Do you take the sign on bonus or no?

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The only reason some folks don't take it is if they feel like they might leave in less than a year. There's usually a clause where you have to pay back the bonus if that's the case

likesmarthelpful

I didn’t take it because I didn’t want to obligated to stay…. 18 years later I’m probably leaving due to low pay. 😉

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If you take the money, put in a high yield savings so you have it to give back and made $ off it 🤗

Some opt not to take the money but ask for higher salary + more benefits.

likesmart

You always take whatever money you're offered. The only time you don't take a sign on bonus is if you negotiate a higher salary in lieu of the bonus. A bonus is one-time...salary is forever.

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From my experience the sign on bonus is paid back in relation to how much of the required time was worked. So if you received 10k and only worked 6 out of the required 12 months than you would only pay back the remaining 5k that hasn’t been worked off yet.

I recommend taking the bonus if you believe you will stay for the required year or two years. However, I also recommend keeping the bonus in your savings for a month or so just in case the job turns out to be more headache than it’s worth in which case you’d have the money on hand to repay them.

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Some places prorate, others req full payback.

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I know some people who take it and if they decide they want to leave they tell the new company what is owed and that company may pay it off for you if they want to/are able. There is a healthcare worker shortage and RNs and MDs are desirable, so many organizations are fighting over them by offering more perks (such as buying you out of contracts and paying off sign on bonuses so you have incentive to leave and go to them).

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I took it for a 2 year obligation but part time so I could do something else also if I wanted. I’m a midwife but taking a break by working PT L&D. It’s glorious and still in the same field, just much less time and responsibility.

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I took mine - but I asked for it and a higher salary during negotiations to make up for not getting the role I originally applied for.

It was the first time I asked for a sign on bonus and I think I will going forward with any new jobs I apply for.

TLDR: Nothing to lose by taking it IMO.

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Sure. Why wouldn't you?

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I just saw on other sites people recommended not to. Not exactly sure why, unless they were planning on not fulfilling their obligations.

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Usually when there is a sign on bonus, there are issues with the institution.. I signed a sign on bonus for $15000. I later learned that the hospital that I was working for had very poor morale, low employee retention, a heavy work load, and etc. Make sure you do your homework.

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I've seen some around $25K now! Which to me is mega red flags 🚩🚩

It depends. I did, but I was very happy with my offer. They actually exceeded what I was hoping for so absolutely I took it. If you want to counter offer and negotiate for a higher salary instead, you can use the sign on bonus for leverage.

Read the fine print if you feel it is acceptable then yes but if you don’t want to abide by the terms then no. A lot of companies will want that money back if you do not live out the terms

Yeah I don't see any downside to taking a sign on. Esp if you aren't able to hit your target salary.

Obviously, yes. Why would someone not like it?

Thank you

I took a “retention bonus” which was framed as a thank you for your past loyalty but you need to sign a 2 year contract and if you break it the entire amount has to be repaid even if we fire you. Which did feel shady but I feel current admin can be trusted. They took taxes out of it. I took it because I’ve been with the same company several years. Though it’s not a bad gig and I like the position it does limit my ability to grow because my company does not have LCSW management. It’s super close to my house as well so I’m not sure I’d want to take anything else unless it was remote.

Only if you plan on staying there for the contract time.

Depends on how long you have to stay without paying it back. I hop from job to job every year so I don't know that I would.

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