Patrick Thomas
speaker
995 appearances
15 recordings
1 series
first heard Jul 2018
last heard May 2024
Patrick Thomas’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Employers Offer Signing Bonuses to Lure Blue-Collar Workers · 1 Jul 2021
podcast
Even upping pay from $15 to $17 an hour adds up over time.
So employers like these.
They're kind of gambling that they can hire these workers for the one-time payment.
And they are hoping that it won't lead to persistent pay increases.
Because remember, if you bring somebody on and increase their pay to try and, hey, we're offering $19 an hour and we usually offer $17.
then your current workers are also going to demand pay increases.
So you're going to have to raise pay across the board for everybody or offer more benefits to everybody.
So this is just a more cost-effective way to just offer these one-time payments.
Yeah.
So far, a lot of businesses have said that they have seen some success early on with these.
First off, you're seeing some states and the unemployment benefits.
So that's one key to this.
Vaccinations are also up, so there's maybe less hesitancy to go back to the workplace if they're worried about COVID.
So that's something to keep in mind.
But when workers, at least from the folks we've talked to, a lot of them really like these bonuses, especially if you're younger or you've been a low-wage worker.
Like,
These are very useful for paying the bills, paying car payments, paying your rent.
If you've got bills piling up, these are pretty effective.
One of the workers we spoke to who works at the restaurant with the referral bonuses said he's referred two of his friends already, so that's $2,000 on top of 1,000 signing bonuses.
He's already netted $3,000, and he plans to bring on more.
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