Boosting Sales Recruiting with a Referral Bonus
Referral Bonuses Can Help Your Recruiting Efforts
You teach your sales representatives to ask for referrals from their customers. But do you remember to ask your sales representatives for referrals? Your sales representatives are a key component in your company's success, and if you're like most companies, you probably do a lot of ongoing recruiting.
Current sales representatives are one of your best resources when it comes to finding new talent. If you are not getting regular referrals for new sales representative candidates from your current sales team, you should find out why and then rectify the situation.
Why You Should Offer a Referral Bonus
Because your sales representatives are so valuable to the success of your company, you should be willing to pay them not only for making sales, but also for helping you find more great sales professionals just like you.
Good sales representatives tend to be a certain type of person—confident, friendly, responsible, and able to plan and manage their own time effectively. We’ve found that successful sales professionals tend to have friends who also fit this profile.
So it only makes sense for you to encourage your sales representatives to think about whether there’s anyone else in their circle of friends and acquaintances who fits the profile of a great sales representative.
Friends are the Best Team-Mates
One of the things we focus on a lot with our sales teams here at Netpique sales outsourcing is team building. When we all work together and support one another, everyone does better. That’s why we have teams in the first place.
Hopefully your company has a similar emphasis on team building and encouraging friendships. But it’s also great for the team dynamic to bring people on who are already friends of one or more of the current members of a team.
How Our Referral Bonus Works
Simply put, if one of our sales representatives tells a friend about a job opening at Netpique and he or she gets hired, the referrer gets $100 (and the friend gets a great job). It’s a win for the sales representative, a win for the friend, and a win for Netpique sales outsourcing.
The referral bonus is fairly straightforward, but there are a few rules:
1. The referring employee must be actively employed at the time the payment is awarded.
2. The referring employee will be eligible for the bonus only after the referred employee has been on payroll for a contiguous four weeks.
3. The referring employee’s name must appear on the referred employee’s application (at the bottom of the first page, where it asks where the applicant heard about the job. HR will subsequently double-check with Recruiting to verify that the applicant came in via referral.
4. Only one employee may refer an applicant (if more than one employee is named, HR will consider only the first employee named).
Once the friend is hired on and has been on payroll for four contiguous weeks, the referral bonus appears in the sales rep's next paycheck. It’s as easy as that.
Make Your Employees Want to Refer Their Friends
The first thing you need to do is make the job one your employees value. If they don't feel well respected, compensated, and trained at work, they won't want to refer their friends. Make sure you provide an attractive compensation and benefits package and opportunities for professional development and career advancement.
Then, just make sure you publicize the referral bonus. Post it in the office, send out regular reminder emails, have your sales managers mention it regularly in their meetings. Be sure to keep it at the top of everyone's minds.
Netpique sales outsourcing provides sales consulting, as well as other sales services for companies. Contact us for a free consultation to see how we can help your business.