In fact, besides companies and sourcing agencies, even referral websites are coming up to tap into the efficacy of the method. Referral Feed, for instance, is one such website in the beta state, which provides agencies and companies with employee referrals. Its official website reads thus:
“We all know the best job candidates come from referrals, and now you have a custom referral generator. Referral Feed improves talent acquisition by identifying candidates who are more likely interested in your opportunities. You hand pick co-workers for a specific team networking group, and Referral Feed’s patent-pending algorithm produces a corresponding list of active and passive candidates. It is simple and quick – both for recruiters and participating co-workers. Most importantly, it will make everyone’s job easier and much more productive.”
But whatever the benefits of ERPs, it can never be a substitute for the traditional methods like placing advertisements in newspapers or job portals on the internet. The reasons for it are many. An employee’s social circle, for example, is limited and can in no way match the vast pool of diversified potential employees, accessed by the other two methods. Hence leveraging recruitment process solely on the referral program would not be a very good idea. But at the same time, it could prove to be a good supplement to the other more popular methods normally used by agencies and companies.