Purpose

The purpose of the Residential Bancorp Employee Referral Program (ERP) is to provide an incentive award to any current employee that brings new sales talent to Residential Bancorp by referring qualified applicants who are subsequently hired.
This program is designed to help Residential Bancorp source and acquire Retail Branches across the US by referring Branch Managers, Sales Managers and Loan Officers to foster the continuous growth of our sales staff.

To encourage the referral of Retail Branches and/or talented Loan Officers to Residential Bancorp, the referring employee will receive a monetary reward, less applicable taxes, after their referred Branch or Loan Officer is hired and remains an active employee for a particular time frame. See the Referral Bonus payout section for further details.

Eligibility and Participation

Referring Employee

All employees are eligible to receive a referral bonus with the exception of:

  • Corporate Leadership
  • Employee whose job functions include recruiting
  • Branch Managers and Sales Managers or other personnel associated with the selection of the candidate(s) and/or branch(s)

Candidate/Branch (Referral)

  • Employee must refer the qualified referral through the Employee Referral Program link, located on the Human Resource Home page
  • The referral must be hired within ninety days of the referral date.

The Following candidates are not eligible:

  • Individuals with an active resume/profile within Residential Bancorp recruiting tool / database
  • Contractors
  • Former Residential Bancorp employees terminated for cause

Process:

Before referring a Loan Officer or Branch Manager, employee should consider his or her:

  • Work experience – Must have current experience (generally three to five years) to be considered for the role referred.
  • Tenure in position – Looking for stability in the work place.
  • Residential Bancorp culture – Represents our core values, vision and mission statement.
  • Production Source – “Purchase-centric” and self-source sales environment.

Employee must follow the Employee Referral process to be eligible for the referral award:

  • Fill out the referral form below:
    • Referral’s name, email address and contact number
    • Position being submitted
    • Relationship with candidate
    • How long employee has known candidate
    • Upload resume (optional)
  • Referral will receive either a phone call or email from the Recruiting/HR Department within 48 hours of submission.
  • Recruiter will inform employee of any duplicate referrals.
  • Recruiter will confirm the referral is eligible and meets all Residential Bancorp requirements.

Referral Bonus Payout

Eligible employees will receive a $500 referral bonus for each qualified referral employed by Residential Bancorp.

You will find the updated referral bonus amount for each position(s) on the Human Resources Intranet page.

Additional Information

The Employee Referral Program is administrated by the Human Resources Department.  Residential Bancorp has the right to modify or change any and all provisions of the Employee Referral Program at any time. Please direct any questions or disputes to the head of HR.

The selection and hiring process will be fair and consistent with Residential Bancorp policies and procedures, with no bias for or against candidates whose selection might make another employee eligible for a referral bonus.

Allocation of Budget

If the referral is a Loan Officer or branch hire, then the cost will be debited to the Managers Performance Report.  If the hire is a stand-alone Branch which will not roll up to another Branch or Region, then the cost shall be allocated to Corporate.

Training

All appropriate staff will be trained on the Employee Referral Program on an annual or as needed basis. A record of individuals trained and the dates of training will be maintained by the Human Resources Department.

Program Review Requirements

The Employee Referral Program may be accessed on the HR Department’s Intranet page.

Program Location

The Employee Referral Program will be reviewed by HR and Legal on an annual basis.

Employee Referral Form

  1. To refer a potential employee, please complete this form and return it, along with a copy of the prospective candidate’s resume, application, or both, to the Human Resources Department.
  2. You are eligible for a referral award only when you refer external candidates.
  3. If the candidate you refer is hired, you will receive a referral award of $500 after the new employee has worked for Residential Bancorp for 90 days.
  4. Employees involved in the hiring decision for a particular position are not eligible for referral awards for that position.
  5. Only one referral award can be given per candidate. If a candidate is referred by more than one employee, the first referral received will be the one rewarded if the candidate is hired.