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February 8, 2023

Big 4 “Refer a Friend, Get a Prize” Programs Increasingly Popular

The New York Times reports that both Ernst & Young and Deloitte are among the firms that trust its own people to find the best and brightest experienced hires because it "[saves] time and money" even though  "[lengthens] the odds for job seekers without connections, especially among the long-term unemployed."

That's a bit of a strange statement since Deloitte and E&Y are looking to hire people that have the skills that prevent them from being part of the long-term unemployed. E&Y is bringing on four thousand experienced hires this year remember? They want people who their current employees know because they met at school or another job. They are far less interested in the guy who put up the drywall at one of their partner's new homes, even if those guys have been buddies for 20 years.
 
Regardless of this misfire by the Times, it is interesting to learn that the refer a friend programs at the firms is becoming such a big part of the firms' recruiting process:
Some [companies], like Ernst & Young, the accounting firm, have set ambitious internal goals to increase the proportion of hirings that come from internal referrals. As a result, employee recommendations now account for 45 percent of nonentry-level placements at the firm, up from 28 percent in 2010.
And, yes, they're greasing you a little:
Others [companies], such as Deloitte and Enterprise Rent-A-Car, have begun offering prizes like iPads and large-screen TVs in addition to traditional cash incentives for employees who refer new hires.
So if want a shiny new toy, pass along a friend's résumé. Just as long as they aren't a street performance artist.
 

 

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