Biggest signing bonus in tight labor market

Most of these signing bonuses have stipulations, I looked at one recently that was $15K, paid out over 18 months, $2,500 up front, then $5k after 6 months, $5k after 12 months, and $2,500 after 18 months.

 

When my wife went to work for her cousin back in '01, he was paying $8.50 to all employees, $10.50 to family and managers, he only gave insurance to family and managers. Over the years he slowly changed things up, her first 5 yrs there was no vacation pay for anyone, you took it without, he had a horrible turn over problem. Then one day, he started to pay vacation pay, 1 yr, regardless of time with the company. Finally he gave pay raises, $1.00 to everyone. When Obamacare mandated insurance for all full-time workers, he cut 90% of workers to 30 hrs to avoid the insurance. In early 2019 he raised everyone to $13,85/hr, then the City mandated all City contractors and vendors (which since he's located in the airport included him) pay at least $15.00 /hr, recently though, he's had such a hard time attracting people, he's now paying $15 to start (no exp.), after 90 days it goes to $17/hr and full insurance (at a cost), hirebacks (he laid off 560 of 650 employees in April 2020) start at $18/hr. His main competitor, is paying the same but also paying $500 hire bonus ($250 up front and $250 after 60 days),

 

There is a catch....what is it?

 

2 year note.

 

I don't know the definition of a 2 year note on a bonus. Does that mean if you don't stay for 2 years, you repay them WITH INTEREST? If you don't pay up they send you to collections, put a big black mark on your DAC and ruin your credit for the next 7 years?

 

Don’t know all the particulars but that’s usually how those things work.

 

Ok....so it isn't a bonus. Just a way to keep a rope around your neck for 2 years, and if you quit, you'll owe them $15,000. There are thousands of suckers out there that will buy into that!! Lol

 

If you’re willing to put up with starting at the bottom with an LTL company, it might be a good deal. At my age, I wasn’t.

 

My first year at Quality Carriers paid me $6k in bonuses including Sign-on, Safety, Performance, and something for staying (retention or loyalty, I forget what they called it).