LendingClub Referral Bonus Overview

At LendingClub, we value the power of networking and employee referrals in building a talented team. Our referral bonus program incentivizes current employees to recommend qualified candidates for open positions, particularly in tech and product roles. Here's a detailed breakdown of the referral bonus structure and some estimated figures to give you a better understanding of the program.

Referral Bonus Structure

1. Eligibility:

   • All full-time LendingClub employees are eligible to participate in the referral program.
   • Referrals must be external candidates not previously in contact with our recruitment team.

2. Bonus Amounts by Role Type:

   • Tech/Product Roles:
     • Software Engineers / Developers: $5,000
     • Product Managers: $4,000
     • Data Scientists / Analysts: $4,500
     • UX/UI Designers: $3,500
   • Other Roles:
     • Operations: $2,500
     • Sales and Marketing: $3,000
     • Finance and HR: $2,000

3. Payment Schedule:

   • Referral bonuses are typically paid in two installments:
     • First installment (50% of the bonus) is paid after the referred candidate completes 90 days of employment.
     • Second installment (remaining 50%) is paid after the candidate reaches their 6-month employment anniversary.

4. Conditions:

   • The referring employee must be actively employed at LendingClub at the time of each bonus payout.
   • The referred candidate must successfully complete the probationary period and be in good standing.

Estimations and Impact

• Average Cost Savings: Employee referrals can reduce hiring costs by 20-30% compared to traditional recruitment methods.
• Higher Retention Rates: Candidates hired through referrals tend to stay longer, with retention rates increasing by up to 50%.
• Faster Hiring Process: Referred