Is A Sign On Bonus Worth A 3 Yr Contract?

  1. I Will Be Graduating In May 06 W/ My Rn. I Am Already Searching For A Job But I Just Don't Know If A Sign On Bonus Is Worth A 2 Or 3 Year Contract W/ The Employer. I Am Getting Offers At $18.25/hr And A 10 K Bonus To $19.34 And $0 Bonus And Some In Between W/ A 4k To 8k. It Is All Very Confusing And I Have Been Getting Mixed Reactions, So My Question Is What Is Everyone's Thoughts And Experiences W/ Accepting A Job W/ A 2-3 Yr Contract For The Bonus Money? Thanks
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  2. 13 Comments

  3. by   Hodge
    There is usually a reason why a bonus like that is being offered (i.e. they can't keep staff). If you work full-time (2080 hours/year roughly), use that to figure out if a bonus or higher pay is worth it.
  4. by   icugirl33
    8 months prior to my graduation in May 2005, I accepted a job offer from a local hospital , I received $12K up front for signing a 2 year contract and when I started working for them in July, I received the normal $5k sign on bonus which is being given in increments, 1st paycheck, 6 months, and 1 year.

    So far, the $12k plus $5k sign on was the highest that I ran across in my area. I could of also done 1 year for $6k plus the $5k sign on. Please keep in mind that the hospital was giving $6k per year for BSN students & $3k per year for ADN. I choose them because they were actually the only hospital system that was giving extra money for my degree, all the other hospitals gave the same across the board regardless of what type of degree you were obtaining. They also start out new nurses at $23 per hour plus differential compared to the $17-19 per hour at the other hospitals around here.

    Good luck
  5. by   k_cole21
    A 3 year commitment is a long time. The longest I'd do a contract is 1 year. 2 years is pushing it. My fear is getting into something that you hate. As a travel nurse I can get bonuses for $5K for a 13 week contract. It's more common to get $1000 or $1500 bonuses.
  6. by   medicrnohio
    This is truly a personal decision to make. But....my thought is I wouldn't do it. I signed a two year contract for a $2500 bonus and I regret it.
  7. by   PMHNP10
    Quote from cnpta
    I Will Be Graduating In May 06 W/ My Rn. I Am Already Searching For A Job But I Just Don't Know If A Sign On Bonus Is Worth A 2 Or 3 Year Contract W/ The Employer. I Am Getting Offers At $18.25/hr And A 10 K Bonus To $19.34 And $0 Bonus And Some In Between W/ A 4k To 8k. It Is All Very Confusing And I Have Been Getting Mixed Reactions, So My Question Is What Is Everyone's Thoughts And Experiences W/ Accepting A Job W/ A 2-3 Yr Contract For The Bonus Money? Thanks
    never never never never never never never never sign your life away to a hospital for a sign-on bonus.

    Why? u ask. Man I'm glad u asked.

    Cause if you are miserable at your job and quit or get fired before the end of the contract you will owe that bonus back in full (or if you are fortunate prorated for your time of service). Unless you have 10K lying around at all times, you don't want that kind of debt to be owed.
  8. by   Marie_LPN, RN
    Always ask why there is a sign-on bonus.
  9. by   ERNurse752
    That would be too long for me. First, I don't like being tied down to anywhere...if something better came along in that time, you'd be stuck. If you hate it, you have to pay it all back, or just be stuck and hate it for three years. Not worth any amount of money to me. Usually the supersized bonuses are there for a reason...
  10. by   sunnyjohn
    The choice is yours, but it does sound kind of fishy. I would not take a bonus for three years.

    Of course you could put the bonus money aside in a money market account until the end of the three years as a cushion in case you decide to leave.

    Try to get them to give you a higher starting pay WITHOUT any kind of bonus or time contract. Start with $27/hr and then you can negotiate to within $21.
  11. by   trixie
    In 1991 I took a $3000 sign on bonus to work 3 yrs at our local hospital.
    I'm still there 14 yrs later and have no plans on going anywhere else. I just accepted a position as a full time nursing supervisor. It all depends on the plans you have for your life. My family is all in this area and I don't want to drive 60 min to another hospital to work. It's all in what you want and what kind of area you live in.

    go with your gut feeling!
  12. by   jodyangel
    Yeah really think about it before you take it. I work right now at a local hospital 5 min. from my home, and so its convienant. But, it has loads of downfalls.
    Its so understaffed they have travel nurses. They cancel my shifts because the travel nurses are guarenteed their hours and apparently Im not? They can't keep nurses aides and they arent hiring any. So I have to change the water pitcher, do my vital signs, blood sugars, bedbaths and beds, pass my meds, do my treatments, chase doctors down, deal with problems, and familys and do all the proper charting. Its sucks!!! They are putting me thru school now tho...LPN to RN, but I have to give them a 3 yr commitement as an RN. I have very mixed feelings...cause I dont want to stay that long. So my plan is to also work one day a week for another agency and put that money away. Then pay off what I owe the hospital and make a run for it!! Sometimes I think I should just take out a personal loan and pay for it myself now......
    If I was working in a nursing home it would be so much quieter and I could even read a bit while Im at work lol. I dont know...we'll see!!
  13. by   scorpionrn
    BE CAREFULL!!! I learned the hard way that there is a reason they offer high sign on bonuses!! I was stuck in H--- for 13 weeks and could not get out of a travel assignment, an assignment I took only for a $20,000 bonus that I never got. Read the fine print they can discontinue bonuses at any time!
  14. by   rn in 3 years
    Quote from sunnyjohn
    Of course you could put the bonus money aside in a money market account until the end of the three years as a cushion in case you decide to leave.
    That is a really good idea. Take the bonus and stick it in an ING account and earn 3% interest on it. Then if you decided to leave it will all still be there plus some. If you stick it out for the 3 years then you will have the bonus plus the interest it has earned.

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