Referrals are the #1 Source of External Hires

The 8th Annual Source of Hire Study from CareerXRoads published this February affirms once again that for those hires originating from external sources, referrals from current and previous employees, customers, and vendors are the number one external source, accounting for 27.3%.

Nearly 40% of all positions filled within companies result from internal transfers or promotions. Interestingly, job boards (excluding company sites) produce only 12.3% of external hires and seem to have reached their peak.

These facts make cultivating “insider” connections one of your best sources for job leads. With the implied endorsement from a trusted source that you have when referred to a company, you gain a great advantage over your competition. Not only are you most likely going to get an interview ahead of the pack, you are also an attractive candidate due to the fact payment to a recruiter may be partially or totally removed from the equation, substantially reducing the employer’s cost of hiring.

In a tough job market, proactively building your network is arguably your best strategy to identify and pursue a new job before hundreds or even thousands of others have beat you to the door. My colleague and fellow contributor to this blog, Debra Feldman (an “Executive Agent” who helps her clients to Network Purposefully™), puts it this way: “More networking relationships and more meaningful dialogues showing employers a quantifiable, unique value contribution to the bottom line are an excellent way to cultivate new employment opportunities.”

Posted by Laurie Smith

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