Extra Earnings From Your Workplace- Benefits Of Employee Referral Policy
Some things like “WORD OF MOUTH” matters to the company the most. Employee referral is one of them, which is a kind of investment by the company, and its return is in the form of more references for the job vacancies in the company. It is the best source of Hiring as it is cost-effective and time-saving for the company.
Every employee has needs and desires which they may or may not be able to fulfil with his/her basic salary. Other than this, our company offers extra earnings for their employee, e.g., An employee referral policy, which is a kind of additional pay to the employee as a reward. Additional pay is any extra financial compensation paid to an employee on top of their base salary. It is also a kind of compensation provided by the company to its employee.
TWS employee referral policy encourages our existing employees to refer any suitable
candidate from their area of the network. Employee referral policy is one of the important sources of recruitment to fill open vacancies in the company by approaching the best referral candidates from existing team members. Any existing team member can refer someone from their personal network whom they feel is suitable to join the company on any of the available vacancies.
Benefits of Employee Referral policy to the employee-
- Lesser Job Search- In the present era, it is very difficult to find a perfect match-making role for yourself. It is a time-consuming task for a fresher or maybe experienced candidate to find a job, so much so that sometimes it causes too many delays. Employee referral policy can be the best way designed by our team to get reach to you.
- Easy Cultural fit- The benefit for the employee is to get themselves adaptive to the company culture and environment more easily. The new employee, in such a case, would know what kind of work is expected from them, and in this case, it is a benefit for the employee to get themselves more easily fit to the expected role for which they are hired.
- Boost Morale– Referral policy can be a morale booster for both the employee and candidate as it gives the partial power of discussion to the employee and familiarity of the company’s working to the candidate, which motivates the manpower resource of the company and results in increased productivity.
- Less Stability Issue- For any employee, stability in terms of the growth path provided by the company can be an issue sometimes. Employee referral policy is an external communication channel for the new candidates regarding the expected work from them, and it can help them to assume their job role for the coming years ahead, which will not hinder their professional development and result in less stability issues.
Rewards For Referring A Candidate
Following are the rewards in terms of cash prizes which are provided to the candidate who refers an employee and works with the company. Following is the stability and reward amount for them in case of fresher reference and experienced candidate reference.
|Sr. No.||Profile||Required Stability||Referral Benefit|
|1.||Fresher or Well Fresher||6 months||₹ 5,000|
|2.||Experienced||3 months||4% of the Annual CTC|
Following are the terms and conditions to be noted for the employee referral policy:
1. Reference shared under the employee referral policy will also have to go through the whole interview process, and if not selected, then no referral benefit will be provided.
2. The referral benefit will be provided after the candidate joins, and the period of stability would be counted from the date of joining.
3. If, in any case, the referred candidate leaves the company before completing the required minimum stability period, then your referral bonus will be cancelled.
4. If the employee who gave the reference leaves the company before the completion of the stability period of the referred employee, then the reference bonus will be cancelled, as you lose the current employment status with Tekki Web Solutions Pvt. Ltd.
5. Employees should take time to time check the career page at our .jobs website and share suitable candidates from their network.
6. Spread the word about our company in your network so that you can get numerous references, and accordingly, you can get as many benefits as you can.
7. We need the existing employee’s stability with the referred candidate’s work stability.
Referring a candidate can be an easy method to get yourself more connected with the company, and it is the best source of 2nd income for any employee. Not only this, Referring the best source to the company adds value to the company resources and contributes to the company’s growth.
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