Employee referral programs are a core strategy for companies to expand their reach and bring the best talent into the organization.
As an employee though, you might wonder if it’s worth spending the time to understand and participate in your company’s referral program. What can you get out of investing in these programs? Well we’re glad you asked.
According to a study by Maritage Talent Solutions, 69% of companies with a referral program offer cash bonuses between $1000 ~ $5000. While that might sound like a large sum, companies big and small would otherwise spend much more to reach qualified candidates through recruiters and targeted promotions. Referral programs are a win-win for employers and employees by expanding the reach of the organization while rewarding its staff.
Meeting your Next Coworker
There are countless stories about external recruiters screening for the wrong attributes, skills, or flat out didn’t understand the role that the interviewing candidate was meant to perform. As a member of your company, you know best what your team needs, what the culture is like, and whether someone would be the next shining star in your company. Not only that, but candidates benefit from talking to someone that works at the organization they’re applying to, especially in an environment that’s less stressful than that a formal interview.
Landing that Dream Car
Not all job referral perks are bonuses and great feeling of helping your organization find that perfect candidate. ArsDigita, a web development company, was so passionate about bringing in the best talent, they offered actual sports cars to their employees in exchange for successful referrals. Referring 5 successful hires would earn the employee a Honda S200, and 10 hires meant that the referrer got a Ferrari F355. While this hot rod model of incentivizing referrals is unique, the value that referrals bring to companies as a recruiting tool is well established.
Ready to get your start on employee referrals for your company? Learn your organization’s application and referral process and post open positions you feel comfortable referring on workwithme.io. Creating a profile is easy, and you remain anonymous until you choose to reach out to interested candidates and see if they’re a good fit for a referral to your company.
Just like that, you could meet your next coworker.
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