Question

A company offers a program in which employees suggest to others that they apply for a job within their company. If a referral gets a job, the employee often receives recompense. This is known as:

a) Employee Referral Bonus
b) Internal Networking Initiative
c) Colleague Recommendation Scheme
d) Recruitment Incentive Program

Answer 1

An incentive program where employees are rewarded for referring candidates who are successfully hired is known as an a) Employee Referral Bonus. This recruitment strategy benefits the company by tapping into the personal networks of existing employees and saves costs related to candidate screening.

Step-by-step explanation:

A program in which employees are encouraged to refer acquaintances for job positions within their company, often with a reward for a successful hire, is known as an Employee Referral Bonus. Companies utilize this method as part of their recruitment strategy because it's a valuable tool for employing trustworthy candidates, leveraging the networks of their current employees. Rewarding employees for successful referrals not only motivates them to recommend quality candidates but also helps the company save on hiring costs associated with finding and screening unknown applicants.

Other similar initiatives can take different forms, such as Internal Networking Initiatives or Recruitment Incentive Programs, but they all share the common goal of promoting hiring from within the network and rewarding those who help find suitable candidates for open positions.