What is the best source of candidates?

Employee referrals will always come up as the best source of hire in any research that I have read.

But I have a warning!

A company we recently did some work with made virtually no hires that were not from an employee referral. The good news was that their cost per hire was very low. They didn’t even pay employee referral incentives. It was even better when we looked at their employee retention and found their staff turnover was very low. All good and no need for intervention here we thought.

However, this mid-sized national company was losing market share and not hitting its revenue targets. Long story short was that new hire profile directly matched existing employee profiles. Yes, a happy content bunch of underperformers. The market had changed and competitors were hiring a very different and diverse group.

The issue… “like attract like’ and whilst this may be convenient and cost-effective it may not get you the result you want. A bit like using the “old boys” network… yes it has a place but not always and not without rigor in the process!

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