I do maintain though that cold reach out is more often harmful due to the barrier of HR/recruiting built to prevent this from happening, and you trying to go around that will likely cause trouble.
Also, when you reach out to the employees for "the referral", what does this even mean? If the person knows you, worked with you, or went to college with you, then they can refer you, but if they haven't even met you and don't even know if you're real, what are you asking them to do? "Hey boss I got this email from this guy he says he's a good fit for this role we have open, do you wanna hire him?", is that it?
DO research the company. DO research the role, the team, the manager, the environment, the toolsets, the issues they're facing. Do NOT flood people's inboxes asking for "referrals" whatever that means.