resource right talent. Networking is the important source to connect with top talent, companies tied up with different groups and visit numerous colleges & institutes to fill in various positions like engineer trainees, assistant engineer trainees, sales & marketing GETs and R&D GETs. College placements and internship programs are other initiatives run by the companies to recruit talented manpower.
Having a strong social media presence is important and social media recruiting is a power recruiting tool that helps potential candidates understand what opportunities are available to them. Organizations are optimizing the usage of networking sources to find the right candidates. Talent networks are useful to understand the company well and hence it becomes easier to fill in the position with the right candidates. Experts believe that referrals simplify the hiring process and cutting down on time taken for initial phase of hiring.