PHOENIX, Ariz. - June 17, 2024 - Refered, a startup that helps businesses cultivate their employee referral networks and generate optimal hires, has launched. The Refered platform solves many of the most common employee retention and recruitment problems faced by small and medium businesses. The company is the brainchild of Phoenix tech entrepreneur Eric Olsen, founder of Fasturtle Digital, the award-winning digital marketing agency and StartupAZ Collective member. With Refered, Olsen is innovating by showing businesses the extraordinary value of working with employees to increase employee referrals and solidify company culture.
“After 25 years of working with small to medium-sized businesses here in Arizona and across the country, I’ve found that employee turnover is a constant struggle,” said Olsen, Refered’s Co-founder and CEO. “Research shows that loyalty to referrals can convert directly to company loyalty. Employees enjoy working with people they already like and respect. Referring a friend can lead to a job for the friend and a bonus for the employee.”
According to statistics, 88% of employers rate referrals as the best source of applicants and referrals are four times more likely to receive a job offer than applicants from website hiring platforms. The cost-per-hire for a referral can average $1,000 less than recruitment from other sources. One of the most important aspects of referral hires is that 45% stay in their jobs for more than four years, compared to only 25% of other hires loyal to their positions.
Olsen identified a real need for businesses to partner with employees to increase employee referrals. He noted that, “Unfortunately, businesses often lose employees for $1 or $2 an hour more, or the culture does not align. Think of an environment where employees can easily share the company's open positions with their friends and family through Facebook, LinkedIn, and X (Twitter) and are compensated when their friends or colleagues are hired.”
Refered changes the dynamic of one payment for a referral and instead creates a multi-pay solution where an employee will receive incremental paycheck bonuses. Retention improves due to the psychological anticipation of recurring payments. Employers can pay for referrals over three months, six months, twelve months, or employment tenure, allowing for better cash flow.
Olsen suggests hourly bonuses that incentivize employees to encourage their referrals to work more hours, and to stay with the company for the span of a professional career. This creates a supportive environment for long-term company growth.
Refered helps companies by reducing attrition. Employees are encouraged to act as internal ambassadors to combat company retention challenges with the referral and bonus platform through improving organizational culture. Encouraging employees with an incentive can maximize loyalty, result in more referrals, and reduce turnover.
“We make it easy to attract and retain top hourly employees with automated perks,” said Olsen. “Employee retention challenges can be solved through our three-tiered program. Your employees will not stop at referring only the people they already know, because they will win for referrals from their referrals.”
He added, “pre-vetted referrals from current employees will streamline your hiring workflow. Your company will be able to reduce time spent interviewing and training new staff.” In addition, Refered helps businesses with consistent staffing, quality service and reduced turnover. A stable, long-term staff can only help with ongoing success.
About Refered
Refered was founded on a mission to stabilize workforces and cultivate vibrant company cultures. With proven results showing how Refered decreases employee turnover, we help create a win-win situation for both employers and employees. For more information, please visit https://www.refered.com/
Contact:
Refered Marketing Department
Katherine Foley
Office: 800-604-0360
Email: pr@refered.com
Media Contact
Company Name: Refered
Contact Person: Katherine Foley
Email: Send Email
Phone: 800-604-0360
Country: United States
Website: https://www.refered.com/
