One of our larger customers, also one of the nation’s fastest growing financial services firms, compiled a total of 4829 referred candidates in a one-year period, through referrals made by the 2955 employees who had registered for the referral portal. Note that not every registered employee made a referral during that time period.
Of those close to 5000 referrals, 11.2% were hired by the company.
At an average referral bonus fee of $300, that’s $162,000 in referral bonuses paid over the course of the year for those hires (assuming each one met the initial term period of employment before the bonus would be paid).
Since we do not track hires made through other sources (job boards, external recruiters, career site, social media, etc.) we don’t have any method of comparison, but we would be interested in hearing from other companies that hire hourly workers in volume, what % of your total hires were made through referrals, and what is your referral-to-hire ratio, and how does it compare with these numbers?
Learn more about our pay-for-performance employee referral portals here.