Q & A Table of Contents
Where's My Signing Bonus
From: Jeff, St. Louis, Missouri
Question: I am an engineering student with many job offers. I think I have decided on a certain job, but I haven't let the employer know this yet. Problem is, the company did not offer a signing bonus, while other companies have done so. I asked if they could provide a bonus being that I am a student with no car who is living off a credit card until I get a paycheck. They said it wasn't their policy. Also, if I say no there are other candidates for this job, so it wouldn't be in their interest to offer such incentive to me.
Is there any way I could use my other offers or my financial situation to secure a cash bonus to get me on my feet without having to threaten turning down this offer that I am interested in?
Response: Honesty is a crucial element of your relationship with your employer. Clearly you have to be honest with them before the relationship begins. It may not be their policy to offer a signing bonus; on the other hand, they don't gain anything if you starve or have to go into grinding debt.
It is perfectly reasonable to let them know they are your number one choice, but that given your financial circumstances, you cannot afford their current offer. If they will give you a substantial salary advance, or promise you a salary review after a short time, or reimburse such living expenses as rental deposit, two or three months rent, groceries, and work-related transportation these may not be the same as a signing-up bonus, but they will make it possible for you to accept the job. An employer that does not respond to the real needs of a new employee may also be one that exploits you in the future and may withhold offering such other humane considerations as adequate sick days, maternity leave, or a good retirement plan.
The next thing you need to consider is how the benefits from working for Employer A compare with the benefits of working with the others from whom you have offers. Signing-on bonuses, long-term career opportunities, stock options, and other issues need to be considered. Do any jobs require you to move to a community you particularly like or dislike? Do you know any people who currently work for any of these employers?
What you need to consider, before pursuing the benefits you need from your preferred employer, is your alternatives. What are your best alternatives if you don't work for Employer A? Is the short-term financial issue a major or minor issue in the overall picture?
You say there are other candidates for the job, so the employer has no interest in offering you a signing bonus. This is an assumption that you should check very carefully. There may indeed be other folks they can hire -- but you need to find out how you rank among their preferences. You also need to find out whether there are any particular things they find attractive about you as an employee. In addition, it may make sense to learn if they are hiring only one person or have several openings. You might want to check with other people to whom they have made offers (if you happen to know them) to find out whether any of them have asked for signing bonuses and what the response has been. Has the company been telling everyone the same story?
It sounds as if you are in a far better situation than you may think. You have several job offers and can make a conscious choice. Many people would give their right arm to be in that situation.
Do a good job of asking questions of yourself, your classmates, and the employers. If you listen well, I am sure you will make the right decision.
Good luck,
Steve
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