- Employee referral software is used as an enterprise platform to manage employee referrals and internal talent optimization and mobility. Employee referral software is a program that allows HR management to collect and manage recommendations from employees for job openings.
- Employee referral software helps companies to manage employee referral incentives, referred candidate status, job mail remainder, and list of referred candidates.
- In the tradition employee referral hiring process, HR management faced issues with respect to record management, employee incentive records for recruitment of required positions, and sometimes lost the talented candidate due to referral data conflicts.
- Solution providers are offering standard or customized platforms to reduce HR management work for referral candidates, in order to manage all activities related to the referral candidate hiring process.
- The software helps to improve business processes such as hiring, increase employee engagement, cut down the recruiting cost, increase employee retention, employee branding, and improve communication candidates.
- Employee referral software helps to collect all records and analyze the data of the referral employees for the required position. This collected database may be used by the company for future openings within the company.
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Key Drivers of the Employee Referral Software Market
- Increasing adoption of advanced internal job and referral platforms to reduce the time and cost related to new recruitment in companies is expected to drive the growth of the market. Companies are investing in tools to be used in the analysis process of referred candidates according to their skills and talent, which is also expected to boost the growth of the employee referral software market.
- Increasing adoption of cloud based software services is expected to create better business opportunities for solution providers of employee referral software.
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High cost of employee referral software expected to hinder the growth of the market
- High cost of employee referral software may impact the demand for the software among small and medium enterprises, which restrains the growth of the market.
- Small and medium emprises have limited budgets for advanced software for business processes, and lack of awareness about advantages of this software among enterprises is expected to hamper the growth of the market.
Impact of COVID-19 on the Global Employee Referral Software Market
- Companies are facing business downfall and business loss due to increasing impact of COVID-19 on manufacturing and supply chains of products and services. Companies have put on hold all hiring procedures for required positions due to financial constraints and are managing the work with available company staff.
- Demand for employee referral software solutions is decreasing during the COVID-19 lockdown situations; however, it is likely to show better growth during the forecast period due to increasing dependency of companies on digital platforms.
North America to Hold Major Share of the Global Employee Referral Software Market
- North America holds prominent share of the employee referral software market due to increasing adoption of advanced referral platforms among large enterprises to reduce the enterprise expense on recruitment processes.
- The employee referral software market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing investment by major players to provide the solution across the regions and also due to the increasing number of IT and services companies in Asia Pacific and Europe.
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