Have you been looking for work? There are a lot of different opportunities for job seekers today. Because of this, many businesses are offering incentives to get candidates to come work at their company. Some will advertise great benefits packages, flexible schedules, or a great workplace culture. Some will even offer applicants a sign-on bonus. If you’re looking for a job, you may have seen some businesses promote this, but what exactly is it?
What is a sign-on bonus?
A sign-on bonus, or a signing bonus, is money paid to a new employee as an added incentive to join the company. A sign-on bonus is not based on work performance, but rather, is just a perk for starting work.
Does every company give sign-on bonuses?
No. Not all employers offer a bonus to new employees. Often, even businesses who do offer a signing bonus might not offer it to everyone. They may reserve the bonus for a specific position that has been difficult to recruit for, or to encourage applicants with more experience to apply.
Why do businesses offer signing bonuses?
Businesses that offer sign-on bonuses might do so for a few different reasons. Sometimes they do it to try to beat the competition. If a lot of employers are hiring, a business might offer a bonus so applicants will apply for their positions instead of going elsewhere. Other times, a company might offer a bonus to compensate for something else that is lacking. Maybe they aren’t able to offer a very high salary or benefits package, and they use the bonus to make up for it.
What else is there to know about signing bonuses?
The sign-on bonus will likely vary slightly from company to company. If you’re offered one, just make sure you understand the terms before accepting. Many businesses will require you to work for a certain amount of time before you are awarded any money. This is to make sure you are at the job to stay. Typically, bonuses are taxed as well. If you still have questions about how sign-on bonuses work, be sure to ask your potential new employer.
Penmac Staffing occasionally offers sign-on bonuses throughout the year. Many branch offices will also offer incentives for good attendance and exceptional work performance. Be sure to call your local Penmac Staffing office to find out what promotions they are currently offering.