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Hiring the right candidate is a challenging, time-consuming, and can be an expensive process. When a single job posting attracts hundreds of applications, companies are faced with the daunting task of finding a needle in a haystack. However, referrals offer a promising solution to this problem. By leveraging Draftboard’s platform, companies can enhance their hiring efficiency and improve candidate quality through incentivized referrals.
The Challenge of Finding the Right Candidate
In the competitive job market, companies often receive an overwhelming number of applications for each job posting. Sifting through this sea of resumes to identify the most qualified candidates is not only labor-intensive but also prone to errors. Excellent candidates can easily get lost in the crowd, and the cost of a bad hire can be substantial, both in terms of time and resources.
The Power of Referrals
Referrals have long been recognized as a valuable recruitment tool. Referred candidates tend to be higher-quality hires, often outperforming non-referred candidates. According to a study by Jobvite, referred employees are hired 55% faster than those sourced through career sites, and they stay longer at the company. Additionally, referred candidates are 13% more likely to be satisfied with their job.
Leveraging Draftboard for Quality Referrals
Draftboard takes the traditional employee referral program to the next level by making referral bonuses public and accessible to anyone. Here’s how it works:
- Post Jobs with Referral Bonuses: Companies can post their job openings on Draftboard and add a referral bonus that suits their budget. This bonus incentivizes Draftboard’s network of Scouts to share the job postings within their own networks.
- Engaged Network of Scouts: The higher the referral bonus, the more engagement a job posting receives from Draftboard’s Scouts. These Scouts are motivated to find top-quality candidates because they stand to earn the referral bonus when their referred candidate is hired.
- Pre-Vetted Candidates: Draftboard’s Scouts pre-vet candidates before recommending them. This vetting process ensures that only the best candidates are presented to companies, significantly improving the quality of the candidate pool.
Draftboard’s Cost-Effective Solution
One of the biggest advantages of using Draftboard is that it eliminates the need for traditional recruitment fees. Companies only pay the referral bonus when they make a successful hire, avoiding agency fees, SaaS fees, or platform fees. This makes Draftboard a cost-effective solution for sourcing top talent.
Why Referrals Work
Referrals are effective because they come with a built-in recommendation. When a Scout shares a job with their network, they are essentially vouching for the candidates they refer. This personal endorsement carries weight and helps reduce the risk associated with hiring. Additionally, referred candidates often have a better understanding of the company culture and job expectations, leading to higher job satisfaction and retention rates.
Draftboard’s Integration with ATS
Draftboard seamlessly integrates with popular Applicant Tracking Systems (ATS) like Lever, Greenhouse, Workable, Ashby & Comeet. This integration allows companies to manage their referrals effortlessly within their existing hiring infrastructure. Once a company authorizes the integration, all Draftboard candidates appear in each ATS respective section, ensuring a smooth and efficient hiring process. Draftboard also has a solution for companies without an ATS.
Success Stories
Many companies have already benefited from Draftboard’s innovative approach. For instance, Accrue Savings, a NYC-based company, has successfully used Draftboard to attract top talent without the hassle of traditional recruitment methods. By offering a referral bonus and leveraging the power of Draftboard’s network, they have been able to streamline their hiring process and secure high-quality candidates.
Conclusion
Finding the right candidate doesn’t have to be like searching for a needle in a haystack. By utilizing the power of referrals and leveraging Draftboard’s platform, companies can significantly improve their hiring process. Draftboard’s pre-vetted candidates, cost-effective model, and seamless integration with ATS make it an invaluable tool for any hiring manager. Post your jobs on Draftboard, set your referral bonuses, and watch as high-quality candidates come to you. Say goodbye to the days of sifting through endless resumes and hello to a more efficient and effective way to find your next great hire.
