Employee Referral Program

Beginner 👥 Human Resources

Definition

A scheme where you get a monetary reward for convincing your friends to work at your company, hoping they forgive you if it doesn't work out.

Example Usage

We're offering a $3,000 referral bonus for any successful hire through our employee referral program.

Origin

Became prevalent in the 1990s as a cost-effective recruitment strategy

Fun Fact

Employee referrals have a 45% one-year retention rate, twice the rate of external hires

Source: Talent acquisition strategies

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lockout

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coerse

An archaic or regional slang verb meaning to move, come along, or go with someone—like convincing someone to join your...