Why should I utilize Cachinko's TruReferralSM Program and why should
I add it to my Employee Referral Program?
Cachinko's TruReferralSM Program is a more effective way to
administer your Employee Referral Program and a much better way to utilize ERP
dollars you have already budgeted. Unlike traditional ERPs that profess to pay a
"referral fee," but really only pay 60-90 days after a "placement" is made, the
Cachinko TruReferralSM Program allows you to pay an Introduction
Reward (an actual referral fee) to your employees at the time you decide to
contact a candidate that they (or someone they know) referred to you. A
Placement Reward is then paid after a referred candidate is hired. One of the
main reasons most ERPs do not reach a higher level of success is due to a lack
of participation by the employees, as a result of insufficient motivation. By
offering an Introduction Reward and a Placement Reward (a traditional placement
fee) that you determine, we believe you will motivate more employees to actually
send you people they know or people they know, dramatically increasing the
number of candidates you receive and the number of employees you find through
your ERP.
Am I required to
offer an Introduction Reward and a Placement Reward for jobs my company posts on
Cachinko?
Yes. This is what makes Cachinko unique among other networking or career sites.
We believe paying an Introduction Reward and a Placement Reward as part of our
TruReferralSM Program is more likely to motivate employees to refer a
higher number of high quality candidates.
How much should I
offer for an Introduction Reward and a Placement Reward?
Traditional referral fees usually are not large enough to motivate a large
number of people. A good rule of thumb is to allocate 5% of the job's salary for
the TruReferralSM Program. The Introduction Reward and Placement
Reward can then be calculated as a portion of the TruReferralSM
Program. For example:
Posted job's salary $80,000
You offer a TruReferralSM = $4,000 (5% of
recommended annual job compensation, this is your budget for this job) Service fee = $600(15% of TruReferralSM
amount paid to Cachinko, Balance is $3,400) Introduction Reward = $800 (20% of TruReferralSM
amount, Balance is $2,600) Placement Reward =$2,600
The $800 Introduction Reward can then be divided among as many employees who
offer referrals as you wish. (For example, 8 referrals at $100 each) *This
percentage can be adjusted to account for factors such as the job's degree of
criticality, advanced skill requirements, etc.
What is the Cachinko billing process and when is the cash reward paid?
When you sign up for Cachinko you pay a $695/month subscription fee that allows
you three accounts,1 administrator and 2 professional, with access to Cachinko
as a sourcing tool. Additional user accounts are $125/month each and you can add
as many users as you wish.
How do Cachinko costs
compare to standard executive search fees?
Cachinko is an alternative to paying agency fees. On average, agencies charge a
fee equivalent to 20- 25% of the position's first year salary. You would pay
approximately $20,000 in search fees for a job that pays $80,000 year--each time
you use a third party vendor. If you offer 5 TruReferralTM fees at $200 each and
a placement fee of $4,000, your costs would be $5,000. With an additional 5%
transaction fee of $250, your total cost would be $5,250. Based on an average
salary of $80,000, you will save approximately $15,000 on every hire you are
able to make through Cachinko instead of a third party.
Who can see my
company's Talent Networks?
Because you control the access to your information, it's completely up to you.
When you establish your Cachinko account, the employees and recruiters to whom
you give access can see your Talent Networks, along with the employees placed
within each Talent Network. However, any contacts your employees add to their
Personal Networks cannot access the employee's Talent Networks. We're serious
about your privacy. Read our privacy policy.
You can batch upload your employees' contact information from AOL,
Outlook/Outlook Express, Yahoo!, Gmail, Plaxo or almost any other type of file
to your Cachinko address book. Our quick wizard does all the work for you.
How do I set up and
organize my Talent Networks?
Begin by creating Talent Networks or groups for your employees. For example, you
might choose to create a Talent Network for "Management" and another for
"Administration." Then import your employees and designate the appropriate
Talent Network for each. Cachinko sends invitations to each employee and upon
their acceptance of your invitation, employees are automatically placed in the
designated Talent Network. Only employees within the same Talent Network can see
each other, which allows you to control access among your employees. You can
create as many Talent Networks as you'd like and make changes to them at any
time.
Why should I rate
employees in my Talent Networks?
It's important to rate your employees in order to establish the credibility and
reputation of contacts they might add to their Personal Networks. Based on these
ratings and member feedback, Cachinko's recommendation engine utilizes
collective wisdom to prioritize referrals so you can make informed decisions
about potential candidates you don't personally know.
View your employees in your Talent Networks. Simply click on the number of stars
you give them as a rating.
How do I post a job
and distribute to my Talent Networks?
Enter the pertinent information for the job. Then select the job and forward to
all employees, specific Talent Networks or individual employees.
How will potential
candidates receive job postings from my employees?
By default, they will automatically receive job postings as long as they are no
more than 3 degrees from the employee where the job posting originates and they
have not opted to be removed from automatic receipt of job postings.
How do I receive
referrals for a posted job?
Even though job postings trickle down three degrees, referrals can only be made
within one degree. In other words, you'll receive referrals from a trusted
source-your employees-who've accepted your invitation to use Cachinko.
