Career Corner >> Career Advice >> New Dilemma New Input
New Dilemma New Input
3156 posts back to top |
Posted almost 5 years ago Hello to Everyone!! I am going to be starting a new job in July at a Hospital. They have offered me a $2500. sign on bonus in exchange for two years of full time employment. Sounds good huh? Well the only thing is, if I quit or am terminated anytime before the 2 year contract is up I have to pay back the whole $2500 within 30 days of my departure. I would get this bonus with my first paycheck and taxes would come out of that which will be approximately $1000. So I would actually only be receiving approximately $1500. I'd really like to think I will be there at least the 2 years, but I'm thinking what if I decide I really hate it, or that I can't do the job, or if they think I'm not doing a good job. Just wondering what some of you would do. Would you accept the sign on bonus or not and why? Give me some feedback please. I have until July 14 to make a decision. Thanks. |
5939 posts back to top |
| Posted almost 5 years ago well it depends on what your plans are. If this is what you want to do and you plan to be there 2 years, do it. If you are unsure about the job or staying for 2 years, I wouldn't do it. Have you worked in a hospital setting before? Do you know what the job entails? Are you committed to working full-time?Just be sure this is what you want. If it is , go for it. Two years isn't that long. even if you don't like it. But only you know what you are looking for. |
|
Account Removed 
0 posts back to top |
| Posted almost 5 years ago two years sounds like a long time to be tied in to a place that you may not like. Most are only one year. Never heard of having to pay it back if you are terminated. Also, it is usually paid in two installments several moths apart. If you have any doubt at all, do not go. There are higher bounuses out there as well. |
|
3156 posts back to top |
| Posted almost 5 years ago This is a full time job in the OR, which is what I really want to do, but have never done it. I really think I will love it and will stay for the two year. But you just never know what will happen in two years. Yes, I have been working in a hospital on an acute care floor for 3 years so I know what its like to work in a hospital. I got a sc holarship from my present employeer for signing a 2 year contract, but it went towards my schooling. Theirs was pro-rated. So if you only worked for 1 year you only had to pay back half of the bonus verses the whole thing. Also they offered financing to pay it back if you needed financing. It's just kind of strange to have to pay back the full bonus even if you work 20 months for them. I have already accepted the postion and turn in my resignation at my current job. I just don't know if I want to accept this sign on bonus. They didn't tell me anything about it when they offered me the job. I just got a letter in the mail about it. |
|
Account Removed
-57 posts back to top |
| Posted almost 5 years ago First of all, 10% of 2500 is 250 not 1000. Almost all facilities require you to sign a contract in order to be enrolled in their OR program, it's a typical contract. It costs the hospital, on average to train an OR nurse $100,000. Take it, sign it, take the bonus and place it into a savings account and don't spend it. Call it your emergency fund. When you pass your 90 day probation, then think about spending it but I wouldn't, until my two years are up. Or you can opt not to accept the bonus and tell them this and sign a different contract. |
|
3156 posts back to top |
| Posted almost 5 years ago Believe it or not they actuallyhad specific tax rates listed on my letter. Federal rate 25%, State 6%, and FICA 7.65%. Which is a total of 38.65%. Which would be $966.25. That seems like an awful lot to me. It is just a general contract they offer new employees, I guess to try and keep them at least 2 years, not an OR contract. So if I choose not to accept this contract there wouldn't be another one for me to sign. |
67 posts back to top |
| Posted almost 5 years ago "If it looks to good to be true, it probably is" An ineffective leader doesn't support success.
|
628 posts back to top |
| Posted almost 5 years ago That's kind of a weenie bonus for 2 years commitment. If I wasn't truly sure I'd stick it out for the required time, I'd take a pass on the bonus. Like cd said, there are bigger bonuses out there. |
|
3156 posts back to top |
| Posted almost 5 years ago I know the hospital I work at now gave a 5,000 dollar bonus, or rather scholarship for 2 years. I didn't accept the job for the bonus, b/c I didn't even know about it until after I accepted the job.I am definitely taking the job, I just have to decide whether to accept the bonus or take a pass on it.
Thanks for all the input so far. |
|
Account Removed
-57 posts back to top |
| Posted almost 5 years ago Legally, you can draw a line through any bonus offer, in any contract. You can also write a letter, to be contained with the contract, you are refusing the bonus. To protect yourself, education and training wise, it's always best to stay for two years when you're learning an area as involved and complex as the OR. I dislike bonuses. They are misleading, have far to many strings attached. I always, when I traveled, refused them. |
|
142 posts back to top |
| Posted almost 5 years ago Took a bonus for three years. Wish I hadn't. I hate the feeling of having to stay here instead of wanting to stay where I am. Know several nurses that paid back the sign on bonus. Be real sure that you want to stay there for the full two years before you sign on the doted line and accept the money. |
