Employee referrals can be the best way to snag top talent. So don't let those referrals go in one ear and out the other.
When it comes to finding good talent, nothing beats a referral. Now Web-based services are helping companies become more proactive about finding word-of-mouth applicants.
Most companies don't have a system in place for managing employee referrals. But TeamRewards automates a business's referral system, so that even employees in remote offices can find out about internal job postings, referral status, and prize and payment information. The service starts at around $500 per month.
PeopleBonus takes a different approach: It's a job board and referral service combined. If a job seeker secures a new position through the site, he receives a bonus worth 5 percent of his first year's salary. Applicants can boost that payback to a 10 percent bonus if they refer friends to use the site, increased in increments of 0.25 percent per referral. This strategy helps keep new blood flowing into PeopleBonus's candidate list. PeopleBonus also offers incentives for companies to use its service: You don't pay to list jobs; you pay only when you hire a candidate. Employer fees are 15 percent of a new hire's first year salary - part of which goes toward paying the job candidate's bonus.
