need suggestions on the sign-on bonus

[suying]

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I just got an offer by email from a grocery chain store as floater pharmacist after a very short interview in school job fair. I never met with the managers of the area I am going to work for. So here are some questions I really appreciate your thoughts:

1. The sign-on bonus is 20K for 3 years. But if I do not fulfill the 3 year commitment, I will pay 20k back with 8% interest!!!, which means if I can be financially punished for not working 3 years for any reasons. (Even I put the money in bank I will not get 8% interest and sign-on bonus is taxable). So what should I do? How should I negotiate with them? Or walk away the sign on bonus?

2. The offer only mentions they want me to work in MD area. But as a floater, I am afraid I will be asked to travel around. How can I make sure I will work in close-by stores without strange working schedule? I am nervous and confused about the offer, since I do not have any real interview with managers in that area.

I appreciate any suggestions.

 

[sdn1977]

I just got an offer by email from a grocery chain store as floater pharmacist after a very short interview in school job fair. I never met with the managers of the area I am going to work for. So here are some questions I really appreciate your thoughts:

1. The sign-on bonus is 20K for 3 years. But if I do not fulfill the 3 year commitment, I will pay 20k back with 8% interest!!!, which means if I can be financially punished for not working 3 years for any reasons. (Even I put the money in bank I will not get 8% interest and sign-on bonus is taxable). So what should I do? How should I negotiate with them? Or walk away the sign on bonus?

2. The offer only mentions they want me to work in MD area. But as a floater, I am afraid I will be asked to travel around. How can I make sure I will work in close-by stores without strange working schedule? I am nervous and confused about the offer, since I do not have any real interview with managers in that area.

I appreciate any suggestions.

suying....you have every right to be nervous! I'd run like crazy from that offer.

I think they're trying to "grab" you with the $20K...but, think about it...that's less than $7000/yr - about $500/mo - you can make that in one day! There is no reason at all to be committed for 3 years for a $20K bonus.

When you take a job, it is good ettiquette to stay with the company for a year - but 3????? That's just too much.

Now....I'd never make a committment to be hired unless I met the management. You don't identify who that individual was who did your interview, but I'm guessing he/she doesn't have anything to do with how you are assigned, where you are assigned, how many or few hours you work. I would absolutely insist to interview with a manager!!!

MD is not a very big state, but its big enough that having to travel too far will put a huge strain on you, your family & your car - rethink that $20K

So....what do you do???? Tell them you're very interested, but have some concerns and feel you need to speak to the float manager. Then actually MEET him/her in person with questions already formulated. How large is their float pool? How far do they make you travel? How short of notice do you have? Do you have the ability to refuse days? Are you able to define what days you will not work (ie so you can take a vacation)? How often does their float pool convert to permanent positions (this is often a ploy to staff the float pool - they never have any interest in giving you a permanent position anywhere - new grads fall for this all the time!).

Finally....ask for names of folks in the float pool. They may or may not give you names....but at least they know you are looking into how satisfied their pharmacists are. I'd also recommend you going into several of these pharmacies & speaking with the pharmacists. We often know how hard it is to get people from the float pool & our ancillary staff knows how good or friendly/happy they are.

But.....I'd advise you to be very cautious. You really don't need to sell yourself so cheaply - just my opinion.

 

[MountainPharmD]

Sign on bonus = deal with the devil!!!!

Pharmacy supervisor/District Manager = pathalogical liar

My advice, from experience, do not take a sign on bonus. Once you cash that check you are at their mercy. What are you going to do if they break all their promises, which they will. Even if you have everything in writing, which they will not do, it would be up to you to prove they lied to you. Bottomline, you are screwed for three years and will be stuck working what ever shift they want you to and travelling where ever they want you to.

 

[suying]

sdn1977 and MountainPharmD, Thanks a lot! Yes, I will be cautious about this offer. I need to clear all the details before I accept it.
Some other questions: When it comes to negotiate an offer, what part can we really negotiate about? hourly salary, days of vacation, sign on bonus, tuition reimbursment? Could I ask them to take off the pay-off interest or shorten the years of conmittment?
Well again, I will appreciate everyone's thoughts. Thanks.

 

[MountainPharmD]

You can negotiate what ever you want. Most companys have a set pay and benefit schedule so they are some what limited in what they can offer. If they are desparate enough for Pharmacists its worth a try. Once you get to working one of the most important things is vacation and time off. I am sure the pay is competative with everyone else so vacation is a good place to negotiate. I would tell them you are not interested in a sign on bonus and use that as levearage to get at least 4 weeks of vacation.

One more statement on the sign on bonus. Remember the bonus will be taxed at the maximun tax rate so you will end up with about $12,000. Its not worth it to be stuck and miserable for three years. Also remember they are offering a sign on bonus because they cannot get anyone to take the job. You have to wonder what the problem is.

 

[Caverject]

Pharmacy supervisor/District Manager = pathalogical liar

Ain't that the truth...

 

[crimson1566]

how easy have you found it to get another company to transfer your seniority?

 

[ZpackSux]

If you're not willing to fulfill the contract, do you think it's ok to keep the money?? It's a black and white situation.

And since you're asking for a suggestion in a public forum, here is my reply.

You don't deserve a single cent of sign on if you won't honor the contract.

Where is our sense of moral and ethical obligations?

 

[sdn1977]

If you're not willing to fulfill the contract, do you think it's ok to keep the money?? It's a black and white situation.

And since you're asking for a suggestion in a public forum, here is my reply.

You don't deserve a single cent of sign on if you won't honor the contract.

Where is our sense of moral and ethical obligations?

I don't think she's not willing to honor the contract.

I get the sense she doesn't really know what the contract entails.....that's what she needs to find out. What exactly is her committment?

We know it is not just a 3 year, 20K deal. She needs to know what the circumstances are of this 3 year deal.

If it was a 40hr wk, with being in a float pool, with no more travel distance than 80 miles one way, with at least 2 days off together every 2 weeks, etc, etc, etc.....then she might find it reasonable to honor the contract.

But...she doesn't know any of this....that's what she needs.

To the OP: you can't negotiate any of this, IMO. This is an offer......get the details clarified, then make the decision - accept or reject.

Your hourly rate, vacation rate, retirement contribution...all is set - just like everyone else's. You just need to get a specific committment to what you are committing to. Get more info & talk to the dm - not a recruiter!

 

[sdn1977]

how easy have you found it to get another company to transfer your seniority?

You mean like from CVS to Walgreens? There is no transfer of seniority. However...you won't start at the bottom of the pay scale - you'll start your pay as an experienced pharmacist.

However.....all other benefits don't transfer at all - oh, unless you are unionized.....then they are union benefits. Southern CA is like that.

 

[Recycled]

never take one, unless you've already worked for a company *at* the particular location and KNOW you want to stay there the specified amount of time. i took a large sign on bonus after working for a particular chain but moved into a different city - big mistake. you may like the particular chain even and think "no two stores can be that different, it'll be fine".. but trust me, it isn't always. plus, you lose all leverage if the DM suddenly decides that filling 300 scripts with 3 people is great, etc. now i am in the position of not wanting to look like a quitter, but grinding my teeth and crying at least 2 or 3 times per week over my job. no amount of money is worth that.

 

[Therapist4Chnge]

I'm not a pharmacist, but I've done enough negotiating to see obvious red flags. Get EVERYTHING in writing. A few of my friends are in retail pharma, and they have all been given lines about scheduling, time off, bonuses, etc. Unless it is clearly spelled out in writing.....don't agree.

As for sign on bonuses....it pays to read the fine print. 3 years seems like an awefully long time to be accountable for such a bonus (7k/yr). The 3 year stipulation would SCREAM retention problem. I'd RUN not walk away from that deal.

-p

 

[pharmboy30]

There is NO WAY I would sign on anywhere for 3 years.
My sign-on was $5000 + 10% avg salary for relocation for ONE year.

They also tax it around 40%.

you need to keep your options open, if you don't like it, you will be hating your life.

Ask about the possibility of a one year bonus - plus the possibility of a retention bonus after one year? I don't think the large retail chains would go for that, but I don't know anything about retail.

 

[crimson1566]

You mean like from CVS to Walgreens? There is no transfer of seniority. However...you won't start at the bottom of the pay scale - you'll start your pay as an experienced pharmacist.

However.....all other benefits don't transfer at all - oh, unless you are unionized.....then they are union benefits. Southern CA is like that.

I was wondering about getting vacation weeks transfered. They all told me no but other pharmacists who have moved around say that it can be negotiated.

 

[sdn1977]

I was wondering about getting vacation weeks transfered. They all told me no but other pharmacists who have moved around say that it can be negotiated.

hmmm - I've never heard of that unless you are a participant in a unionized type setting (S CA for example) & the vacation is determined by the union.

For corporations....CVS, Walgreens, Target, Longs.....they don't owe each other anything. Same thing with hospitals....if you leave one for another - you lose whatever you've built up (actually....they pay you out - I never lost anything - just got a huge check).