As a hiring manager or recruiter working with a life sciences company, an employee referral program is an excellent source for locating talented candidates.
Employee referrals are a way of leveraging the existing employees in an organization to help identify and recruit quality talent. For many reasons, employee referrals have proven to be one of the best ways of sourcing.
Many life sciences companies have implemented employee referrals in their organizations – some using methods such as a referral program, and some are keeping it less organized. No matter how it’s set up, what matters most is to actively engage your staff through employee referrals.
Listed below are five benefits to implementing an employee referral program, and why it could be your best way to hire the most qualified talent:
1. Saves Time and Money
Sourcing candidates requires a lot of effort, which means it can cost a company both time and money. It was found in one study that referred candidates are faster to hire. An advantage of employee referrals is that your current team member makes the connection and saves the recruiter the initial time of sourcing the candidate. Further, the candidate could be a better match compared to others who apply externally. This can help expedite the process and cut back on the need to find alternative options.
2. Receive Qualified Candidates
Employees often want to work with someone who they know can do the job. With a referral, you can have much more confidence in the candidate’s ability to perform the necessary tasks, since they are “pre-sold.” In addition, a personal recommendation that is already within the company can instill confidence that the reference is in fact, valid and reputable.
3. Higher Retention Rate
Studies have shown that finding and retaining life sciences professionals is an ongoing challenge. The good news is employee referrals tend to stay around longer, perhaps because they are personally connected to their peers. That’s not to mention that the referrer themselves may feel more respected and valued after the company takes their recommendation. And when an employee feels respected and valued, they can become more dedicated in the long run. You may also want to give an employee referrer a bonus to show your appreciation!
4. Better Cultural Fit
A referred new hire will help alleviate the concern that a candidate may or may not be a good cultural fit. A successful employee referral program can help achieve this goal. Your employees are in the best position to understand the suitability of a referral to fit within your business.
5. Improved Employee Engagement
Encouraging qualified referrals can be the best way to engage your employees in more meaningful ways. When a company asks staff members to find the next great hire in their organization, they feel more empowered. At the same time, it’s a feeling of accomplishment for them by helping their friends achieve their next career move.
When it comes to finding candidates with specific life sciences skills, employee referrals have proven effective time and time again. Referrals are a great way for recruiters and hiring managers to fill positions with “pre-recommended” talent that possess the critical skills and cultural fit you’re looking for.
Sci.bio is a leading recruitment and search firm based in Boston. We specialize in finding and hiring the best talent to fill temporary openings, long-term positions, and executive roles in the Biotechnology, Pharmaceuticals, and the Life Sciences industries. To learn more, visit our website today!