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If you’re hiring a new candidate, a sure way to sell them on a job is with a signing bonus. And one industry that’s got this down is technology.
Some of today’s top tech companies offer candidates some major signing bonuses. However, do these bonuses actually increase employee loyalty? Taking a look at bonuses and employee retention rates of major tech firms such as Facebook, LinkedIn and Amazon, a recent study by online career adviser Paysa sought to uncover how well these bonuses really work.
Related: Are Bonuses the Best Reward? The Answer May Surprise You.
Turns out, while a signing bonus can be a great tool to recruit new employees, it might not be enough to keep them around for long. Facebook offered employees an average signing bonus of more than $45,000, however, the typical tenure of these new employees was just over two years. The case is similar for ecommerce giant Amazon, whose average signing bonus for employees is $41,340, yet these people only tended to stay at the company for barely two years.
So, what’s the sweet spot for offering a signing bonus that will make employees want to stick around? According to the research, employees had the longest average tenure at Microsoft — around three and a half years — and were getting an average signing bonus of $20,191.
Related: 5 Bonuses Employees Love No Matter What the Time of Year
To learn more, click through the slideshow to find out the 15 tech firms with the highest signing bonuses.
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