Should you take a sign-on bonus in Nursing?

 It depends...on how desperate you are (a bit of joke here😜). Seriously, It depends on your goals and needs. And in some cases, whether you're up for what they indicate in terms of the potential perils of the unit or hospital you may be working in. 

I don't think they are bad. However, in some, if not most cases, they indicate a situation where the hospital or unit cannot keep staff.  And most of these units are not easy to work on. The patient acuity is high, it may have a toxic culture or  it's a toxic environment.  Think of a  mercenary going to fight a war. He knows he could be injured or die. But considering he's being paid a huge sum of money that will set his family up, he takes the risk. I suggest you think of a sign-on bonus in those terms. There is no free lunch. What will you be really sacrificing in exchange for that money. And I'm not talking about the time spent working there. They make it seem like you are trading your time but is that the only thing?

Now sign-on bonuses in Nursing come in different flavors. There are those you get in exchange for taking a job and agreeing to work there for a year or two. There are those you get for working a contract and those usually are for shorter periods lasting weeks to a few months. I took a sign-on bonus when I first started. I'm glad I got it. Why? That unit wasn't an easy one and it was a time where nursing had a glut. Some people couldn't get jobs. So to get a job and get paid a bonus for staying for a year was nice. And there were other benefits I got. But as time went on, I shied away from bonuses.

 Overall, If you need money desperately where a bonus would help, and you are willing to make the sacrifice, that's a choice you can think about and make. If you have a plan where taking a bonus fits, for example, you would like to buy a house and getting the bonus might help for the down payment or you want to use the bonus to pad up your brokerage account and help you take advantage of the time value of money, that is also a worthy reason to consider. Or you need to the money to pay off debt or pay for a vacation. Don't forget to keep the tax ramifications in mind.

Just keep this in mind: Sign-on bonuses are a handcuff of sorts; they keep you hitched to the unit for a certain amount of time. And that time could be months or years. The devil may offer temporary benefits but at what cost? You may not lose your soul; but is it worse losing your sanity, drinking yourself out of your misery, getting panic attacks before work or being miserable?

So, should you take that sign-on bonus? It depends. Take the time to evaluate the pros and cons because there are other things to consider...like taxes. Join me next time as I discuss the tax ramifications of these sign-on bonuses.