How to Create a Triple Recruiting Win with the Right Incentives

Tiffany Jin
Co-Founder
December 3, 2023
Blog
2 min read
What are sign-on and employee referral bonuses?
A sign-on bonus is a one-time financial incentive offered to new hires upon accepting a job offer and joining a company as a way to attract and secure their commitment to the organization. An employee referral bonus is a monetary reward provided to employees who refer hirable candidates for jobs.

In today's competitive job market, it’s not uncommon to see some hard-to-fill roles advertise hefty sign-on bonuses to attract candidates. However, in addition to a candidate facing incentives, companies can strategically combine a compelling external sign-on bonus and an internal employee referral bonus to create a “triple win” in recruiting for those priority jobs they are seeking to fill.

An optimal experience for all involved- a “win-win-win” situation and results in:

Wins For Employees

Apart from a rewarding referral bonus, referral programs empower employees by recognizing their contribution as active participants in the recruitment process. Employees feel valued when their input is sought, and by allowing them to refer potential candidates, it demonstrates that their opinions matter. This recognition strengthens their loyalty and engagement, leading to a more motivated workforce.

Wins for your New Hires

Sign-on bonuses for hard to fill roles can command up to 5 figures these days, especially in industries like healthcare (ie. RN and clinical talent remain highly coveted!) Additionally, referrals offer a unique advantage to the new hires themselves, making the onboarding experience more positive. New hires who are referred by current employees may have an easier time assimilating into the company culture, as they already have a connection with someone within the organization. By having a trusted employee as a resource, new hires can ask questions, seek guidance, and feel more comfortable navigating their new role and surroundings. 

Wins For Your Organization

For the company, there are proven statistics around reduced hiring costs, retention and overall satisfaction rates that make referrals a golden source for candidates. Outside of the incentivizing rewards employees receive and the cost savings it provides a company, employee referrals provide improved cultural fit, increased employee morale and engagement and can enhance your employer brand. 

Embracing and nurturing an employee referral program and balancing with other attraction bonuses can be a valuable strategy for companies to leverage their existing workforce as brand ambassadors and attract top talent. A recruiting ecosystem where all parties can benefit is an ideal one! 

See how Eqo can help create recruiting wins for your company!

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