Pharmacist's Bonuses

[ScottTheGR81]

What can a new pharmacist expect as bonuses, like sign-on bonus, car, house etc. How much have people been known to recieve? Is the sign-on bonus a check they just give you of something around $10,000-$20,000 something you just get to spend?! That would be just too cool.

Help me undestand what they could possibly get.


thanks.

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[ndearwater]

What can a new pharmacist expect as bonuses, like sign-on bonus, car, house etc. How much have people been known to recieve? Is the sign-on bonus a check they just give you of something around $10,000-$20,000 something you just get to spend?! That would be just too cool.

Help me undestand what they could possibly get.


thanks.

Oh that's reminds me, not to hijack your thread, but do some employers actually pay off your student loans when you sign a contract with them? That would be pretty awesome huh?

 

[bananaface]

Sometimes you can get tuition reimbursement in exchange for a certain amount of years (5 sounds reasonable). Sign ons in retail are usually not in the range you mention (2-5K? for a 1-3 year committment). In hospital they are closer to nonexistant, unless someone is really pressed to fill a rural vacancy. You could probably arrange for some kind of relocation package if you have those type of hiring related expenses. The only place that'd possibly give you a car would be a high travel position.

If you don't ask for a sign on bonus, you won't get one. Benefits and salary/pay negotiation are more important than sign on bonuses. Get any agreements in writing. And, make sure the person making the offer is authorized to do so on behalf of the company, and that if they move on, the agreement still stands.

 

[Jeddevil]

Sign ons in retail are usually not in the range you mention (2-5K? for a 1-3 year committment).

I don't agree with this statement. It depends on your region, and sign-ons in the phx metro area are in the 15 - 20 K range for 3 -4 year commitments. Their are rumors of even higher here now.

Even at that, I would not take one. You need to remember that you will only get 55% of that after it is taxed, which reduces it to 8.25 - 11K and then you have to stay with them for the entire time or you pay it back, the entire amount pretax. When you break it down, this is only 1- 1.5 months pay for sticking with a place for 3 years even if it sucks, and once you take their money, you lose much negotiating power. You can and usually will be sent to stores out of your control, such as inner city stores here in the metro area, and will become the companies Bit#$ for lack of a better term.

Signons need to be of a much higher amount or less time, such as a year. Selling yourself out for a freaking month and a half of pay is stupid.

 

[SomeGuy]

Well, if you graduate/first get employed in the middle of the year, then a big signing bonus right then makes a lot of sense for tax reasons.

But yes, the other reasons are very true.

 

[Jeddevil]

Well, if you graduate/first get employed in the middle of the year, then a big signing bonus right then makes a lot of sense for tax reasons.

But yes, the other reasons are very true.

No it doesn't. You will get hit at the higher tax rate for bonuses no matter when you get the bonus, first, middle or end of year. You don't get to mix bonus money in with normal earned income for tax purposes. The IRS looks at it differently and treats the two incomes differently.

 

[starsweet]

Sometimes you can get tuition reimbursement in exchange for a certain amount of years (5 sounds reasonable).

What places offer tuition reimbursement, is it mostly retail chains? Also, do you get any reimbursement from working as an intern during summers?

 

[Sosumi]

The military often helps pay for tuition and reimbursement of loans if you stick with them in your 3rd and 4th year for their scholarship and agree to become their slave for the next several years. Not worth it in my opinion unless you're really into that kind of thing. The overall pay is much lower, but the take home pay isn't that bad supposedly since they help pay for tuition, housing, and living expenses.

 

[Requiem]

You're asking pre-pharmacy students, most of these people often answer questions based on 'what they've heard', watch out for that.

I live in Canada, some common sign-on bonuses are $20,000 , Tuition/Loans paid off, relocation expenses, in some cases housing is paid for, etc. If a company isn't offering this, let them know and go somewhere else.

For example Shoppers Drug Mart is offering a contract to students for $15,000 a year each year in school, then you have to work for them for 2 years in a province you designate - full salary, benefits etc.

 

[ForgetMeNot]

I don't agree with this statement. It depends on your region, and sign-ons in the phx metro area are in the 15 - 20 K range for 3 -4 year commitments. Their are rumors of even higher here now.

Even at that, I would not take one. You need to remember that you will only get 55% of that after it is taxed, which reduces it to 8.25 - 11K and then you have to stay with them for the entire time or you pay it back, the entire amount pretax. When you break it down, this is only 1- 1.5 months pay for sticking with a place for 3 years even if it sucks, and once you take their money, you lose much negotiating power. You can and usually will be sent to stores out of your control, such as inner city stores here in the metro area, and will become the companies Bit#$ for lack of a better term.

Signons need to be of a much higher amount or less time, such as a year. Selling yourself out for a freaking month and a half of pay is stupid.

My metro Phoenix sign-on bonus offer was $20,000 ($12,500 after taxes) for a 2 year commitment. And I was guaranteed placement at a store near my home.

 

[Jeddevil]

My metro Phoenix sign-on bonus offer was $20,000 ($12,500 after taxes) for a 2 year commitment. And I was guaranteed placement at a store near my home.

That is one of the best I have heard of. What chain is it with?

 

[ForgetMeNot]

That is one of the best I have heard of. What chain is it with?

I work at a Safeway. It's not high-volume, either.

 

[bananaface]

I don't agree with this statement. It depends on your region, and sign-ons in the phx metro area are in the 15 - 20 K range for 3 -4 year commitments. Their are rumors of even higher here now.

Even at that, I would not take one. You need to remember that you will only get 55% of that after it is taxed, which reduces it to 8.25 - 11K and then you have to stay with them for the entire time or you pay it back, the entire amount pretax. When you break it down, this is only 1- 1.5 months pay for sticking with a place for 3 years even if it sucks, and once you take their money, you lose much negotiating power. You can and usually will be sent to stores out of your control, such as inner city stores here in the metro area, and will become the companies Bit#$ for lack of a better term.

Signons need to be of a much higher amount or less time, such as a year. Selling yourself out for a freaking month and a half of pay is stupid.

Sorry, I should have said 2-5K/year. The rates youy are speaking of would be about 5K/year.

I agree about the work environment being key. I would never work somewhere I didn't enjoy just for the money. But, if you find someplace you like, you will probably be able to negotiate a sign on and good benefits, because of job market conditions.

 

[bananaface]

What places offer tuition reimbursement, is it mostly retail chains? Also, do you get any reimbursement from working as an intern during summers?

Many chains do, but not all. It's not as common in a hospital setting, but I'd imagine that some rural hospitals might offer this if they had a hard time drawing people to their area.

There are sometimes monies available for current students, but this typically means you commit to them after graduation, may lose potential pay or benefits, be forced to float or commute a long way, etc. I refuse to take the 5K/year my company offers for this reason.