In the healthcare field, finding and keeping good workers is tough—especially with so many job openings. To stand out, healthcare employers need new ways to attract and hold on to the best people. One effective trick? The sign-on bonus.

Offering a sign-on bonus with a job tells candidates you value them and want to compete with other employers. It can also make up for not meeting a candidate's salary hopes or covering relocation costs.

But do sign-on bonuses keep people around, too? Let's see.

Using Sign-On Bonuses to Keep Employees Happy  

Companies everywhere are fighting for the same workers, especially during the Great Resignation. Many are turning to sign-on bonuses to get noticed. In 2023, about a third of companies used sign-on bonuses, not just for new hires but also to keep current staff.

Sign-On Bonuses for New Hires  

It's true: Sign-on bonuses help bring in healthcare workers, especially those in high-demand jobs.

One big benefit of offering a sign-on bonus is that it can set you apart from other employers. This edge can sway a candidate to accept your offer, especially in a market where candidates hold the power. If someone plans to leave their job before getting their yearly bonus, a sign-on bonus during salary talks can push them to make a move.

Retention Bonuses for Current Employees  

Bonuses aren't just for new hires. Let's talk about retention bonuses.

Instead of a sign-on bonus, a retention bonus can keep current employees happy by giving a lump sum or higher pay rate. If your company wants to keep its team, this might be worth exploring—especially if raises aren't an option.

Money matters in healthcare hiring and keeping staff happy, as workers might feel underappreciated or underpaid. Short-term bonuses can ease worries and make staff feel valued, which boosts job satisfaction and cuts down on turnover.

But It's Mostly About Saying Thanks to Employees  

A study found that most workers feel their employers don't recognize them enough, and few tie recognition to money. This is surprising, considering rewards tied to recognition can cut turnover.

Money isn't always an option, but showing appreciation often can help keep good workers. It's a chance to see what staff think, find ways to help them grow, and offer rewards to keep top performers.

Saving Money with Sign-On Bonuses in Healthcare  

Sign-on bonuses not only attract workers in a competitive field, but they also save money for healthcare providers. Finding and training new staff costs a lot, and sign-on bonuses cut those costs. By offering a bonus, employers can get and keep workers who stick around, so they don't need to hire and train so often.

Retention bonuses also save money by cutting turnover costs. Losing a $60,000-a-year worker can cost $120,000. A retention bonus might stop that.

Plus, high turnover hurts productivity and morale. Retention bonuses keep good workers happy and motivated, which lowers turnover.

But There Are Challenges, Too  

Balancing Bonuses and Benefits  

Bonuses are great for hiring and keeping staff, but it's tough to offer them while also giving good benefits.

Employers need to offer health, retirement, and time-off perks. But focusing too much on bonuses can make that tough.

Be Smart with Bonus Plans  

Making sure bonuses keep workers around is hard. Just handing over cash might not be enough if other offers are better.

A sign-on bonus might look good at first, but a better salary in the long run matters more.

So, employers need to plan bonuses carefully to keep staff happy while using other ways to show appreciation and keep them around. Relying too much on bonuses won't do the trick.

How Healthcare Recruiters Help   

Sign-on bonuses work well for hiring and keeping healthcare staff. They offer quick cash to attract and keep good workers, build loyalty, and cut hiring and turnover costs. But they need to be balanced with other benefits and planned carefully to keep workers happy.

At TriOptus, we know how important these changes are. Our recruiters connect healthcare pros with top jobs, so your team doesn't miss out on great talent.