07 Sep, 2021 Roles offering sign-on bonus increase by a whopping 454% amid staff shortages, finds GlobalDataPosted in Business Fundamentals
A supply crunch for talent has pushed companies to go the extra mile and offer sign-on bonuses that can extend to an impressive $100,000 for speciality jobs, says GlobalData. The leading data and analytics company’s Job Analytics database reveals that advertisements offering a sign-on bonus have increased across all sectors by a whopping 454%, from 10,312 positions in August 2020 to 57,123 in August 2021.
Ajay Thalluri, Business Fundamentals Analyst at GlobalData, says: “We are seeing sign-on bonuses ranging from $150 to $100,000, as companies are desperately trying to entice new employees amid the current shortages.”
The healthcare sector saw the most sign-on bonuses, with a particular focus on registered nurses. For example, Ascension Health Alliance listed a role for a ‘Physician of Neurology Multiple Sclerosis’ in August 2021 with a sign-on bonus of up to $100,000. The same sum was offered by Midwest Dental for its ‘General Dentist – Dubuque’ role. Meanwhile, the retail industry is offering a lot of sales personnel and lorry driver roles bonuses.
In the ADS sector, Raytheon Technologies is offering a minimum $50,000 sign-on bonus for several software-related jobs that require active secret security clearance, including ‘Integrated Product Team Lead (IPTL)/Software Section Manager’, ‘Senior Principal Software Engineer/ iSW Product Owner & Tech Lead’ and ‘Software Department Manager GPS/Navigation Systems’. The company is also providing a $12,000 bonus for incumbents with top secret or sensitive compartmented information (TS/SCI) clearance.
Looking more widely, there has been a surge in companies providing a hiring bonus for jobs related to automotive technicians and repairers, animal caretakers, barbers and hairdressers, and cosmetologists since July 2021. For instance, Banfield Pet Hospital is offering a bonus of up to $60,000 for veterinary-related roles.
Companies that have stepped up overall hiring activity recently have a tendency to provide sign-on bonuses. These include HCA Healthcare, FedEx, Compass Group, XPO Logistics, Quest Diagnostics, and Ryder System.
Thalluri adds: “Roles that involve a shared workspace or are front office are the most likely to offer a sign-on bonus during the pandemic due to employees coming into contact with others. It would be wise for companies to advertise the bonus in the job description as those that do are receiving a higher number of applicants compared to those that don’t.”