Radancy’s Employee Referral Program offers fresh opportunities for recruitment in the dynamic healthcare sector. As the demand for healthcare professionals continues to rise, the importance of effective hiring strategies and impactful recruiting channels cannot be overstated. Discover how our solution can assist you in attracting dedicated and highly qualified candidates.
The shortage of healthcare professionals: A modern dilemma
In the current healthcare landscape, it is crucial to attract top-tier healthcare professionals. Hospitals and healthcare facilities are experiencing challenges, particularly in the recruitment of nursing staff. One effective solution to tackle this shortage of healthcare professionals is by implementing employee referral programs.
Why are employee referrals so valuable?
Personal relationships are extremely important in the recruitment process. When employees recommend a candidate, it’s not a decision they take lightly. This is because their recommendation carries a lot of weight and credibility. When an employee recommends someone, it not only shows that they trust and believe in the abilities of the person they’re recommending, but it also reflects their satisfaction with either their current employer or the candidate they’re endorsing.
To achieve success in healthcare staffing, it’s crucial to have highly qualified candidates. Engaging your current employees in the recruitment process provides access to a valuable network of potential candidates who not only possess the necessary qualifications for the role, but also align well with the company’s culture.
Radancy’s employee referral program: Adapted to today’s healthcare challenges
Radancy’s Employee Referral Program goes above and beyond traditional methods, offering unique features designed to address the specific recruiting challenges of today.
- My Referrals App: In the healthcare industry, work is constant, and most healthcare professionals are not tied to computer screens. To ensure that everyone, from surgeons to on-call nurses, can participate in the referral process anytime and anywhere, we offer Radancy’s My Referrals app. This empowers all employees to recommend candidates at their convenience.
- Reward Store with Diverse Incentives: Motivation comes in many forms. That’s why Radancy has created a reward store that offers both monetary and non-monetary incentives. This allows you to provide a wide range of rewards to your employees, catering to their various needs and preferences.
- Customized Rewards for Key Roles: At Radancy, we understand that different roles deserve different rewards. Our employee-referral program enables you to customize cash rewards, ensuring that high-demand positions receive the recognition they deserve.
- Full Integration: Seamless integration into existing systems is crucial. Radancy offers integration capabilities with over 50 applicant management systems, streamlining the recruitment process and making HR teams’ work more efficient.
Employee Referrals: The economics of efficient talent acquisition
Managed efficiently, referral programs can lead to significant cost savings. As an illustration, according to Radancy’s 2023 Employee Referral Benchmark Study, 50% of companies have stated that their employee referral program resulted in cost savings for their recruitment efforts. Remarkably, a quarter of the participants reported saving more than 10% of their recruitment costs.[1]
These savings are partly achieved by reducing reliance on other recruitment channels, such as staffing agencies or headhunters.
Furthermore, candidates who are recommended by employees have a shorter time to hire. While the average time-to-hire is 50 days, it’s only 35 days for recommended candidates. This means that, on average, the time-to-hire is 30% shorter for recommended candidates. [1]
This shorter time-to-hire also leads to resource savings and a reduction in recruiting costs. Additionally, it enables quicker fulfillment of urgent job openings. In addition, onboarding recommended candidates tends to be quicker. These candidates have already gained insight into the corporate culture and work processes through their recommenders, making their integration into the team smoother and shortening the familiarization period.
Employee retention: The long-term benefits of employee referral programs
As vital as recruiting new employees is retaining the current ones. A recent study by Friebel and colleagues has demonstrated that employee referral programs can effectively reduce turnover by 15-20%. One contributing factor is that recommended candidates tend to have longer tenures with the company. In the first five months after joining, the turnover rate for recommended employees is as much as 48% lower compared to non-recommended employees.
Referral programs not only affect the loyalty of new hires, but also have a positive impact on the loyalty of existing employees. Involving existing employees in the recruiting process makes them feel respected and valued, which in turn strengthens the employer brand and boosts the satisfaction of the current workforce.[2]
Considering the future: Digitalization and the evolution of referral programs
Digitalization is reshaping the demands of recruitment processes, especially in the healthcare sector. Radancy’s employee-referral program is well-prepared to adapt to these evolving needs, offering features such as app-based referrals and seamless integration with over 50 applicant tracking systems (ATS).
Our technology expands the scope of employee referrals and simplifies the process for employees to refer candidates quickly and effortlessly. Additionally, recruiters save valuable time by seamlessly integrating the program into their recruitment process. In doing so, Radancy actively aids in addressing the challenges in healthcare recruitment and assists companies in efficiently and precisely attracting and retaining top talent.
Radancy: A strong partner in referral recruiting
Recruiting in the healthcare sector presents unique challenges, especially given the persistent shortage of skilled workers. This is where Radancy’s employee-referral program shines. We not only provide an effective solution but also serve as a trusted strategic partner in your recruitment process. Interested in gaining a deeper understanding of how Radancy can enhance your company’s recruitment efforts? Our experienced team is here to provide valuable insights and guidance.
Sources:
[1] Employee Referral Benchmark Study 2023. Radancy. (2023). https://www.radancy.com/en/employee-referral-benchmark-study-2023
[2] Friebel, Heinz, M., Hoffman, M., & Zubanov, N. (2023). What Do Employee Referral Programs Do? Measuring the Direct and Overall Effects of a Management Practice. The Journal of Political Economy, 131(3), 633–686. https://doi.org/10.1086/721735
