Lately, when you’ve been checking out your competition’s job postings, you’ve noticed several companies have been offering signing bonuses. Your organization doesn’t currently take part in this practice, but you’re not necessarily opposed.
If signing bonuses could help you hire better, you would be interested in offering them. Here’s three scenarios where offering a little something extra can make sense.
Sweeten the Deal on Hard-to-Fill Positions
It’s not always easy to admit, but every position on your team isn’t exactly ideal. Some are attached to a lot of mundane responsibilities, while others have non-traditional work hours that most people aren’t excited about.
Filling these positions is always tough, so offering a signing bonus can help you attract more candidates. When people feel like they’re receiving something special, the disadvantages associated with the job don’t seem quite as bad anymore.
Entice Top Talent to Choose Your Company
Your company is an incredible place to work, but the best and brightest professionals have their choice of opportunities. From the outside in, several similar job offers might be hard to differentiate, so make yours stand out with a signing bonus.
This will make them feel extra valued, because it shows how much you really want them to join your team. It will also sweeten the deal, as it’s hard to pass up extra cash when other offers are otherwise relatively similar.
Give the Money After a Waiting Period
You might be thinking about offering a signing bonus to anyone who joins your team. This can be a great way to increase your candidate pool, giving you a better chance of finding your ideal candidate.
In this case, it’s best to require people to stay with your company for at least a few months — or even a year — before doling out the money. This will ensure people accept the job for the right reasons. Clearly, it’s fine — and totally normal — for candidates to be excited about the extra cash, but you want to make sure people see it as an added benefit of scoring a great job, instead of the main reason for signing on.
Need help finding the perfect fit for your team? PrideStaff Dallas wants to guide your search.
Contact us today to discuss a partnership!
