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Rewards for Referrals

If you bring your employees into the recruitment process and provide rewards and recognition for referring solid candidates to the company, you are generating more than the classic win-win outcome. You are generating a win-win-win outcome.

The company wins because you are hiring strong candidates at a fraction of typical recruiting costs. The second winner is the applicant because he or she gets a job.

Winner number three is the employee who made the referral. This employee should be given a cash award after the new hire has remained with the company for a predetermined period of time, such as three months. Depending on the job level, the reward can be $100 to $500.

In addition, when you hire individuals recommended by your employees, you are showing your high level of respect for their judgment, and this makes all of the other rewards even sweeter.