At MBK Search, we deeply value the relationships that we have with our extensive network of industry professionals. As such, whenever someone in our community passes along a trusted referral we want them to have full confidence that their colleague will be treated with the utmost professionalism and integrity. Qualified referrals are the lifeblood of what we do, and in this post, we wanted to shed a little more light on just how we support the friends, family, and colleagues that you entrust us with.
Our team recently sat down with Spencer Knibbe, Managing Partner of MBK Search to learn more about the firm’s referral program and how those in our network can participate.
Q: Why does MBK put such a high value on referrals from our network?
Network referrals are well-known in the industry to yield the best ROI for hiring employers – they are 4x more likely to be hired and have far higher retention rates than those who come from other sources such as job-boards or direct outreach. At MBK we have witnessed the power of qualified referrals time and time again to the benefit of our clients and candidates alike.
Q: Who is eligible to participate in the referral program?
Anyone and everyone who has someone in their network who may be a fit for one of our open roles. We typically get our best referrals from candidates who are happy in their current job but know someone who is looking and would be a fit. The referring individual already has a deep understanding of what the role requires and can more easily align good talent for the particular role.
Q: How does it work?
It is pretty straightforward – if you would like to participate in the MBK Referral Program simply reach out to us directly and sign up. Once you are a contracted member of our program, you can refer as many of your qualified colleagues as you like. We will send you regular reports on where they are in the recruiting process.
Q: What are the incentives if a qualified referral is hired?
Very similar to a traditional employee referral program, we compensate referral partners if an individual they recommend to us is hired. Unlike most programs, however, our referral fee is based on a percentage of the commission that MBK makes on each placement. Unlike a lump sum of a few hundred dollars, our referral partners can make some real money. Naturally, the dollar amount can go higher for more senior referrals and lower for those who are earlier in their careers. We believe strongly in properly incentivizing our referral partners who place their trust in us.
Q: What if I submit someone who is a good candidate but not a match for any of your openings?
I sincerely wish we can help everyone who reaches to us, but unfortunately, we cannot. We will do our best to see if there are any client openings that your referral may be a fit for, but if not, we will keep their information on file and will let you know if something pops up down the road…and of course, you will still get credit, even for something in the future!
Q: Are there any type of key performance metrics? Minimum standards?
No. This is very much an exercise in quality, not quantity…our clients will only consider the most qualified individuals for their open positions. You are more likely to find success if you send in candidates that are strongly aligned with the roles as opposed to everyone that you know.
Q: Doesn’t this represent a little bit of a conflict of interest?
Not at all. Most employers have some form of referral program because it aligns the incentives of all parties involved – employer, referral partner, and candidate.