It's up to your agency to determine how to pay your referral bonuses. Staffing Referrals offers tools to help you track and manage ambassador payouts.
- Adding bonuses into contractors' regular paychecks
- Using the Staffing Referrals BHN Rewards integration to automate bonus payouts via gift cards
Adding bonuses into contractor's regular paychecks
If your payroll team is handling payouts, there are two options:
- We can give them access to the Staffing Referrals platform (free of charge) so that they can see who needs to be paid, set the payment process in motion, and update the referral records.
- A program manager can download a .csv of all referrals in the "Placed" and "Awaiting payment approval" buckets to send to the payroll team. Once the payouts have been completed, the program manager can then use a list upload to update the status of everyone who has been paid.
To learn more about updating statuses, read "Track and manage referred candidates."
Using the Staffing Referrals BHN Rewards integration to automate bonus payouts via gift cards
Staffing Referrals automates the payout of referral bonuses via gift cards through an integration with rewards platform BHN Rewards. Using this platform, staffing agencies can quickly and easily send a selection of virtual gift cards for recipients to choose from, including gift cards for many top brands across a variety of categories, virtual prepaid cards, and e-donations to charities.
To learn more about activating the BHN Rewards integration for your account, fill out this request form.
What about taxes?
Referral bonuses may be subject to federal, state, and local taxes as well as social security and Medicare taxes. They need to be reported on your agency's Form 941 as well as on your contractors' W-2s or 1099s.
Read more: "Referral Bonuses and Taxes: What You Need to Know."
If you have any questions, comments, or feedback, please reach out to success@staffingreferrals.com.