Rather than having a set referral bonus, allow employees to decide how they would like to be rewarded for their efforts.
You may need to set some kind of limitations, but employees will be happier with their reward if they have a say in what it is. Think about it, if the number one reason people make referrals is to help a friend find a job or to help the company, imagine how much of a motivator charitable donations would be.
And anyone who is willing to bat for your company and attract great candidates should be deserving of a little bonus to say thanks for their efforts. Here are a few tricks of the trade for promoting your employee referral program and referral bonus. Employee referral programs and bonuses are not as common or intuitive as you may think.
Many people have never worked for a company that offers such a benefit, and even if they have, programs change from company to company. Create clear documentation for employees to reference before they make referrals. Additionally, provide employees with talking points and content they can share with people in their network to ensure they stay true to your employer brand.
If your team is full of competitive go-getters, a competition is a great way to encourage employees to make referrals. Offer an additional bonus for employees who make the most referrals in a set time or who refer hard-to-fill positions. Make sure to include content about your program and referral bonus in recruitment marketing materials.
This is particularly important if you offer bonuses to people outside of the company. Spread the word with social media recruiting and you may even find your next new hire is actually an external candidate wanting to make some extra cash through your referral bonus program. Referral bonuses are a great way to incentivize employees to recommend candidates within their networks and help your team connect with qualified candidates.
Don't let a compeitive job market slow you down, start offering referral bonuses today and you'll reduce your time-to-hire and cost-per-hire in no time. Plus 6 reasons to have a referral bonus. Bailey Reiners.
February 3, Updated: July 11, Image via Shutterstock A referral bonus is an incentive that motivates employees to recruit candidates from within their networks. Why you should offer a referral bonus Image via Shutterstock Referral bonuses can make a significant impact on your hiring efforts, especially in a candidate market where talented professionals have a wealth of employment options.
You want to save money Who doesn't? You need to meet goals after closing a round of funding If you just closed a round of funding, then you have lots of cash great! Attracting talent can be challenging for businesses so employees can be a great resource for finding more applicants because they tend to have social networks made up of individuals of similar backgrounds.
Employers typically have a waiting period for the referral bonus to be granted. The candidate an employee finds must remain at the company for a set amount of time to ensure employees are more motivated to find truly qualified candidates.
Usually, employees whose jobs are to find candidates are not included in these programs. For example, a hiring manager or human resources professional would not qualify for this bonus. Likewise, an employee typically can only refer candidates who don't have an existing relationship with the company.
Employers can offer their employees many types of referral bonuses for bringing qualified candidates to the company. Here are nine different types of referral bonuses:. The most common type of referral bonus is a financial bonus. When employees refer candidates, they receive a certain amount of money from the company dependent on the level of the role they need to fill and the demand of the position. A social bonus is when an employee receives social recognition and praise for their help in finding candidates.
For example, the head of the company may give this employee public praise during a company-wide meeting. Instead of a monetary bonus, the company will donate this money to the charity of the employee's choice. Employees appreciate having the money go to a good cause in their name. Tiered bonuses are often given in increments over a period of time and after specific milestones are met.
For instance, they may receive an initial bonus when their reference is interviewed and hired and then receive more money if the candidate stays with the company for a certain amount of time. Raffle bonus programs collect the names of each employee that refers a candidate over the course of specified amount of time. For each additional reference, the employee's name is entered again.
Then, the company has a monthly or quarterly raffle to pick one person's name to get a bonus. Rather than giving out money, a company may choose to give out a valuable prize for referrals. They choose something that most people would want. For example, a new laptop or cellphone would be motivational for most employees. A vacation bonus could be an all-expense-paid trip or a monetary bonus intended to go toward travel costs.
How to Measure Candidate Experience. Blog Topics HR Everything you need to build a better workplace. Benefits From open enrollment to building a benefits package, we've got you covered. Talent Find out how to attract and retain your employees through their entire lifecycle. Contribute Want to submit a guest post? Click here to find out how. Payroll From year-end reporting to employee paystubs, check out these payroll tips and tricks. Compliance Get advice from seasoned professionals about all your compliance questions and concerns.
Client Spotlight Hear clients' stories and learn how they're building a better workplace with Namely. Ask HR HR curveball? Send it our way. Subscribe Thanks for subscribing! Get A Demo. So how can HR professionals create an effective employee referral bonus program?
Here are some best practices to follow: 1. Simplify the Referral Process Imagine your employee referral program was a sales promotion at your favorite store. Have Strong Incentives When thinking of employee referral bonus programs, many employees associate rewards with cash bonuses. Examples include: Extra days off, paid vacations, and team getaways Gym or fitness club memberships Gift cards, spa memberships, retreat centers, beauty salons, and other health facilities Meal vouchers Prepaid services like house cleaning, babysitting, etc.
Subscriptions and premium access to popular digital services, like Netflix and Hulu Charitable donations: Organizations that prioritize social responsibility often donate to charitable organizations on behalf of their employees.
Capitalize on External Referrals External referrals are received from individuals outside the organization that are part of the extended community—such as former employees, clients, or investors. Here are a few ways to incorporate external referrals into your program: Mention the referral bonus in open roles listed on job boards.
0コメント