ELWOOD THINKS™
REFERRALS BOOST YOUR BUSINESS
When you see a commercial on TV, how likely are you to pick up the phone and buy the product? Perhaps you consider it when you watch a time-lapse of someone losing 100lbs in 30 days or growing a full head of hair in seconds, but once the commercial ends, your attention drifts and you get pulled in by a commercial for yet another miracle stain remover. But your behavior is probably different when you see a friend use something that works, and you are more likely to buy that product than any as-seen-on-TV device. People listen to people they know and trust when it comes to making purchases—and, as it turns out, when they're looking for jobs. According to the Society for Human Resource Management, employee referrals are the top source of placements in the U.S. workforce. Multiple studies have shown that referred employees are more productive at work and more satisfied in their roles which leads them to stay longer. And, Elwood’s data backs this up; our referred employees stay nearly 40% longer than non-referred employees! In addition to longer tenure, the recruiting costs for a referred employee is less than the recruiting costs of a non-referred employee. You don’t have to invest additional time to recruit referred employees, nor do you have to pay a job board cost per apply or take out an ad on social media to reach them.
…referred employees are more productive at work and more satisfied in their roles… So, you wanna reap the benefits of referred employees? Here's how: Ask for referrals. Ask for them during interviews, at community events, during job fairs, or even when someone drops by your desk to discuss tomorrow’s potluck; ask for them whenever you can. We’ve found that one simple, thoughtfully timed, and consistent outreach (a text message to working associates during their second week on the job) has become our largest single source of formal referral submissions from our employees—bringing in 50% of submitted referrals! Don’t overlook the power of referrals to fill any opening at your company!
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