There are several factors that could go into your budget. The goal is to set a low enough budget to get a good Return On Investment (ROI) using Preferhired, but not so low that you jeopardize Referrer activity. It must be worth their time, and yours! A lot of thought can go into creating a budget for the Apply, Interview, and Hire rewards. Here’s some information to help:
Staffing firms typically charge 20-30% of someone’s salary as a “Placement Fee." What could you offer Referrers to be competitive, yet less expensive than this service?
Whether you set a budget or not, every job board contract offers you an ROI (good or bad). How many job Applies did you receive from the total spend? How many Interviews did you conduct of those Applies? How many Hires did you make from that job board?
What does your current Employee Referral Program offer? Is it competitive according to the employees? Does it take too long to get paid?
The average job board apply is roughly $25 ( whether qualified or not). Remember: Employee Referrals have the highest applicant to hire conversion rate. Only 7% apply, but this accounts for 40% of all hires. What is a qualified referred candidate worth to you? We bet a lot!
Our team of experts would be happy to help you select a budget. You can also compare your own jobs to similar positions on the search page to ensure your bids and budget are competitively placed.
Please email firstname.lastname@example.org to get started or if you have any additional questions.