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
There's a five-person limit to the referrals.
He's making some significant money right now off of that.
Those kind of bonuses are pretty attractive.
A casino and resort in Durant, Oklahoma, said that it had brought on 2,000 employees in less than 90 days.
And the sign-on bonuses were critical for that.
A restaurant that's got locations in Philadelphia and Orlando has been giving out $1,000 referral bonuses if they bring on a friend.
And they say they brought in nearly 60 to 100 new employees.
So it seems like it's working.
The question I think a lot of employers are asking themselves right now is,
is everyone else is starting to do the same thing.
So if everyone is doing it, are they going to keep having to go higher with these bonuses?
And when does it end is starting to become the question that they're asking themselves.
It's possible.
One economist we spoke to said that you could start seeing bonuses go up and up, but over time it may get too much where they just start using general pay increases instead.
There comes a point where it's just not worth it to keep offering $5,000 to $10,000, $15,000 bonuses.
That seems a little extreme for some fast food places, but...
You know, the casino and resort in Oklahoma I mentioned, they considered raising it when a Big Lots warehouse down the street started offering $1,500 bonuses.
It's not a direct competitor, but they're still both going for kind of the same pool of talent in that area.
So you're seeing a lot of businesses compete, and they might have to keep raising it for the next couple months until they hope the labor market cools down a little bit.
We've seen more than a dozen states begin offering signing bonuses to get workers off of unemployment.
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