We’d all like to have a bit of extra cash going into the new year. So, what are some options? Here’s how WHO you know could earn your money!
How Can Knowing Someone Can Earn You Money?
Do you know a talented and motivated person? Are they looking for a first job, a new position or maybe thinking about a change? If so, you could help yourself AND them by making a referral.
What Is a Referral?
When a current employee recommends someone for open job at their organization, this is known as a referral. The person could be a friend, family member or acquaintance. Lots of companies actively encourage referrals. Why? Research shows referred candidates often outperform regular applicants. Referrals are more likely to receive and accept an offer, and they tend stay at the job longer. (Harvard Business Review, 2020)
How Can a Referral Turn Into Cash?
Since referrals save organizations time and money plus produce better hiring results, many companies give referral bonuses. These may be in the form of extra time off, gift cards or cash rewards. For example, BOS Staffing pays $50 for a referral. However, most businesses have a few ground rules. Simply suggesting someone usually isn’t enough. The candidate may need to accept the job or stay for a certain length of time before you receive the bonus.
Tips for Making an Effective Referral
Keep in mind, a referral reflects you. So, be careful. While recommending a top candidate makes you look good, recommending a slacker makes you look bad. Of course, you can’t guarantee how well or poorly anyone will perform. Nevertheless, make thoughtful suggestions by following these guidelines.
- Assess Fit
Ask yourself, “Is this person right for this job?” Consider not only education, credentials and skill set but also personality. After all, if the person lacks key qualifications or is a poor culture fit, you’re wasting everybody’s time. - Provide Insider Insights
As an employee at THIS organization, you have a unique and informed point of view. Offer your potential referral insider insights by discussing corporate culture, work/life balance, management style and more. This information gives them a better idea of whether they should apply. - Don’t Be Pushy
Ultimately, application/hiring decisions aren’t up to you. Once you’ve made a referral, step back. You shouldn’t be pressuring someone to apply or pestering your company to make an offer. Additionally, you may wish mention to the person you referred there’s a bonus involved. (If they’re hired, they’ll figure it out anyway.) Being honest prevents bad feelings. In fact, if everything works out, they’ll probably be excited you’re both benefiting.
Would You Like to Earn More Money?
Check out our blog post, How to Make More Money. Or give BOS Staffing a call! Our recruiters can help you AND your friends find a higher-paying job with more competitive benefits in Atlanta, Georgia, and beyond. Refer a friend here, and learn more about the advantages of working with BOS today!
