Code of Business Conduct - TwoGreySuits



EMPLOYEE REFERRAL BONUS PLAN

This Employee Referral Bonus Plan Policy template is ready to be tailored to your company’s needs. It should be considered a starting point for setting up your Employee Referral Bonus Plan Policy.

PURPOSE

Our Employee Referral Bonus Plan Policy explains important aspects of our employee referral procedures. We place great importance on referrals because we trust our employees know what’s best for our company. We want to make this process as smooth as possible for our employees and those who they refer.

SCOPE

This Employee Referral Bonus Plan Policy applies to everyone who refers a candidate to our company.

POLICY ELEMENTS

What is an employee referral bonus?

Our company will provide rewards to every referrer. If you know someone who you think would be a good fit for a position at our company, feel free to refer them. If we end up hiring your referred candidate, you are eligible for up to a $3000 referral bonus. Our employee referral rewards sometimes may be higher if we hire your referred candidate in a hard-to-fill role.

Additional rules for rewards:

• We guarantee that rewards will be paid out within 3 months of the date we hired a candidate. (this is taxable income for employees)

• There is no cap on the number of referrals an employee can make. All rewards will be paid accordingly.

• If two or more employees refer the same candidate, only the first referrer will receive their referral rewards.

Referrers are still eligible for rewards even if a candidate is hired at a later time or gets hired for another position.

Who can participate in our employee referral program?

All employees are eligible to participate in our referral program except for:

• Senior management

• Recruiters and hiring managers for positions for which they’re hiring

Hiring managers can’t refer anyone for a position (for which they expect to receive a referral hiring bonus) for which they are directly or indirectly responsible. But, they can refer someone for a position that’s in a different department, office or function. This exception doesn’t apply to executives and senior management.

Vendors, contractors and consultants are also eligible to refer candidates.

Who can be referred?

We have two conditions for candidates who can qualify you for our rewards. They should:

• Have not applied to our company for two years

• Be hired as permanent full time employees (not as temporary employees or contractors)

Our company may use an online form or a platform where employees may refer candidates. You can also reach out directly to our HR department or any hiring manager with your referrals.

Generally, we encourage you to check our open positions and consider your social networks and external networks as potential resources for referred candidates. Remember, we are looking for very good candidates who will also make you look good. In this regard it helps if you have worked with them before or know someone who has.

We may change our referral bonus program over time to add more interesting incentives. We also reserve the right to abolish certain rewards if they prove ineffective or inefficient.

We’ll communicate any change clearly and timely. Employees who referred candidates before a reward was abolished will still receive the appropriate reward.

We’d like to remind our employees that we are an equal opportunity employer and we do

not discriminate in any way whatsoever. We guarantee that all candidates whether referred or not will be given the same consideration and will pass through our established procedures.

BONUS:

More about Employee Referral Bonus Plans

An employee referral program can be a superior recruiting tool: referred candidates are typically cheaper and faster to hire and stay at their jobs longer than traditional hires.

How to make you employee referral program effective:

1. Explain Job Requirements

Employees don’t instantly know what their companies are looking for in candidates. They might have an idea of what “culture fit” means. But specific job requirements may be less clear, especially if employees are asked to refer people who work in different departments and job functions.

Dispel the mystery. Include links to job descriptions when sending emails asking for referrals. It can also be a good idea to highlight what you’re not looking for. Some companies go out of their way to prevent unqualified referrals with a campaign to remind employees that not every friend or acquaintance makes a good colleague.

2. Keep Employees Updated

Employees who refer candidates expect to receive updates on the process. Not hearing back from recruiters can make employees reluctant to refer again, a mistake which undermines your employee referral program.

Communicate when possible. Let employees know what’s happening at every stage of the process. When a referred candidate isn’t selected for an interview, send referrers a thank you email anyway. Encourage them to keep looking for great people. Employees will feel appreciated..

3. Acknowledge Good Referrers

Along with offering monetary referral rewards, try to publicly recognize effective referrers. For example, if one employee has referred 10 people, six of whom were hired in the past three months, you’ve got a star referrer on your hands. Make sure they know you appreciate their effort. Any acknowledgement, ranging from an award to public praise from the CEO, can be meaningful. Make these acknowledgements a key part of your referral program policy.

4. Offer a Mix of Monetary and Non-Monetary Incentives

Money is a popular incentive but selling an experience (e.g. trips, vouchers, or motorbikes) can better market your employee referral program. And some of these incentives, like time off and gift vouchers, are less expensive than cash awards.

Some companies opt for a tiered system: it’s an effective tool to motivate employees to participate in your referral program. Give higher rewards for harder-to-fill positions. Consider offering a flat amount for each referral and then offer more if referred candidates get interviewed, get hired or stay at your company for at least six months.

5. Your Job Application Process

A user-friendly application process is essential to getting candidates to apply for a job, and the same applies to referrals. Your referral process shouldn’t be lengthy, complicated or require lots of clicks. Otherwise, you risk driving referrers away.

6. Experiment With Referral Tactics

Survey employees to find out what prompted them to refer (or, not refer) and what suggestions they have to improve your referral program. A successful referral program continues to adapt by making use of a variety of initiatives. Try different techniques to improve your employee referral program.

Employee Referral Bonus Program Announcement Sample Email

Subject line: Introducing Employee Referral Bonus Program / Help us grow! / We are hiring! Can you help?

Hi all,

As you know, here at [Company_name], we are always looking to grow our teams with talented people, just like you. That’s why; we are excited to announce our Employee Referral Bonus Program. Refer qualified candidates and as a “thank you,” we will offer you [add specific rewards for referrers, e.g. “a discount for X”, “$ X bonus per hire” or “ an additional PTO day.”]

In order to be eligible for the referral bonus, you need to [add specific criteria, e.g. “be working in our company for X months” or “refer a candidate who hasn’t previously applied for a role in our company.”]

If you know someone who you think would be a good fit for our company, let us know. [It’s best to be clear about the employee referral process, e.g. contact the HR department via email]

For more details about the employee referral bonus program, don’t hesitate to contact [add appropriate person’s name and contact details, e.g. recruiter’s name with a link to their email]. Also, don’t forget to check our careers page [add link] regularly for new openings.

Thank you,

[Your name]

[Signature]

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