NEW YORK (MainStreet) — These days, it’s not what you know that can land you that mint career gig — it’s who you know.
That’s not hyperbole.
At Booz Allen, the management consultant firm, more than 55% of new employees are referrals from existing employees. The firm reports it gets 1,700 referrals from employees monthly through a program the firm calls “vital” to its recruitment efforts.
Jobvite, an online employee recruitment firm, says that employee referrals account for 40% of hires nationwide. Referred employees also find jobs more quickly. Jobvite says applicants hired after a referral take 29 days to start working with a company, compared with 39 days when they come via a jobs board and 55 days via career recruiting sites.
It’s clear employees are getting the message and are well aware that social and business connections are the leading driver of new job offers.
According to Lee Hecht Harrison, a Woodcliff Lake, N.J., talent development company, about 50% of U.S. workers say their connections were most helpful in advancing their careers. Overall, 47% point to connections as the reason they landed their last job (30% say “on-the-job-training” made the big difference, and 14% said cited having a good mentor).
Only 9% said their college degree opened the hiring doors for them. “While a degree credentials a job-seeker, it’s the relationships we nurture and the reputations we build that invariably lead to more opportunities for advancement," says Jim Greenway, an executive vice president at Lee Hecht. “More and more, hiring managers and recruiters are relying on referrals and recommendations for sourcing and hiring new employees,” he adds. “Job seekers need to use their connections — online and in real life — to uncover open positions and gain introductions.”