Statistical reports have shown that about 82% of employers have claimed to generate the highest ROI and that automated software usage raises the hiring of employees by 55% fast. Reports have also stated that about 88% of employers claim to get access to the best-quality candidates through referrals. Using the employee tracking tool, it helps employees to onboard the employees in 29 days faster as compared to other companies. In addition, organizations with referral programs have an approximately 46% of retention rate of employees. It is also seen that with referral programs, new hires add more than 25% of raised profit to the companies through channels.
Research reports have claimed that referrals offer jobs about 4 times more than website applicants and nearly 45% of the referral hires stay longer than 4 years compared to job portals, which account for about 25%. In addition, about 88% of employers rated employee referral programs as the best source of candidate application.
Why is Employee Referral Tracking Software Important to Your Company?
This software helps in quick connection with the employees’ professional network; within a short time, your company can reach a huge talent pool. The benefits associated with the use of automated software to track employees are enlisted below:
Quick and Fast Hiring
Using an employee referral tracking tool enables you to do fast and quick hiring. While hiring employees from job portals and other resources, it takes a long time as compared to hiring conducted through employee referrals.
Higher Rate of Conversion
On using the employee referral tool, it helps boost the chances of a job which is approximately 2.6%06.6%. On using this software, it helps in improving employee attraction at the workplace. It also helps in a higher rate of conversation to boost the chances of the job as per the company requirements.
Highest rate of Return on Investment
The process of recruitment is quite an expensive and time-consuming process. Therefore, the companies had to spend quite a lot of money while hiring, which involves both direct and indirect costs. The direct prices include fees that are paid to various career sites and job sites related to recruitment-related tasks. On the other hand, indirect costs include resources such as logistics and time.
Higher Retention Rate
The benefit of employee referrals is getting a higher rate of employee retention. It helps your companies hire candidates through other recruitment channels like recruitment agencies and job boards. On using this software, it allows easy hiring and retention of employees. It helps your candidates to stay longer in the workplace. On using recruitment channels, it utilizes recruitment agencies, job boards, etc., which helps increase employee retention rates.
Easy Hiring of Referred Employees
On using this tool, it helps ease the hiring of refereed employees. The employers have provided information about the kind of job required, followed by the type of people as per the requirement. It helps your employees to stay fit for the company’s cultural requirements. It allows easily hire candidates for the roles advertised in your workplace. With correct employee referral software, it also helps your employers to find and source candidates quickly on the network.
Improved Engagement of Employees
This automated tool helps engage your employees in a meaningful way that allows your companies to feel more empowered. As the employees long for both recognition and rewards, your company needs to provide employee engagement policies to ensure that employees feel more empowered. It also helps provide a perfect platform to improve the employees’ engagement.
Boosting Employer Branding
The automated software helps you grow as the brand and your employees spread the word about the various job openings that bring traffic your way. It also improves the visibility of your brand, and it also helps your candidates to get converted to employees.
Benefits of Candidate Management Software
The benefits related to the use of management of candidates software are as follows:
Easy Sourcing and Attracting Candidates
Using the software helps create job descriptions and descriptions, providing insights to make the posts accurately and effectively. The descriptions and advertisements have been created and saved to attract industry talents. In addition, the surveys and analytics help your HR and hiring staff members to attract high-quality talent.
Easy Reviewing of Resumes
This automated tool helps improve the easy reviewing of resumes. It also helps avoid pitfalls by comparing resumes based on set criteria and highlighting the ones that help indicate a good position to open.
Easy Communication and Fast Interviewing Candidates
This automated software helps to communicate with candidates, which helps in easy hiring decisions. The tool is used to communicate with the candidates easily and enables ready access to the information in the same dashboard. As a result, it helps foster deep relationships with the candidates and also helps improve candidate experiences. It also helps offer guidance to the candidates regarding interviewing the candidates.
On using the automated tool for tracking candidates, it helps reduce the hiring time of your employees with a higher retention rate of the employees. Along with this, it also helps improve employee engagement and also helps reduces the cost of recruitment in a significant way. The software is used for managing candidates to help organize external and internal candidates and engage them over time. It allows your recruiters to stay proactive and stay ahead of talent needs.