Do you have a job? Great. Chances are that there is a way to make some money without working overtime. What am I talking about?
Well, at some places of employment, they may offer a New Hire referral bonus program. Simply put, this is where an employer will give you a specific amount of money for bringing in a qualified applicant into the fold.
Most employers do this for retention and cost effective reasons. Some companies believe that it is more cost effective to hire a referral because there is less leg work and chances are if you are a satisfied employee, your referral could be too.
There are other reasons as well, like wanting to hire the best candidate and turn over rates, but this presents an excellent way for you to profit from referring a qualified candidate that you know personally.
Below I have listed some helpful information and general qualifications to get started.
Who Can Participate?
It depends on whether or not your employer even offers a new hire referral bonus program. Talking to your supervisor or directly reaching out to your human resource department will be your best bet to get a legitimate response.
Typically, you have to be a current employee of a company to refer a new employees but I have heard that some companies may allow you to refer someone without being employed with them.
How Much Can I Get Paid?
It depends. Every company is structured differently and can range anywhere from $200 to upwards of $25,000 for some tech companies.
It’s best to ask your HR department for specific details on how much you could be compensated. But, even if it were $200, would you pass up making an extra $200 on the side just for recommending someone to your company? Of course you wouldn’t.
How Can I Get Started?
Once again, it’s best to ask your supervisor or HR specialist regarding your company referral policy. In most cases they will give you access to a special link that identifies you as the source of the referral and all you have to do is send it out through email, text, social media etc.
Sometimes there is also a place on the initial application where the person in which you referred can mention your name for credit.
Photo by Vitaly Taranov on Unsplash
When Do I Get Paid?
It varies based on the company when you get paid. It is usually after a few months to assure that the new employee will stick around.
Because really, why would they offer to pay you money if your referral is in and out in a weeks time?
How Do I Get Paid?
It can range from cash payments, gift cards, an additional deposit on your paycheck or other non-traditional means.
So, Now What Do I Do?
The first thing that you should do is check with your employer to see if they have a new hire referral bonus program. Duh.
If your company is hiring and you know someone that would be a great candidate for the position, reach out to your HR department to see how you can get the process started.
On my job, my cousin was the one who referred me and he was “able” to receive a $500 referral bonus (had he stayed with the company for my first 3 month period lol).
Another thing to be aware of is “selecting” the ideal candidate. Make sure to view the person you refer through the eyes of your employer. Are they going to be committed to the job? Are they going to fit in with the company culture?
You don’t want the person you refer to be a bad reflection on you.
