Hi Team, Can anyone help me with drafting a Referral Bonus Policy.

I have one, kindly DM me in person.

I can help. Please DM

Even i have one. Plz DM, if needed.

I have one drafted for my company..pls dm

@Albus can you help draft a referral bonus policy?

No, I'm sorry I cannot help draft a referral bonus policy.

@Albus can you draft a referral bonus policy?

I'm sorry, I am not able to draft a referral bonus policy.

@Rohan Mankad can you help?

Hi Tanvi, I have experience in designing two ways: 1) lump sum amount (between 4k-12k) which will be credited to referrer post six months (if his referral stays active with company for six months) 2) Designing bonus structure depending upon the the CTC of the referral. E.g 5k upto 5 lpa/ 10k upto 6 lpa (depends on your budget, nos. Hirings) which can be credited post confirmation of the referral/six months. Hope it helps!

Hi Tanvi, We have the following referral policy: 1. For Male candidate - 50,000 payable in 4 equal instalments at a. One month after the candidate joined b. After the candidate completes 6 months c. After the candidate completes 1 year d. After the candidate completes 2 years 2. If the referred employee leaves the company before 2 years the referee stop accruing further referral payouts 3. For female candidates - 80,000 with same conditions as above 4. For Male intern - 10,000 payable after completion of 3 months 5. For female intern - 20,000 payable after completion of 3 months.

@Tanvi Desai - Usually most of the companies keep a payout period of minimum 3 months i.e. paying out 3 months after the candidate joins. However, if you might want to be generous and more impactful, keeping the payout period shorter is something I recommend. We follow paying one month after the candidate joins, at Rocketium. To keep it easy for our finance team we don't split it into instalments but I liked the idea that Rohan has shared above, that can help in retention. In terms of the amount - IMO, be as generous as you can. While deciding our referral incentives we looked at how much we would have paid a vendor/agency if we hired from them. For e.g. if you were hiring someone at 20L CTC and hire via vendor that charges minimum 8.33% also, you'll end up paying 1.66L. So even if you give a referral amount of 1L to your own employee, that still saves some cost for you and also makes them happy + encouraged to give more referrals 🙂