What is an Employee Referral Bonus Program?
- An employee referral program is a program through which our employees and external members can refer the people in their networks, such as friends or family, for open positions in their organization.
- Because referrals are so valuable to us at DentalCare, our program includes a bonus / gift payment as incentive to motivate employees to refer more and more suitable people – whilst we wish for this referral program to help our employees feel excited about referring – and working with – the company and their friends.
- Or Referral Program will also allow our Talent Team to provide a better candidate experience for referrals – and consequently everyone applying for a role in the business.
- We are so proud of our People, our Teams – and we hope this program will make it easier for us to hire excellent new team members – that will help every one of our Employees and our business to improve and progress.
Who can Refer a potential new employee?
- This Referral Program is for the Referral of potential Employees to the company by existing staff and by external members
Facts & Benefits of Employee Referral Bonus Programs
- An Employee Referral Program will help us to gauge our Engagement levels with our current Employees because it can indicate through participation how enthusiastic (or not) our employees are about the organisation.
- Referred Employees can also help the company to engage candidates with similar values and qualities – which can create an overall better Employee Experience – especially for our existing staff.
- An average of 29% of Candidates Referred turn into Hires / new Company Employees.
- Referred Employees are more likely than other new hires to stay with the Company – with an average / global Retention rate of 46% after one year.
- Employee referral programs make it easier for your recruiters to reach passive candidates (those who aren’t actively looking for a job but could be convinced to switch).
- Referral Programs can speed up our time-to-hire by 55% - instead of using Career sites. Time-to-hire is reduced both by generating more qualified candidates for an open position as well as helping the Company to build a Talent pool to contact more qualified candidates for when another / more suitable position arises later.
The Reward Structure:
Based on a full time position or as indicated below:
Associate Dentist:
- Initial Payment (on commencement): £750 (for a Full Time Dentist)
- Further Payment (after 6 months): £750 (for a Full Time Dentist)
Dental Hygienist:
- Initial Payment (on commencement): £100 per day
- Further Payment (after 6 months): £100 per day
Practice Manager:
- Initial Payment (on commencement): £200 (for a Full Time Practice Manager)
- Further Payment (after 6 months): £200 (for a Full Time Practice Manager)
Qualified Nurse:
- Initial Payment (on commencement): £200 (for a Full Time Qualified Nurse)
- Further Payment (after 6 months): £200 (for a Full Time Qualified Nurse)
Trainee Dental Nurse:
- Initial Payment (on commencement): £150 (for a Full Time Trainee Nurse)
- Further Payment (after 6 months): £150 (for a Full Time Trainee Nurse)
Receptionist:
- Initial Payment (on commencement): £100 (for a Full Time Receptionist)
- Further Payment (after 6 months): £100 (for a Full Time Receptionist)
How is my Reward Amount Calculated?
- The values paid will be calculated pro rota – based on the number of days worked in that position, in one practice only. For example: You refer Dentist Joe Bloggs – he is successful in his application - and he accepts to work 1 x day in our Swindon practice and 3,5 x days in our West Swindon practice:
- 5 x days = the full amount of £750 (to be paid after starting date) + £750 (to be paid after 6 x months*)
- We will therefore calculate 5 x working days as a full 1,0 – each day therefore qualifies as a 0,2 – and a half day qualifies as a 0,1.
- The Dentist works 1 x day (Swindon): £750 x 0,2 = £150 (£300 for 1st and 2nd payment).
- The Dentist works 3,5 x days (West Swindon): £750 x 0,7 = £525 (£1050 for 1st and 2nd payment).
- You would therefore put in 2 x 1st Claims and 2 x Second Claims (per practice).
- *The second claim is subject to the candidate remaining with the Company – as at 6 months of date.
- Payments will be subject to statutory deductions.