Employers Still Offering Referral Bonuses
A new WorldatWork survey, "Bonus Program Practices 2008," finds that referral bonuses are the most prevalent type of bonus used by employers in the U.S. In fact, 66% of organizations offer a referral bonus, 58% offer a sign-on bonus, 49% offer an on-the-spot bonus and 30% a retention bonus, according to the survey. "The growth and prevalence of referral bonuses may come as a surprise given the rising number of job cuts," says Alison Avalos, research manager for WorldatWork. "Keep in mind that referral bonus programs were put in place during a tight labor market when employers were willing to reward employees for helping to attract the right talent. And in spite of employee retrenchment, referral bonus programs will continue because tight salary budgets mean employers have to focus on quality not quantity," says Avalos.
Article courtesy of Kennedy Information Recruiting Trends providing leading edge insights and strategies for the recruiting professional
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