Incentive Plans for Recruiters
Incentive plans can be an effective way to motivate recruiters to perform at a high level and achieve company goals. Here are some ideas for incentive plans for recruiters:
Commission-based plan
This is a common incentive plan for recruiters where they receive a percentage of the salary of the candidates they place. The percentage can be based on the difficulty of the role, the seniority of the candidate, or the urgency of the position.
Performance-based plan
This plan rewards recruiters based on their overall performance. Metrics could include the number of candidates sourced, the number of interviews conducted, the number of hires made, and the time-to-fill for positions.
Referral program
Encourage recruiters to refer other qualified candidates to the company by offering them a bonus for each successful hire made through their referral.
Team-based plan
Set team-based goals that all recruiters must work towards, such as a certain number of hires in a quarter or meeting diversity hiring targets. If the team meets or exceeds the goal, everyone receives a bonus.
Recognition program
Offer public recognition for recruiters who demonstrate exceptional performance or go above and beyond their job duties. This could include things like shoutouts in company meetings, social media posts, or a certificate of achievement.
Remember that any incentive plan should be tied to specific, measurable goals and communicated clearly to the recruiters. The incentives should also be meaningful enough to motivate the recruiters but not so high that they create a negative work environment or encourage unethical behavior.