- The ongoing nursing shortages and added stress on nursing staff from the COVID-19 pandemic have caused healthcare organizations to expand their nursing bonus programs to attract qualified personnel.
- Some bonuses are offered for positions with greater security risks or high turnover rates.
- Nurses must evaluate any bonuses based on whether they can complete the requirements and if the position will help advance their personal or professional goals.
Ongoing nursing shortages and the need for healthcare institutions to attract qualified staff have increased the type and amount of nursing bonuses offered to incoming and current staff. Bonuses are given in addition to base pay as an incentive to take a new job or remain in the current position.
However, not all bonuses are a good idea for nursing staff, and sometimes nurses can negotiate a better bonus.
We spoke with nurses who are familiar with nursing finances and have experience recruiting and hiring staff. Find out what they think about the types of bonuses currently available, how to negotiate, and what nurses should look for when they're considering a nursing bonus.
7 Types of Nursing Bonuses and Eligibility
Nursing bonuses are a common way that healthcare organizations have rewarded and retained their nursing staff for over a decade. With growing nursing shortages and the added stress from the COVID-19 pandemic, healthcare organizations have expanded how these bonuses are awarded. New nursing staff and current staff are eligible for a variety of bonuses. These include:
Tips to Negotiate Your Nursing Bonus
As of 2022, male nurses comprised only 9% of the nursing workforce. This has a significant effect on salary and negotiating for better bonuses. In a world where women are more likely paid less than their male counterparts, there is an added challenge that women often hesitate to negotiate for a better salary or ask for a raise.
Women may find the notion of negotiation or haggling aggressive and scary. According to one paper, men are four times more likely to ask for a raise and women are more likely to be seen as aggressive, even when men and women follow the same script.
When researchers sought a way for women to ask for a raise or negotiate for a better salary or bonus, yet avoid the backlash, they found some strategies that worked. The trick was to appear friendly, warm, and concerned for others.
A common explanation for women earning less than men is that they are not as willing to negotiate for a better salary or higher bonus. Yet, there are ways to do it successfully. Nursing bonuses are an important part of the overall compensation package.
Let's consider these tips for the next time you're in a position to negotiate a bonus.
Financial Wellness Tips for New Nursing Jobs
Nancy Mitchell is a registered nurse with over 37 years of experience as a director of care. She cautions nurses to read the fine print before accepting a sign-on bonus. These programs often are linked to a requirement for the nurse to stay employed over a certain period. However, she knows that many agencies offer higher bonuses for nurses to provide care in high-security areas like prisons.
"Usually, the available staff don't find the job appealing for safety or similar reasons. So it's best to do your homework about the nature of the job before signing any contracts," she says.
As always, read the fine print on any contract thoroughly and be sure you understand the terms and conditions before making any commitment that could potentially impact your personal and professional life in the coming years.
It's crucial that you also determine how this job may help advance your career, experience, income potential, or other criteria that are important to your personal or professional development.
Nursing bonuses are a significant enticement but should never be the primary reason you accept a nursing position.
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