• November 21, 2023

Referral Rewards for Everyone

Billy Wilcosky

This morning I found a Web3 Talent Acquisition hub called Intropia. The website is very well done. It looks fun. Which is rare for anything related to Talent Acquisition. It’s essentially a job board. But, it’s hip and modern, and you see monetary rewards listed everywhere. People can “introduce” other web3 professionals and potentially get paid. Here’s a bit from one of their blog posts:

The undiscovered power of the introduction

The power of community and networks rules web3.

Web3 hiring is no different — introductions are and always will be the best source of meaningful connections and game-changing deals.

You won’t find the best web3 professionals out in the wild on job boards or responding to your LinkedIn messages and Twitter DMs.

It doesn’t mean they’re happy with their current job or aren’t open to your offer if it’s been shared by their friend or favorite influencer.

We saw this opportunity and built a professional network facilitating meaningful connections and aligning incentives for companies, professionals, and introducers.

Source

We could navigate around these decisions and take risks in an attempt to save money, but I’ve never been one for gambling. Hiring without things like incentives or rewards may or may not work out. It’s a gamble. You may be saving some money now, but throwing money down the drain in the long run. At least with an alternative approach such as spending more money on hiring efforts from the very beginning, you can say you tried everything to employ the best talent possible. You can’t say that if you aren’t willing to offer extra incentives.

It’s about matching actions with intentions. Aspire to be recognized as the pinnacle company of our time. Offer competitive salaries, retain most employees during downturns with the confidence of resurgence, and implement initiatives like widespread referral bonuses. And, getting back to the main point of this article—these bonuses shouldn’t be limited to current staff; extend them to the global community!

What dominates discussions in the recruitment sphere? The challenge of filling those elusive positions. Missing time-to-fill targets. Purple squirrels. The cyclical blame game to decipher why roles remain vacant. Consider this: if your company is perceived as a stable workplace with no tumultuous layoffs or drama, candidates will actively seek you out. If you are a pioneer and do “crazy” things like making the world part of your recruitment team, candidates will actively seek you out. If you build it, they will come. No, wait. If you build it in an unbelievably amazing fashion, they will come.

Take a page from companies like the web3 Talent Acquisition website Intropia. Post job listings with visible rewards for successful referrals—open to anyone. 😱 Imagine this scenario:

“XTech seeks the next AI programming trailblazer—a role pivotal to our success. Due to this being a crucial role, we are offering a $5,000 reward, open to all referrers (even non-employees) through this link. The reward is contingent on proper referral submission and the candidate’s successful 30-day tenure.” Jack, is a Software Engineer at YBinary. Jack knows his friend Jen, who taught him everything he knows, is a perfect fit. He refers his friend to XTech, effectively acting as an extra recruiter. Jen gets hired, 31 days later Jack is mailed a $5,000 check. Everyone is happy.

This approach aligns logically for me. I’m open to counterarguments. One potential contention might be the limited budget allocated for hiring within business groups. Indeed, that’s why I emphasize the need for companies to genuinely prioritize their employees by setting aside more substantial hiring budgets. Also, I know that a shift in mindset among CEOs and board members is needed. As well as, convincing HR, department heads, finance, etc.

So, if you’re in a position that is partially responsible for hiring budget setting, consider this idea. It could be the next big thing. Global, universal, referral bonuses.

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