An employee referral program is a system of a company reward employees for referring new hires.
An employee referral program is a system within a company whereby employees are rewarded for referring new hires. The program is usually structured so that employees receive a monetary bonus, although other types of rewards may be given out as well. The program is designed to help a company find new talent, as employees are more likely to refer candidates who they think will be a good fit for the organization.
The idea behind an employee referral program is that it costs less to hire someone who has been referred by an existing employee than it does to hire someone through other means. Additionally, referred candidates are more likely to be a good cultural fit for the organization and be less likely to leave the company soon after being hired.
There are a few things to keep in mind when setting up an employee referral program. First, it is important to make sure that the program is structured in such a way that it is compliant with all relevant laws and regulations. Additionally, it is important to set clear guidelines for what types of candidates are eligible for a referral bonus, as well as how much the bonus will be. Finally, it is important to communicate the program to all employees so that they are aware of it and can take advantage of it if they choose to do so.
An employee referral program can be an excellent way to find new talent for your organization. By offering a monetary bonus for successful referrals, you can incentivize your employees to help you find great candidates. Just be sure to set up the program in a compliant and clear manner, and communicate it to all employees.
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