After you’ve scored a new job and successfully negotiated your salary, there’s one more thing you can request to help secure your financial future: a signing bonus.
What is a signing bonus?
You’ve heard of big-league ballplayers getting signing bonuses, but they’re part of the business world too. No matter what career level you’re at, you may be eligible for a one-time payout at the inception of your time with an organization. Often, companies use signing bonuses to entice top talent. But assuming you haven’t seen one included in your salary package yet, then it can’t hurt to ask—if you do it the right way.
Why do you deserve a signing bonus?
When requesting a signing bonus, it's important to demonstrate your value. Emphasize the skills and experience that will make you a valuable asset to the company. Explain how you will contribute to the company's success and growth, and share examples of past achievements that demonstrate your ability to deliver results.
How can you justify requesting a signing bonus?
1) Wait for the official offer! Don’t start making demands before you know you’re definitely in the door and are clear on exactly what they’re offering.
2) Research the standards in your industry and location for salaries and signing bonuses. To best negotiate a fair amount, you should come to the table with this important salary information. If you know they’re shorting your salary, try to get them to compensate for it with a bonus.
3) Clearly and confidently communicate what you’re asking for. Why do you deserve a signing bonus? See the previous section.
4) Be ready to explain exactly what you would do with the funds you’re requesting. For example, connect a dollar amount to covering moving expenses, another number to paying off student loans, and the rest for whatever other relevant reasons you may have. This will show that you’re not just being greedy or impulsive.
Anything else I should know?
Yes, a few things:
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