At a time when competition is fierce for qualified job candidates, employers are more likely than ever to throw in extra bells and whistles to their compensation packages.

Enter the sign-on bonus.

If you’re lucky, companies will tell you exactly how much money is on the table if you accept a job with their firm. According to analytics firm Global Data, which tracks job listings, there was a five-fold surge in the number of companies that advertised a sign-on bonus between August 2020 and August 2021.

Still, even if they don’t post their bonus offers online, that doesn’t mean companies aren’t willing to pay up handsomely to attract talent. Over the course of my career in content marketing and journalism, I’ve successfully negotiated an additional $160,000 in upfront sign-on bonuses on top of base salary and equity grants.

If you’re not sure what to ask for or how to make the case for a sign-on bonus of your own, here are a few tips:

Add up the value of unvested stock grants, 401(k) matches, and other incentives

The first time I negotiated a sign-on bonus, my request was simple — I knew I had $30,000 worth of unvested equity that I’d have to kiss goodbye if I quit. I asked for a sign-on bonus to cover that loss and they agreed.

There are pros and cons to this approach and trade-offs to be considered. The biggest benefit to accepting cash and forfeiting stock options or RSUs is that you get your money upfront rather than having to wait for a future vesting date. Of course, the opposite could be true as well. If your company suddenly goes on an earnings tear and the stock price shoots up after you’ve quit, you have to live with knowing you missed out on all those gains.

Personally, I agreed on an employer equity strategy with my financial planner many years ago that I have always stuck to. As soon as my RSUs vest and become available for me to sell, I immediately cash them out no matter what the stock price is at the time and diversify the proceeds by investing in mutual funds. I just don’t like holding big chunks of equity in the same company that pays my bills. So, for me, it made sense to go ahead and forfeit my RSUs, accept a sign-on bonus from my new job, and immediately invest the proceeds in the stock market like I would have anyway. The choice is up to you.

Factor in lost income from reduced freelance capacity

It’s become increasingly popular for workers to leverage skills for additional income streams outside of their regular jobs. If a new employer demands more bandwidth from you that will require you to reduce the number of hours you can spend on other work, factor that into your sign-on bonus request.