by Margaret Steen, Yahoo! HotJobs
After nailing a few rounds of interviews, you've been offered the job, and now it's negotiating time. Should you expect your future employer to offer a signing bonus? If so, how large should it be, and what strings may be attached?
Signing bonuses -- one-time payments given when an employee begins a new job -- are common, but they aren't offered to every candidate.
Who Gives Signing Bonuses?
If you're fresh out of school, a signing bonus isn't out of the question, but it's not a given, either. A survey by the National Association of Colleges and Employers found that 46 percent of responding employers plan to offer signing bonuses to new graduates in 2007 -- but not for every new hire. The average signing bonus for a new graduate is about $3,500.
Beyond the college graduate market, signing bonuses are more common: A survey of employers by WorldatWork found that almost 70 percent of employers are using signing bonuses -- which can be 5 percent to 10 percent of the base salary for middle managers and professionals -- to attract key employees.
Why Do Employers Offer Bonuses?
To assess your chances of negotiating a signing bonus, consider the reasons employers use them:
* To beat the competition. A signing bonus is more likely when a company is competing with other employers for the same worker, experts say, especially in fields where demand is strong, such as nursing, accounting, or engineering. It can also make a difference whether you applied for a job or were recruited by the company.
"If they're recruiting you and they really want you, there may be a signing bonus," said Susan W. Miller, owner of California Career Services in Los Angeles.
* To preserve internal salary equity. Sometimes, especially at large companies, you'll ask for a higher salary only to be told it's outside the company's salary range for your level.
"There might be much less wiggle room in terms of salary," Miller said. In that case, the company might make up the difference for the first year - with a signing bonus.
* To make up for benefits left behind. If an employer recruits an experienced worker who will lose out on a bonus or other benefits by leaving his or her job, the employer may use a signing bonus to make up the difference.
Should You Take One?
If you are offered a signing bonus, make sure you understand the terms. Some require that you pay the company back if you leave before a certain date a date that may be months or even a year away. Other companies don't actually issue the check until you have been there a certain length of time.
Finally, realize that a signing bonus isn't always your best option. For example, if you're offered a $4,000 signing bonus and you are able to negotiate a $2,000 increase in your annual salary instead, you'd come out ahead if you stayed longer than two years, since the bonus is a one-time payment.
After nailing a few rounds of interviews, you've been offered the job, and now it's negotiating time. Should you expect your future employer to offer a signing bonus? If so, how large should it be, and what strings may be attached?
Signing bonuses -- one-time payments given when an employee begins a new job -- are common, but they aren't offered to every candidate.
Who Gives Signing Bonuses?
If you're fresh out of school, a signing bonus isn't out of the question, but it's not a given, either. A survey by the National Association of Colleges and Employers found that 46 percent of responding employers plan to offer signing bonuses to new graduates in 2007 -- but not for every new hire. The average signing bonus for a new graduate is about $3,500.
Beyond the college graduate market, signing bonuses are more common: A survey of employers by WorldatWork found that almost 70 percent of employers are using signing bonuses -- which can be 5 percent to 10 percent of the base salary for middle managers and professionals -- to attract key employees.
Why Do Employers Offer Bonuses?
To assess your chances of negotiating a signing bonus, consider the reasons employers use them:
* To beat the competition. A signing bonus is more likely when a company is competing with other employers for the same worker, experts say, especially in fields where demand is strong, such as nursing, accounting, or engineering. It can also make a difference whether you applied for a job or were recruited by the company.
"If they're recruiting you and they really want you, there may be a signing bonus," said Susan W. Miller, owner of California Career Services in Los Angeles.
* To preserve internal salary equity. Sometimes, especially at large companies, you'll ask for a higher salary only to be told it's outside the company's salary range for your level.
"There might be much less wiggle room in terms of salary," Miller said. In that case, the company might make up the difference for the first year - with a signing bonus.
* To make up for benefits left behind. If an employer recruits an experienced worker who will lose out on a bonus or other benefits by leaving his or her job, the employer may use a signing bonus to make up the difference.
Should You Take One?
If you are offered a signing bonus, make sure you understand the terms. Some require that you pay the company back if you leave before a certain date a date that may be months or even a year away. Other companies don't actually issue the check until you have been there a certain length of time.
Finally, realize that a signing bonus isn't always your best option. For example, if you're offered a $4,000 signing bonus and you are able to negotiate a $2,000 increase in your annual salary instead, you'd come out ahead if you stayed longer than two years, since the bonus is a one-time payment.
Job Info , Career Sources , Employment
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