Signing Bonuses - Not JUST An Added Perk Anymore
In the early days of medical recruitment, sign-on bonuses were a special incentive that only certain hospitals offered. As the field became increasingly competitive, however, signing bonuses evolved from an added perk to an expected norm. In today's medical recruiting world, hospitals must offer higher and higher sign-on bonuses if they want their offer to stand out.
Specialized doctors and primary care physicians used to be the only individuals who could expect to receive signing bonuses, but many hospitals are now offering similar benefits to physician assistant and nurse practitioners as well.
Top Signing Bonuses Reach Six Figures
How much is an acceptable signing bonus? The average bonus ranges from $20,000-$25,000, but some have climbed as high as $100,000 and even $150,000. How much you offer ultimately depends on your budget, but our medical recruiting experts recommend that you offer the highest bonus you can afford.
The days of starting with a lower offer so there is room to negotiate a higher number are a thing of the past. With such steep competition, it's better to determine the highest amount you can afford to offer and advertise that from the very beginning. The higher the number you can promote, the more likely you are to attract the attention of qualified candidates.
Add Other Incentives To Make Your Offer STAND OUT
Sign-on bonuses are expected, but other incentives may not be. Anything else you can offer your new physician will go a long way towards generating interest in your opportunity (and improving job satisfaction - and retention rates - after they are hired). Examples of the other types of incentives you can offer include:
- 2-Year Retention Bonus
- 30 Days Paid Vacation
- Flexible Schedule
- 4-Day Work Week
- Student Loan Forgiveness
- Housing Stipend
- Promised Salary Increases
- Holiday Bonuses
The Hire Connection, LLC Can Help You Design Your Compensation Package
A leader in the medical recruiting industry, owner Van Allen and the rest of The Hire Connection, LLC staff can help you design a compensation package that fits with your budget and appeals to a wide range of qualified candidates. Visit our website for more information, or give us call at (866) 661-4473 to get started.
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