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Referral Rate
The employee referral rate is the calculation of the number of employees hired and a number of candidates referred by employees under the employee referral program. It’s a structured internal hiring program where companies find good talent by asking their existing employees to refer their friends and acquaintances and in return, they receive a referral bonus or reward.
The highest percentage of recruitments are occupied by employee referral programs as it gives a superior quality of hire to organizations. Employee referrals are the most efficient recruitment strategy currently as newly hired employees stay longest and have lower turnover rates.
