In a time when employers are competing more fiercely than ever for top talent, finding recruiting strategies that work is imperative. Today, we’re talking with Cameron Herold, former COO of 1-800-GOT-JUNK and founder of the COO Alliance. He’s sharing insight into recruiting as the head of a national enterprise; however, these actionable tips can work for businesses of any size.
Referrals When Employees Are All Eligible
You may notice that many of your best employees are referred to your company by other top performers. Smart business owners recognize that satisfied employees are the best ambassadors and encourage good talent to refer new employees who would be a good fit in the company culture.
However, Herold’s recruitment strategy is not typical: any employee is eligible.
Any employee who refers another person for employment with the company will receive a bonus equivalent to that employee’s starting salary if the referred person gets hired.
That’s right – refer an employee to work at a starting salary of $40,000 and earn your own bonus of $40,000. But, before your jaw drops at the sum (ok, your jaw probably dropped already), there are some caveats to the bonus:
- It’s paid out at 10% a year for ten years
- Both people must be working at the company for the bonus to be paid out – if either party leaves, for whatever reason, the bonus ends
Your current employees, especially those making the referral, will do their best to ensure that the employees they refer are supported and happy in their new workplace. And, the more new hires your current team refers, the more this support network grows.
Although it seems expensive at first – and in truth, some smaller businesses may not be able to afford the outlay and wish to adopt the bonus to something that fits their budget – when you consider the bonus as an investment in a workforce that works well together, the sum may seem more manageable.
More About the COO Alliance
The COO Alliance is a specialized peer group for Chief Operating Officers of smaller companies and national enterprises alike to collaborate, share ideas, and develop professional relationships. Cameron Herold founded the organization in 2016 when he realized that second-in-command leaders didn’t have a national professional group of their peers.
“Every CEO needs a great COO.” – Cameron Herold.
The COO Alliance is designed to offer support, especially for COOs, providing resources and guidance to help Chief Operating Officers improve their company’s bottom line, streamline operations, and collaborate with peers. COOs can achieve their full potential with peer support.
Members of the COO Alliance have access to unique options for development and training, including a monthly 3-hour training event held online every month for a year. Engagement between events continues on a private Slack channel for members.
The Value of a Vetted, Professional Peer Group
This elite group of professionals thrives by participating in joint training and collaboration, focused on bringing out the best in one another. If you qualify for membership in the COO Alliance, you will meet highly skilled and accomplished professionals from a variety of industries, stepping outside your comfort zone and learning new approaches that you can apply to your own company.
“For me, COO Alliance is the perfect vehicle for what has long driven me; my dad groomed me to be an entrepreneur and was always there to advise me on how to make my dreams happen.” says Cameron, “I’m an entrepreneur through and through, and now I wake up excited to do the same for others.”
This enticing referral program is just one of the many innovative – and successful – ideas that come from the members of the COO Alliance. Ready to discover more?