I have been recruiting thousands of employees for 25 years now – and this is easily the best recruiting tactic I’ve ever heard of for getting true A Players. It’s a twist on the old internal referral bonus…
I cover a ton of other systems on recruiting and interviewing here – but this one is fantastic…
- All employees are eligible.
- Any employee referring another person from outside the company who gets hired earns a bonus of 100% of that employees starting salary. i.e. refer a person who earns $120,000 and you earn a bonus of $120,000
- The bonus is paid out 10% a year, for 10 years. So you’ll earn $12,000 a year for the next 10 years…
- Caveat is – both of you need to be working for the company for the bonus to keep being paid out. If either of you leave for any reason – it stops.
- Keep referring new hires, and you’ll keep adding new bonus amounts on top of the others.
The best part of this is, internal employees will work to keep people happy so they stay, you’ll have a built in happiness machine.
Seems expensive at first blush – but it will drive great new people into the company, and the longer people are with you, the more skills and culture they’ll build up for you.
For information on this topic, check out: Leadership at 100MPH.