Employee Referral Software Market - Introduction
- 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.
Key Players Operating in the Global Employee Referral Software Market
- Workable Technology Limited
Workable Technology limited is a global provider of hiring platforms to businesses. The company offers advanced AI based and automated solutions to expand the hiring process which includes offer letter releasing, selected candidate listing, and other processes.
- Talentry GmbH
Talentry GmbH is a global provider of recruitment and application process solutions. The company offers candidate relationship management and employee relationship management for businesses. The company has integrated an application tracking system and talent relationship platform to augment the performance of the employee referral software.
Other key players operating in the global employee referral software market includes Teamable Inc., Cornerstone Recruiting, ERIN Technology LLC, RolePoint Inc., and REFFIND LTD
Global Employee Referral Software Market: Research Scope
Global Employee Referral Software Market, by Deployment
- Cloud Based
Global Employee Referral Software Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Employee Referral Software Market, by Industry
- IT & Telecom
Global Employee Referral Software Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.