Employee Referral Reward: Money or Memory ??
Most companies have an employee referral reward scheme. A teammate refers an ex-colleague / friend / acquaintance to the company, that person joins, and the teammate gets rewarded by the company as a token of appreciation.
Usually, this reward is in the form of money transferred in the team member’s salary account.
I’m sure quite a few of you would have received a “Referral Bonus / Reward” in your career.
You may remember the person(s) you referred to your company. You may also remember the amount of money you received.
But do you remember what you did with that reward? Do you remember how you spent that money? Probably not…
The problem with receiving just money as a reward is that it feels rather impersonal. It’s just an amount that gets added to your bank account. Nothing more.
Beyond the first few weeks, it doesn’t become a special memory for you. You don’t remember how you spent that money.
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At Technogise, we ask the referral reward winners to make memories for themselves… and we would fund those memories.
We asked them what they would like to do if they had to create a memory for themselves.
One person wanted to buy the latest OnePlus mobile for his father. It would be the first thing ever that he would buy for his dad from his own pocket. :-)
One guy, a wildlife photography buff, wanted to take a weeklong trip to Tadoba Tiger Reserve. He would end up treasuring this trip, as he managed to capture the residents Maya and Matkasur in all their glory. :-)
(…of course, based on our affordability, we defined an “upper limit” of how much we can fund. So Euro trips were out of bounds :-)…)
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I know what you’re thinking.
“Why don’t you just give me the money, and I will create a memory for myself whenever I please?”
But when the money is given upfront, how often do we actually spend it on doing something memorable? I’d say that quite often, we just settle back into the mundane with a slightly heavier bank account. We just don’t think anymore.
But if we were asked to live that memorable experience first, and then get funded for it… we would start to explore the possibilities.
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Some wish for a weekend trip to a fancy spa resort… others want to paraglide and bungee jump for the first time in their lives. Some dream of candle lit dinners for two at the Taj… others wish to see a moonlit Rann.
The possibilities are many, and at Technogise, we would love to fund these possibilities as a token of our appreciation towards our team.
So the next time they see a colleague they referred, they would look back to happy memories… :-)
