As places like Silicon Valley grow, and more and more SaaS and PaaS companies come out of the woodwork, the broader the horizon of HR grows. Everyone and their mother is creating the next best thing in the world of human management; recruitment, payroll , and retention have all become increasingly efficient and effective creating even more cohesive work environments.
As the nature of HR is of course, humans, the technology they use must keep up with the demographics of the workforce. As it stands millennials are rapidly taking over the workforce, since 2015 they have stood as the dominate generation in the workforce and they are rewriting the parameters of standard employee practices. Forgotten are the days of young college graduates joining a company for life; employees have become more fluid in their decisions to move companies. according to a study by Clutch, 32% of millennials said they are likely to leave their job within the next six months, compared to 11–12% of GenXers and Boomers.
It is the duty of Human Resource managers to combat this psychological shift in commitment to employers. The companies who fail to do so will fall under the umbrella of the staggering $30.5 billion spent on millennial turnover in the U.S. annually. Now the question becomes, how can I retain my millennial employees?
Social talent acquisition is no new concept — the idea that current employees talk to their friends about how wonderful their job is and encourage their friends to work there, has always existed. But what hasn’t existed until recently is an obscenely large platform for this content to be displayed; this is of course, social media.
Facebook, Twitter, Instagram, and now LinkedIn have a tremendous potential for talent acquisition that HR executives have failed to utilize in years past. When you look at the numbers there is an impressive amount of evidence supporting the use of social talent acquisition. The average person has 338 friends on Facebook, 930 connection on LinkedIn, and 707 followers on Twitter. If you don’t want to do the math that means that the average employee has 1,975 connections across all of their social media platforms. And as more and more millennials enter the workforce that number will only continue to climb.
Fluree Advocate is your social talent acquisition application. It equips HR leaders with a one click solution to empower your employees to promote your employer brand across their social media connection, all backed by the concept of social proof. Social proof is the idea that people have a tendency to ignore and distrust advertisements due to their nature, but will inherently believe people they know. Everyone within their social media network is someone that they know, and therefore trust. `
By using Advocate you can drastically increase the number of referral hires, which come with a great number of benefits to the organization. Referral hires have 40% hire retention rates, are 25% more profitable than regular hires, and save the company about $3,000 per hire.