Do's and Don'ts of the Sign-On Bonus Award
Overview:
When you REALLY want a candidate to accept your offer of employment it is often an easy choice to decide on tossing a cash bonus onto the negotiating table - just to sweeten the deal. But is that strategy a good idea? Would the candidate have accepted without the bonus being dangled in front of them? Have you solved the problem in front of you, only to potentially create more with other employees?
Not every company believes in or allows the practice of sign-on bonus awards, and even when used the practice is often confused, inconsistent and lacking proper authorization procedures.
This session will provide practical advice as to the purpose of a sign-on bonus award, when it is a useful recruiting tactic to employ, and when you would be better served to save your money. We'll review common scenarios, pitfalls to avoid, a checklist of points to consider and advise you when it's both a good and a bad idea.
The participant will come away knowledgeable of the what, the why, the how and the "should we?" elements to the topic. So that the next time the question of sign-on bonuses arises during the recruiting process, you will know the background, the pros and cons and the likely aftermath of the decision. Your eyes will be open.
Why should you attend:Adding a one-time payment for the selected candidate costs monies that you might not have needed to pay out. Left to their own devices recruiting practitioners would tend to overuse this "EASY" button to make their jobs easy. Whether the bonus award was necessary to gain candidate acceptance or not.
If you are either in the recruiting process, manage those who are or have a budget that would be impacted by the use of sign-on bonus awards, this session will help you understand how to effectively use this recruiting tool - without incurring undue costs or facing possible collateral damage to other employees.
Areas Covered in the Session:
- What exactly is a sign-on bonus award?
- How it's use is integral to the hiring process
- How it can be used as a negotiating tool
- Common scenarios for offering an award
- When an offer is a good idea
- When an offer is not such a good idea
- Points to consider before making an offer
- Avoiding problems today and tomorrow
- Proper use of an effective tool
Who Will Benefit:
- Compensation Practitioners
- HR Generalists
- Recruiting and Hiring Staff