Aug 30, 2013

Make the most of referral rewards with Wisestep

Mr. Roy referred Nathan for a plum job at a reputed investment bank.

Two weeks later Nathan was hired.

Nathan, wasn't even looking for a job.

He was surprised when he got the interview call from the company and, ecstatic when he got into a wonderful firm, a job he would give anything to get.
All because his friend Mr. Roy knew Nathan's skills and figured he would be perfect for the offered position.

Nathan got hired because:

a) Mr. Roy who referred Nathan, was an existing employee of the company. Existing employees understand the requirements, challenges and benefits of working with a particular company. They also understand what it takes to work in such an environment. Hence, they best understand if a person they already know would be likely to suit the open roles, in the company they work in.

b) Companies like the investment bank in question, and the like receive hundreds of applications each day for open positions, through their website. Whenever they receive referrals, referrals are given priority over those hundreds of other applications, and interviews are conducted for referrals first.

New York Times reports, “Although Ernst & Young looks at every résumé submitted, “a referral puts them in the express lane,” said Larry Nash, director of experienced and executive recruiting there. Indeed, as referred candidates get fast-tracked, applicants from other sources like corporate Web sites and job fairs sink to the bottom of the pile.”

The most desirable candidates, nicknamed “purple squirrels” because they are so elusive, usually come recommended, that is,through referrals.

Its definitely possible that someone you already know may know someone who can help you find the job you're looking for. Which is exactly what referrals are about.

Referred candidates are twice as likely to land an interview as other applicants, according to a new study of one large company by three economists from the Federal Reserve Bank of New York. For those who make it to the interview stage, the referred candidates had a 40 percent better chance of being hired than other applicants.

Referral programs carry important benefits for big companies. Besides avoiding hefty payouts to recruiters, referred employees are 15 percent less likely to quit, according to Giorgio Topa, one of the authors of the Federal Reserve Bank of New York study.

As a result, within the last two years, firms like Deloitte, Ernst & Young, and Booz Allen have created dedicated teams within their human resource departments to shepherd prospects through the system. Over all, Deloitte receives more than 400,000 resumés a year, but recommended employees are guided along by a 12-person team.

In particular, Wisestep has altered the hiring landscape, making it easy for recruiting departments to trace connections between job candidates and their own employees by using its database and software.

Jobs posted on Wisestep that offer referral rewards let you gain in three easy steps:

Select jobs with Referral reward> Upload friend's CV > Submit

And you're done.

Why not get started now?

Did you know that Wisestep allows you to post and share jobs using LinkedIn groups?

Check out our referral rewards section to refer friends and win, just with a click.

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