The Power of Referrals
The Power of Referrals
Networking
Employee referral programs are a well-established practice for companies seeking to source top talent. While referrals may only account for a small portion of total applications, they consistently yield a significantly higher rate of successful hires.
Why network to get referred?
· referrals are nearly 10X more likely to lead to internal hires compared to other sources
· in the US, 30-50% of hires come from referrals
· job applicants who are referred by coworkers are more likely to advance in the interview process; employee referrals increase the likelihood of a job match by 2.6-6.6%.
· a candidate who is invited for an interview has a 40% higher probability of being recruited than other prospective employees
· employees referred by colleagues tend to have longer tenures, often staying for more than 4 years because they are a better fit for the company (align with the company's culture and values)
Work towards obtaining a referral:
Focus on 15-20 target companies
Learn everything about them (products/services, reviews, forecasts, projects, news, teams, branding)
Ask yourself:
o is there a challenge you can help the company overcome?
o Is there an opportunity you can capitalize on?
o Is there an initiative you can boost or improve?
4. Research and make a list of contacts in each company
o Who can influence hiring?
o Who can provide information on challenges, goals, projects?
5. Actively network with employees in your target list
6. Reach out to existing contacts
7. Attend industry events
8. Reach out to the contacts, make it about them
o Recognize their career trajectory
o Compliment their achievements
o Ask about their challenges, goals, initiatives
9. Present your value in a pitch deck
o Major value
o Validate with industry data or customer feedback
o Outline your ideas
10. Reach out and present your pitch deck
o “Based on our conversation, I put together a deck with some quick ideas, attached here. Let me know if we can set up a time to chat.”
Referrals can significantly boost your job search efforts. They demonstrate your credibility and trustworthiness to potential employers. Additionally, referrals can provide you with valuable insights into the company culture and hiring process. By leveraging your network to secure referrals, you can increase your chances of landing interviews and ultimately, your target job.
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