This session is all about opening the eyes of the hiring manager and breaking down the why and why-not of this recruiting strategy. It’s easy to give away money, but should you when you don’t need to?
We’ll discuss exactly what a sign-on bonus award should be, and what it shouldn’t be. We’ll look at how it works, and the thought processes behind-the-scenes that sets the stage for a decision; to offer or not to offer.
Attendees will be challenged by practical scenarios and real life circumstances to reflect on the practices of their own organizations – to consider how best to apply this recruiting tactic, or when to walk away. Because a hiring manager should consider whether the cost of a sign-on is ultimately going to be “worth it,” or a waste of money. And they should be armed with the knowledge of how to go about actually offering such an award; when to make the offer, how to, to whom and of course how much?
Attendees will come away with a thorough understanding of the award and how it is used. They will also come away with a better understanding of whether they should or shouldn’t.
It’s not unusual for an offer of employment, especially for a management job, to include a one-time cash award, called a “sign-on bonus.” While it may be common in certain organizations, is it a good idea? Is it an effective use of the company’s money. Or is it literally a thank you for a candidate agreeing to join your organization?
Recruiters will tell you that it’s a wonderful tactic to use, but then again, their own performance is measured by the number of candidates saying “yes,” so is their point of view objective?
Areas to be Covered:
What exactly is a sign-on bonus award?
How it’s used as a negotiating tool
Common scenarios where sign-ons are used
Why some feel that it’s a good recruiting tactic
Why some feel that it’s a bad idea
Practical advice for the “should I / shouldn’t I?” question
The unintended consequences
Who will Benefit:
Recruiting and Hiring Staff
Compensation Department Managers
Human Resources Department
Leaders in Startup companies