{"id":11261,"date":"2018-06-13T23:09:00","date_gmt":"2018-06-14T06:09:00","guid":{"rendered":"http:\/\/nursemk.wpengine.com\/reel-top-talent-signing-bonus\/"},"modified":"2022-03-02T15:38:31","modified_gmt":"2022-03-02T20:38:31","slug":"reel-top-talent-signing-bonus","status":"publish","type":"post","link":"https:\/\/www.nurse.com\/solutions\/blog\/reel-top-talent-signing-bonus","title":{"rendered":"Reel in Top Talent With a Signing Bonus"},"content":{"rendered":"<h2>We\u2019ve all received that call after an interview \u2014 the one that makes your day go from ho-hum to off the charts fantastic.<\/h2>\n<p>Landing the job you want is probably one of the best feelings, especially when it\u2019s one loaded with perks such as a signing bonus.<\/p>\n<p>For employers wanting to attract the right nurses, there\u2019s no better way to sweeten the pot than to offer a signing bonus. Perks such as <a href=\"https:\/\/www.nurse.com\/blog\/2018\/01\/29\/tuition-reimbursement-is-a-coveted-job-perk-for-nurses\/\" target=\"_blank\" rel=\"noopener noreferrer\">tuition reimbursement<\/a>, academic loan repayment and relocation packages help, too.<\/p>\n<p>\u201cWith more than 500,000 seasoned RNs anticipated to retire by 2022, the U.S. Bureau of Labor Statistics projects the need for 1.1 million new RNs for expansion and replacement of retirees, and to avoid a nursing shortage,\u201d reports the <a href=\"https:\/\/www.nursingworld.org\/practice-policy\/workforce\/\" target=\"_blank\" rel=\"noopener noreferrer\">American Nurses Association<\/a>.<\/p>\n<p>To further understand the urgency of a potential mass exodus of nurses, the <a href=\"https:\/\/www.amnhealthcare.com\/survey-of-registered-nurses-2017\/\" target=\"_blank\" rel=\"noopener noreferrer\">AMN Healthcare 2017 Survey of Registered Nurses<\/a>\u00a0revealed 73% of baby boomer nurses plan to retire within three years or less.<\/p>\n<p>The consensus among recruitment professionals is healthcare facilities are using signing bonuses to both attract and retain nurses.<\/p>\n<h3>New ZIP codes can lead to signing bonus\u00a0opportunities<\/h3>\n<p>Employers don\u2019t usually offer signing bonuses until they are desperate to find candidates.<\/p>\n<p>Hiring bonuses are offered during nursing <a href=\"http:\/\/advertise.nurse.com\/blog\/recruiting-rns-during-nursing-shortage\/\" target=\"_blank\" rel=\"noopener noreferrer\">shortages when recruiters cannot find enough nurses to fill vacant job openings<\/a>. With an aging population that\u2019s living longer, the nursing shortage is exacerbated.<\/p>\n<blockquote><p>Because of the high demand to fill nursing jobs, nursing is now considered a recession-proof job. As this trend continues, recruiters and talent acquisition specialists are scrambling to fill those positions. As one job fills, another one opens up.<\/p><\/blockquote>\n<p>Each geographic location has its own needs when it comes to filling specialty nursing positions.<\/p>\n<p><a href=\"http:\/\/advertise.nurse.com\/wp-content\/uploads\/2018\/06\/Signing_bonus.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium 2572 alignleft\" src=\"https:\/\/advertise.nurse.com\/wp-content\/uploads\/2018\/06\/Signing_bonus-300x200.jpg\" alt=\"signing bonus\" width=\"300\" height=\"200\" \/><\/a>Take Northern Colorado, near Fort Collins, for example. Some of those hard-to-fill nursing positions include emergency, behavioral health, oncology, perioperative, operating room and anything surgical-related, said Danielle Cargile, western region talent acquisition sourcing strategist at Banner Health, which operates <a href=\"https:\/\/www.bannerhealth.com\/locations\/fort-collins\/banner-fort-collins-medical-center\" target=\"_blank\" rel=\"noopener noreferrer\">Banner Fort Collins Medical Center<\/a>\u00a0and 27 other hospitals and specialized facilities in six surrounding states.<\/p>\n<p>\u201cOne particular position that\u2019s difficult to fill in rural areas is labor and delivery nurses because we don\u2019t have as many births in those areas,\u201d she said.<\/p>\n<p>According to Blake Thiess, PHR, SHRM-CP, a recruiter with Prestige Care, Inc. in Vancouver, Wash., it\u2019s extremely <a href=\"http:\/\/advertise.nurse.com\/how\/#job-board\" target=\"_blank\" rel=\"noopener noreferrer\">difficult to fill positions <\/a>in remote places such as Idaho, Alaska and Montana.<\/p>\n<blockquote><p>\u201cEven staff RN roles are getting hiring bonuses because they are in rural places and because of the extremely shallow talent pool in these remote locations,\u201d Thiess said.<\/p><\/blockquote>\n<p>It\u2019s no surprise places such as <a href=\"http:\/\/www.kvhealthcare.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Kittias Valley Healthcare<\/a>, a 25-bed critical access hospital in Ellensburg, Wash.,<a href=\"http:\/\/advertise.nurse.com\/how\/#job-board\" target=\"_blank\" rel=\"noopener noreferrer\"> advertises RN openings<\/a>.<\/p>\n<p>\u201cIt adds to the competitive nature of recruiting to be in a rural environment away from amenities of a big city like Seattle,\u201d said Michele Wurl, director of communications at the hospital.<\/p>\n<blockquote><p>It\u2019s a hard sell to ask nurses to turn down $10,000 signing bonuses from major metropolitan hospitals to take smaller signing bonuses in even smaller towns, Thiess said.<\/p><\/blockquote>\n<p>One solution is for recruiters to brainstorm all the advantages that go with small-town living and sell it during the interview, Thiess said.<\/p>\n<blockquote><p>\u201cA remote location has a lower cost of living so you can pay off student debt quicker because you\u2019re not dropping $2,500 for an apartment in Seattle,\u201d Theiss said.<\/p><\/blockquote>\n<p>Recruiters also should add leadership opportunities to the list.<\/p>\n<p>\u201cYou can push your career forward faster, as opposed to being a floor nurse in a major metropolitan area,\u201d Theiss said.<\/p>\n<p><a href=\"https:\/\/advertise.nurse.com\/contact-blog\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11441 size-full\" src=\"https:\/\/advertise.nurse.com\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2.jpg\" alt=\"\" width=\"1000\" height=\"250\" srcset=\"https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2.jpg 1000w, https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2-300x75.jpg 300w, https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2-768x192.jpg 768w, https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2-200x50.jpg 200w, https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2-400x100.jpg 400w, https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2-600x150.jpg 600w, https:\/\/www.nurse.com\/solutions\/wp-content\/uploads\/2019\/11\/Nursecom_MediaKit_B2B_April2019_1000x250_V2-800x200.jpg 800w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<h3>Educate about the signing bonus\u00a0fine print<\/h3>\n<p>As the hiring process comes to a close, it\u2019s important to explain the tax implications of a signing bonus. That way both parties can avoid major surprises after the handshake that seals the deal.<\/p>\n<p>Don\u2019t assume candidates know they are required to hand over a percentage of their hard-earned hiring bonus to the federal government, and possibly state taxes, too, said Theresa Mazzaro, RN, CHCR,<em>\u00a0<\/em>senior talent acquisition specialist at Suburban Hospital in Bethesda, Md., an affiliate of <a href=\"https:\/\/www.hopkinsmedicine.org\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Johns Hopkins Medicine<\/a>. \u00a0She also sits on the board for the <a href=\"https:\/\/careers.nahcr.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">National Association of Health Care Recruitment<\/a>.<\/p>\n<p>Some new hires opt for paid relocation expenses instead of a signing bonus because the former is not taxed, Mazzaro said. But there are some caveats. With relocation expenses, employees pay their moving expenses up front, submit receipts per IRS guidelines and wait for reimbursement, she added.<\/p>\n<p>It\u2019s important to explain the terms of the binding employment contract, said Mazzaro, to prevent cash-and-dash scenarios in which employees take the bonus and quit soon afterward.<\/p>\n<blockquote><p>\u201cI have seen signing bonuses with a two-year commitment for $10,000, with a certain amount of experience,\u201d Mazzaro said. \u201cWe also explain they don\u2019t get it immediately, sometimes it comes on their first pay period or segmented out over the year.\u201d<\/p><\/blockquote>\n<p>To avoid unforeseen circumstances, such as unhappy new hires, employers are wise to help employees understand the contract terms related to bonuses, relocation expenses or <a href=\"http:\/\/advertise.nurse.com\/blog\/education-incentives-give-recruiters-edge-in-nursing-shortage\/\" target=\"_blank\" rel=\"noopener noreferrer\">loan repayment perks<\/a>.<\/p>\n<p>\u201cAs a talent agent and recruiter, it\u2019s my job to show what a nurse might be getting into because the other part of my job is to limit turnover,\u201d Theiss said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For employers and healthcare recruiters wanting to attract the right nurses, there\u2019s no better way to sweeten the pot than to offer a signing bonus.<\/p>\n","protected":false},"author":68,"featured_media":2571,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27,28],"tags":[],"coauthors":[1380],"class_list":["post-11261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nursing-recruitment","category-nursing-retention"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>You can reel in top talent 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