About the Employee Referral Bonus Policy

What’s an Employee Referral Bonus?

A referral bonus is a financial incentive offered by a company to an employee who refers a job candidate who is subsequently hired by the company.

Referral bonuses are often used by companies as a way to attract top talent. Employees who are already familiar with the company and its culture are often in a good position to identify and refer qualified candidates who will be a good fit for the organization.

Why We Do Employee Referral Bonuses

At [Company Name], we believe that our employees are our greatest asset, and we are committed to supporting them and recognizing their contributions. As part of this commitment, we offer referral bonuses for new employee hires.

Our referral bonus policy provides a cash bonus to employees who refer successful candidates for open positions at our company.

Our Employee Referral Bonus Policy

Specific details of the policy are as follows:

1. Employees who refer successful candidates for open positions at our company are eligible for a referral bonus.
2. If the employee you refer is a direct report to you, you are ineligible to receive a referral bonus.
3. The referral bonus amount will be determined by the position and level of the successful candidate. The exact amount will be provided to the referring employee at the time of the referral.
4. The referral bonus will be paid to the referring employee after the successful candidate has been employed with our company for a period of 90 days.
5. The referral bonus is subject to all applicable taxes and withholdings.
6. Employees are limited to referring a maximum of three candidates per calendar year.

We believe that our referral bonus policy is a valuable way to recognize and reward our employees for their contributions and to support the growth and success of our company.

You can use the following templates to share our open positions with your network:

Email Template: Employee Referrals from External Network

This email template was created by recruiting software and hiring platform Workable.

Email Subject Line: We’re hiring! / Do you know a great [Job_title]?

Hi [Include recipient’s name, if you send to a specific individual],

Word on the street is that [Company_name] launched a search for a [Job_title].

As you may already know, here at [Company_name], we always want to collaborate with talented people and we’d like your help to find our next team member.

This person will be responsible for [Include 1-2 key duties and link to the job description, e.g. “This person will join our team of mobile developers and will be responsible for improving our iOS applications.”]

[It’s best to add some must-have requirements for the position, e.g. “Experience with Swift and interest in mobile technologies are required for this role.”]

It’s a great opportunity for a [Job_title] who wants to [e.g. work in a diverse environment and serve customers like X, Y, Z / to be part of a growing team and help us build X product / join our X team, work with high-end technology and attend global conferences that will help them develop professionally.]

If you know someone who you think would be a good fit, it would be great if you could refer them [e.g. by emailing their contact details or resume.]

Please feel free to contact me via email or at [e.g. 1-444-555-2222], if you have any questions.

Thank you,

[Your name]
[Signature]

Email Template: Refer a Friend for a Job

This email template was created by recruiting software and hiring platform Workable.

Email Subject Line: We’re hiring! / Refer a friend to work with us!

Hi all,

As you know, here at [Company_name], we are always looking to grow our teams with talented people, just like you.

If you know someone who you think would be a good fit here, let us  know. To make this process easier for all, please refer your friend by  answering the following questions:

• What’s the name of the person you want to refer and how do you know them? (e.g. “X is a former colleague from Y company”)
• For what role(s) will this person be suitable for? (e.g. Account Manager in the Sales department)
• What’s their main area of expertise and their most significant skills? (e.g. “solid knowledge of X HRIS system and experience managing payroll for large companies”)
• If you’ve previously worked together, mention one or two things that make your friend a good coworker. (e.g. “always meets deadlines”, “gives memorable presentations” or “is willing to help fellow team members”)
• Why do you think this person would be a good fit for our company?  (e.g. “has a broad network and can help us expand our customer base,”  “is very creative and passionate about web design and can contribute  with new ideas” or “works well under pressure and will help our team  stay organized.”)

Please attach your friend’s contact details and resume to the email and leave next steps to us.

[It’s best to mention whether you offer an employee referral  bonus program, e.g. “Keep in mind that if we end up hiring the friend  you’ll refer to us, you’ll be eligible for one additional PTO day as a  bonus.”]

Don’t forget to regularly check our careers page [add link] for new openings.

If you have any questions, feel free to contact [add appropriate person’s name and contact details, e.g. recruiter’s name with a link to their email].

Thank you!

[Your name]
[Signature]