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The eMatchPhysicians Blog

Gaining a Recruitment Edge With A Vacation-Friendly Signing Bonus

Posted on: Friday, September 11, 2009

Most physicians want a break after a residency or fellowship before going into their next job. Organizations looking to hire them can take advantage of this by offering a signing bonus if they join their organization, and giving them a couple of weeks to a month to spend it before they begin with the organization. Signing bonuses are considered fairly standard in the healthcare industry, despite the recession; only their amounts have diminished. In addition, as long as the contract is properly worded, you can ask for the signing bonus to be repaid if the physician leaves within a certain period of time, so your investment is always protected.

A signing bonus varies widely by profession and specialty. You can find out what the current standard is in your industry by simply asking around. Your current staff physicians will know, as will recruiting firms. A recent study released by Merrit Hawkins revealed that signing bonuses for the 2008/2009 fiscal year ranged from $5000-$75,000, so there really is no set amount. If you are trying to lure residents or fellows who want to take a break, $5000.00 may not be enough for a proper vacation to the various cultural locales that educated professionals may like to visit. It would cover an all-inclusive resort, but certainly not the kind of vacation that a doctor would prefer to take. If this is your focus, make sure that the amount covered can offer a nice vacation; anything less may seem like an insult.

Signing bonuses tend to pay for themselves in retention costs. If a doctor accepts a $10,000 signing bonus and has a contract to practice with the organization for three years, it will cost much more than $10,000 to recruit and replace that doctor. The simple truth is that without a binding contract in place with some sort of incentive, a physician may leave your organization at any time, taking your training, recruitment, and experiential costs with them when they leave. With that in mind, $10,000 seems a small price to pay.

While such a move may be seen as a cheap gimmick by some administrators, marketing a signing bonus is surprisingly effective. Many firms don’t reveal a signing bonus until they are asked about it, so coming right out and letting them know that you are offering it alone can encourage new recruits. Such a move also shows that your organization has a transparency and honesty that physicians may be more likely to want to work with. Only 36% of recruiters offered signing bonuses in 2003, so it will definitely set you apart from your competition.

In the end it comes down to the question – is a recent resident or fellow most likely to join an organization with an excellent signing bonus or an organization with long-term benefits? The short-term financial incentives will win every time.

Tags: physician employment, physician hiring organizations, physician jobs

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