Jobs Offering Signing Bonuses Have Tripled. Here Are the Industries Offering The Most

Some employers are offering up to $75,000 to new hires.

Americans are partying like it's 1969 following the release of a jobs report indicating the lowest unemployment rate in 50 years. But the labor report isn't good news for everyone, especially employers in certain industries facing worker shortages. To attract new talent, some companies have resorted to offering substantial signing bonuses. Read on to learn more about which industries are offering the most, and how to boost your odds of landing a signing bonus.

A sizzling labor market

A report from the Bureau of Labor Statistics earlier this month indicated that the American job market was strong, despite ongoing recession concerns. A strong market gives extra leverage to employees who face rosier prospects in the job market.

The reported unemployment rate of 4.3% hasn't been seen since the Nixon administration and signals that workers have the upper hand in negotiating power. When employees feel they are being treated or compensated unfairly, they may consider entering a labor market where their prospects of finding better conditions are good. This is likely why companies are raising wages at the fastest rate in over twenty years.

Of course, worker shortages can be the result of many factors, not exclusively unfair treatment of employees. In many industries, job creation has recently outpaced new workers entering the workforce, especially among companies bouncing back from the COVID-19 pandemic. However, in an economy where there are two job openings for every one unemployed worker, it can be incredibly challenging for employers to fill vacancies right now.

Who's offering bonuses?

From transportation to education, a variety of industries are in the midst of a hiring crisis. Some have sought to stand out to job seekers in a variety of ways, including by offering signing bonuses of tens of thousands of dollars, which could be an unexpected boon for the personal finances of many Americans.

Healthcare appears to have been hit the hardest by the labor shortage, with doctors, nurses, medical technicians, dentists and even veterinarians in high demand. Education and childcare are also facing a labor crisis as schools and daycares nationwide struggle to find workers. And as a result of last year's supply chain crisis, trucking companies are unable to find enough drivers.

The number of job listings advertising a signing bonus has tripled in the last three years, and in some industries as many as one in five job openings comes with a signing bonus. The amount of these signing bonuses can vary, but some employers are offering large sums. This includes Walgreens, which now offers a $75,000 signing bonus to new hires. Other employers are getting even more creative, holding job fairs and paying candidates to interview.

Boost your bonus chances

In a competitive market, remember that you are a hot commodity. So, don't be afraid to negotiate a signing bonus when interviewing for your next job.

First, do your research on what a job seeker in your industry can expect for a signing bonus, and use that to benchmark your offer. Next, shop around for another offer -- if you are interviewing with a company offering a high bonus, don't be afraid to ask whether other companies will match it. Finally, don't limit your negotiations to a dollar amount. Many employers have more flexibility to negotiate things like hybrid work schedules and vacation time than upfront compensation.

The job market is the hottest it's been in half a century, giving workers more power in workplace negotiations. A number of industries are especially feeling the consequences of a worker shortage, and offering sizable signing bonuses as a result. A job market like today's won't last forever, and workers should take advantage of their negotiating power before it's too late.