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As a LinkedIn Recruiter user whose company also has LinkedIn Referrals, you have advantages few recruiters have.
LinkedIn's Nick Wiik and Customer Success Manager, Prachi Banga show you exactly how to leverage the new Recruiter features tied to Referrals, discover the benefits and use cases, and get ahead of what features are coming next.
- How to dive into employee networks or functional networks (i.e. Marketing) through the Company Connections spotlight in Recruiter.
- How to use Recruiter to streamline and gather employee feedback.
- How to filter Recruiter searches by candidates already in your ATS.
- Upcoming Referrals features
Visit us here to learn more about LinkedIn Talent Solutions:
Let’s start with something we all can agree on … The people that lead, support, and enable your business are critical to your success. Businesses win when they have the right talent. And we see it in the data. Boston Consulting Group found that recruiting has the highest business impact of any HR function on revenue and profit margins. And we know that high performers deliver considerably more value to your business than average performers.
But acquiring the right talent is increasingly difficult and costly. It’s becoming harder to bring great talent into your company. First, there’s high competition. Job openings in the U.S. are at a 14-year high and the pace of hiring is expected to still accelerate. This competition is compounded by a low supply of critical talent. 80% of companies say there is a shortage of critical skills available in the labor pool (Aberdeen 2015). So, not only does talent have options, but there are a lot of companies trying to recruit the same people. These market pressures are then exacerbated by cultural changes. Talent is simply more transient today; 1 out of every 4 employees say they’ll switch jobs within the year, resulting in a perpetual need to recruit new talent. The result is that companies are spending more and getting less. Despite increased investments in talent acquisition, it’s taking longer to recruit the right talent.
But there is good news. Surrounded by all this opportunity, talent is more active and more open than ever before. On LinkedIn, 90% of our members say that are at least somewhat interested in new opportunities. Some are actively looking for new roles and others are simply open to talking to a recruiter. Regardless, this means 9 out of every 10 people you connect with on LinkedIn could be a potential candidate.
The challenge is, with so many options, talent doesn’t know which direction to go. According to a study by CEB, 69% of potential applicants say they don’t know where they’d go if they left their current job. So, talent turns to the people and the companies that they trust. The #1 way that talent discovers new opportunities is from someone they know. And most job switchers knew about their company before they learned about the opportunity to work there.
If you’ve been in talent acquisition for a while, you’ve likely heard the many praises of employee referrals as a source of hire.
Measureable factors like quality of hire, time to hire, and tenure of hires show that employee referrals are simply the best source of hire. It’s intuitive… …the people currently in the roles have the best gauge on whether or not a candidate would perform well… …referring employees can help close candidates quicker… …and people want to stay at companies where they know and like their coworkers
For Talent Acquisition leaders, they reap the benefits of hiring via employee referrals because the hire better candidates faster who ultimately stay longer at their company. It’s no wonder 95% of TA leaders describe referrals as an important part of their recruitment process.
***DATA*** Highest on-the-job performance 1 – Dr. John Sullivan Fastest time to fill (29 days, 39 days for job boards, and 45 days for career sites)2. Referrals are over 3x more likely to stay for 3 years than hires coming from job boards2.
HEADLINE: proactive sourcing into your company connection pool is currently difficult. Furthermore, recruiters are not able to: See this talent pool when sourcing Ask for help from employees when sourcing the people they know
What this means for recruiters is there’s no way to directly target this valuable talent pool which leads to slower recruiting there’s no workflow to ask employees for help which leads to difficulties in filling hard to fill roles.
Many recruiters take advantage of their company connection pool today when the opportunity presents itself – say you see a recommendation on a candidate’s profile from a fellow employee – but there’s no way to see that connection at scale when searching and no workflow to ask that employee for help.
If we know talent trusts people they know and company's they already know and trust, the idea of a company network becomes very valuable.
Employees - Employee referrals are #1 in terms of quality of hire, time-to-hire, and tenure of hires. Company Connections - The average company has 10x more Company Connections than followers ATS Data - The candidate and prospect information your company has built over time
HEADLINE: Targeting this talent pool will make your sourcing efforts more efficient. Fortunately, by taking a look at your Recruiter performance in the past, we can see that targeting your company connections on LinkedIn will make your proactive sourcing efforts more efficient. Compared to targeting candidates who are not connected to anyone at your company, targeting company connections has yielded a [% from black circle] higher InMail response rate for your LI Recruiter users…
Here’s what we’ll walk through in a quick demo…
Referrals meets Recruiter: How to recruit with the power of your company's network [webcast]
Referrals Meets Recruiter
November 8th, 2016