Ladders launches $10,000 job referral program
07 Apr 2017
Indeed debuted Indeed Crowd in the second half of 2016 as a way to reward individuals who refer a candidate who is ultimately hired by a company. Indeed’s rewards started low — just $2,000 U.S. — but are now up to $5,000 per successful referral.
Ladders says it will allow its more than nine million members to earn up to $10,000 in referral hiring bonuses — although there is a catch: you only get the bonus for referring a candidate to your present employer. Indeed Crowd doesn’t have that caveat.
We’re also not sure what the restrictions are on the “up to $10,000 rule” at Ladders.
Nevertheless, Ladders has a sizable membership base which is incentivized to stay engaged with the site — unlike most classified recruitments sites, many Ladders members pay a monthly fee. (While you can post your resume for free, a premium membership allows members to proactively apply for positions rather than wait to be contacted.)
More than 50 companies are currently participating in Ladders’ new program, including American Express, Bank of America, Johnson & Johnson, Macy’s, The New York Times, Target, UPS, and Verizon Wireless.
Ladders says that 40 percent of all employee referrals are hired and 47 percent of referred hires stay at the company for three or more years.