- While hiring intensity is still high, it may be leveling off from its late 2021 highs, according to data from Indeed Hiring Lab.
- In July, 5.2% of job postings on Indeed advertised a signing bonus, a rate three times higher than the same month in 2019, though down from the December 2021 peak, Indeed said. “All in all, the continued prevalence of signing bonus advertisements on Indeed is another sign the labor market remains tight,” the report said.
- Notably, signing bonuses were much more common for jobs and sectors that required in-person work compared to those that allowed more remote work, Indeed said.
A tight talent market and high inflation have reminded employers that cash is still king, at least in some ways. Sign-on bonuses are especially popular in industries struggling to retain talent in critical roles, a 2021 WorldatWork survey showed. Some companies have used referral bonuses to encourage the referral of applicants from underrepresented groups as well, WorldatWork said.
More employers are leveraging cash bonuses generally to keep workers present, especially if they are unable to offer flexibility, a December report from Grant Thornton revealed. Notably, employees said in that report that they would be willing to give up upwards of a 20% salary increase for more flexibility regarding when and where they work. Employers in a bind will need to find a way to meaningfully differentiate their value proposition, the report said.
In-person work is not without its fans. While remote work may be considered its own benefit for some employee populations, in-person work is seeing increased demand, Indeed said in a previous report. Debate abounds on whether young workers need to be in the office for the sake of their careers. But generally, employees have said in other surveys that they want to maintain their current work arrangements — be it in-person or otherwise.