MATAWAN, N.J., Sept. 29, 2015 /PRNewswire/ -- Many studies have identified employee referrals as a top source of hire, but a deeper understanding of how referral programs impact businesses and employees has been hard to find. iCIMS, Inc., a leading provider of Software-as-a-Service (SaaS) talent acquisition solutions, today released a new research study, "The Impact of Successful Employee Referral Programs," to recognize strong components and identify gaps in employee referral practices.
In partnership with Hanover Research, iCIMS analyzed data from more than 500 human resources professionals and employees. The research was conducted to shed light on how hiring companies can capitalize on employee networks to address the increased need for talent in the new era of recruiting.
Key findings include:
Nearly 80% of companies with 1,000 employees or more found an incentive structure very important or extremely important to program success
More than 50% of referred employees have been in their current position for more than 5 years
60% of employees have referred at least one person to an open position at their current company
Nearly two-thirds of companies currently have a documented referral process in place
Characteristics for a successful programs include creating a quick and simple internal referral process and timely recruitment communication with referrals
Technology to support recruitment and tracking for referred candidates was cited as one of the biggest opportunities for improvement
"Our latest research provides insight on how companies can best leverage employee referral programs, a trusted source of hire for quality talent, to help accommodate for this uptick in hiring volume," says Susan Vitale, iCIMS chief marketing officer. "By analyzing data on cultural fit, hiring tools, and employee satisfaction, we were able to pinpoint key factors that help companies drive success and retain best-fit talent through the employee referral channel."
About iCIMS, Inc.: iCIMS, a leading provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions, is an Inc. 500 and Software Satisfaction honoree focused on helping businesses win the war for top talent through the implementation of easy-to-use, scalable solutions that are backed by award-winning customer service. iCIMS' Talent Platform, the industry's premier candidate management solution, enables organizations to leverage mobile, social, and video technologies to manage their entire talent acquisition lifecycle from building talent pools, to recruiting, to onboarding all within a single web-based application. With more than 2,800 contracted customers representing approximately 4,500 organizations, iCIMS is one of the largest and fastest-growing talent acquisition system providers with offices in North America, UK, and China. To learn more about how iCIMS can help your organization, visit http://www.icims.com or view a free online demo of the iCIMS Talent Platform.