The economic effects of the COVID-19 pandemic have hit recruiters and Human Resources departments hard. Companies still hiring, or those seeking to hire when the economy reopens, should look to employee referral programs to save on the time and cost of recruiting employees.
And this seems to be one of the most popular methods already in play, according to new data from Clutch, a business-to-business ratings and reviews firm. Clutch says more than half of companies with an employee referral program (55%) say it reduced hiring costs. On average, it costs $4,129 to hire a new employee, according to data from the Society for Human Resource Management. Employee referral programs can decrease that cost.
