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Signing Bonuses Lure Recent Grads
Please note: This item is from our archives and was published in 2008. It is provided for historical reference. The content may be out of date and links may no longer function.
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More entry-level hires may find themselves with deeper pockets in 2008, according to the National Association of Colleges and Employers.
The association’s Job Outlook 2008 survey found 54% of employers plan to use signing bonuses when recruiting new hires, up from 47% in 2007.
Previous NACE studies and surveys suggest that employers often underestimate their need to use signing bonuses. According to Marilyn Mackes, NACE executive director, approximately 47% of employers said they planned to offer bonuses in 2007, but more than 54% actually used them. If the pattern holds, Mackes expects more than 60% of employers could use bonuses when hiring 2008 graduates.
Respondents who planned to offer a bonus to all entry-level hires expected to spend on average $4,450 per bonus – a 25% increase from 2007.
The survey found that two-thirds of employers using bonuses only expect to offer them to select candidates, and the amount of the bonus varies depending on several factors, including degree subject and level.
Source: Job Outlook 2008 , www.naceweb.org.
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