Employee Referral Bonus Programs
- By Chris Bauman
- Published 18/04/2008
Chris Bauman
With a background in marketing, Chris got his start marketing produce through the major distribution chanels around Australia. He then progressed through various sales roles, management positions and various Entrepreneurial enterprizes that saw him dealing with company CEOs and Marketing managers. Today he uses this diverse background to work with the team at Jobjett.
Your company may be willing to pay you a bonus for helping them acquire vibrant, hard-working candidates. Many HR sources and businesses claim that rewarding employees actually costs less than recruiting and often attracts better workers. Some firms even reward employees for forwarding great ideas like a referral program or even adding a company profile to sites like this.
Here's the Summary
I searched on the web to find a few programs that companies were advertising on their sites and came up with the following. Firms offer anything from $1000 - $4000, through to non monetary rewards such as raffle prizes, additional holidays, and gift vouchers. A lot of the time it will depend on the management at your own company. Are they forward thinking or ....???
Ok so how much does it cost to recruit someone through a traditional recruitment agency – while rates vary, many firms want apercentage of the new employees salary, which can equate to well over the $4000 highlighted above depending on the position. If you also incorporate the cost on time for a manager to do their own recruiting this amount increases quickly. In a nutshell, incentive programs like this will save your company both time and money.
What sort of companies are doing this I hear you ask? Here are a few that you may have heard of that I souced from HR World -
PricewaterhouseCoopers
Ernst & Young
IBM
Intel Corp
Nortel Networks
CareerRewards.com
Automated Concepts Inc
Infosys Technologies Ltd
Virtusa Corp
ReplayTV
What you can do? Start by suggesting that your company start using a referral program for any future positions. Once you hear about a position, start by looking at your own networks? Make sure you look online as well as through your address books.
If you find the right candidate you simply then have to forward their resume to the boss or the HR department along with your recommendation. Once the candidate has been successfully hired you should receive a bonus in your pay depending on the policy that your company implements. Remember that many great employees already have a job and arent really looking – you may know them!
Chris Bauman
The Jobjett Team - Get Headhunted !
To leave a comment about jobs in Australia please click on the title and enter your comment at the bottom of the article. Free listing to approved companies.
Here's the Summary
I searched on the web to find a few programs that companies were advertising on their sites and came up with the following. Firms offer anything from $1000 - $4000, through to non monetary rewards such as raffle prizes, additional holidays, and gift vouchers. A lot of the time it will depend on the management at your own company. Are they forward thinking or ....???
Ok so how much does it cost to recruit someone through a traditional recruitment agency – while rates vary, many firms want apercentage of the new employees salary, which can equate to well over the $4000 highlighted above depending on the position. If you also incorporate the cost on time for a manager to do their own recruiting this amount increases quickly. In a nutshell, incentive programs like this will save your company both time and money.
What sort of companies are doing this I hear you ask? Here are a few that you may have heard of that I souced from HR World -
PricewaterhouseCoopers
Ernst & Young
IBM
Intel Corp
Nortel Networks
CareerRewards.com
Automated Concepts Inc
Infosys Technologies Ltd
Virtusa Corp
ReplayTV
What you can do? Start by suggesting that your company start using a referral program for any future positions. Once you hear about a position, start by looking at your own networks? Make sure you look online as well as through your address books.
If you find the right candidate you simply then have to forward their resume to the boss or the HR department along with your recommendation. Once the candidate has been successfully hired you should receive a bonus in your pay depending on the policy that your company implements. Remember that many great employees already have a job and arent really looking – you may know them!
Chris Bauman
The Jobjett Team - Get Headhunted !
To leave a comment about jobs in Australia please click on the title and enter your comment at the bottom of the article. Free listing to approved companies.
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