Employee referrals are the most effective source for new hires that a company can tap into. Referral candidates get hired faster (cutting your recruiting timeline by 55%), and cost less to acquire (saving 80% in fees on average). And the best part? They stay with your company longer.
In 2016, Tradeshift faced growing headcount demands with little-to-no internal referrals coming in. They were dubbed a fast growing tech “unicorn”, raising a Series D round with big hiring goals attached to the raise. Leadership challenged the team to hit an audacious goal: 35% of all new hires should come from employee referrals.
Tradeshift relied on cash incentives that were just not driving the return they needed. So they made the switch to Blueboard, offering exciting, shareable experiential trips and incentives. Instead of cash bonuses otherwise spent on bills, rent or groceries, Blueboard offers employees their choice of bucket list experiences.
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