Negotiating for a higher physician’s salary can be a little uncomfortable. Employers can feel intimidated if you tell them how much you expect too early. Hence, it can be quite difficult to know the right time to negotiate for a higher salary.
This article provides various expert strategies that will help you frame your offer. Understanding the basic stages of negotiation will increase the value of your contract. These top strategies will help you negotiate for a higher physician salary with ease. Looking forward to getting a competitive salary? Follow these expert strategies:
Mention Your Value
Mentioning your value and the positive actions you have accomplished helps you. So, be aware of your value before negotiating.
Your education and experience are worth mentioning again to your employer. Don’t undervalue yourself, nor should you overvalue yourself.
Understanding how employers determine your salary will help you identify the fairest compensation. Various factors have a huge impact on how much salary you get. The following factors will determine your salary:
In medicine, there are several specialties and subspecialties. Procedure-based medical specialties have the highest pay. American Medical Association mentions “the lowest-paying specialties were in the primary care fields”. This is according to an online survey they conducted.
Medical institutions in rural areas pay more salaries. It is difficult to get top talent in those areas. Areas, where there are more hospitals and physicians, pay a little less since there is more demand from physicians who want to work there.
Years of experience in medicine are an important compensation factor. For example, a physician who has been in practice for several years can expect to make much more money. One who is beginning will make much less.
Ask Relevant Questions
This is one way of negotiating a job offer. Ask as many questions as possible if you get the chance. This would help both parties to be open and share information. Ask questions that produce a positive response.
Consider Factors Other Than Money
The amount of salary offered has a limit. Many practices will offer incentives as an alternative. There are many incentives offered by various practices to get new employees on board. Some incentives are vacation pay, insurance such as life insurance, and student loan repayment.
Basic Stages of Negotiation
When the negotiation process begins, it will follow various stages:
- The employer presents you with the initial offer. A majority of employers have an offer ready set on the table.
- Make your first proposal with a balanced approach. This is a response to the first proposal and is a counteroffer.
- A repeat of stages 1 and 2.
- Reach a mid-range of salary that is reasonable for both of you after the initial failed offers.
- You accept the offer if you reach a suitable middle ground or decline if they do not meet your needs
When you accept the proposal, you can consider the negotiation process a success. In case you decline all the offers, you can walk away and move on to other offers as the last option.
In the end, the entire negotiation process should meet your needs. It is important to be patient when asking for a higher salary. Positioning yourself with quiet confidence will help you when starting the negotiation process.
As an employee of the hospital, understand your position and the role it plays. Your position contributes to the goals of the hospital as a company. Adding value to the employer is important. Following the strategies mentioned above will help you with the negotiation process.
Heather Blacksmith has a Bachelor’s Degree in Finance and works at a finance firm based in Seattle, Washington. She specializes in small business finance, credit, law, and insurance. When she is not working, she spends her time in her favorite coffee shop writing on various finance-related topics. Other than that, she enjoys adult coloring books, recycling, and running.