Participating in a job interview can be nerve-wracking, especially when salary negotiation is also part of the process. Salary discussions can be especially daunting for healthcare providers with so many other factors at play. For healthcare providers looking to make the negotiation process more efficient, our top six tips are a great place to start.
The Importance of Salary Negotiation
Healthcare workers are among the most important workers in society today. It makes sense that they should be paid well for their services. More than half of those working in the field of healthcare accept compensation offers without ever entering into negotiations. Employers will always seek to create an offer that benefits themselves, however, negotiation can ensure that fair pay packages are provided with the position.
Conduct Market Research
Before heading into an interview, it is important to have conducted background research on the position. For example, look at current attending physician salary offers in competing locations to find out what you should be paid as an attending physician if hired. Make sure to gather information about qualifications and experience and how it affects compensation packages within your desired field.
Pay Attention To The Whole Package
Physician compensation packages are more than just a base pay rate. When negotiating a salary, make sure to consider the PTO, working arrangements, bonuses, education reimbursements, and even insurance coverage options. Some providers may not be willing to increase their base pay but are more than happy to add on other perks.
Make Your Expectations Clear
Being upfront is one of the best ways to negotiate a compensation package for a healthcare provider. Always have a base salary in mind and state your expectations from the outset. Many employers will take your expectations into account during the interview and meet you on your terms if you fit their needs.
Be Articulate Regard Your Value Proposition
Showing an employer the benefits of hiring you is a great way to negotiate more equitable terms. Healthcare providers who can show they are efficient through the use of time tracking or other efficiency tools can help bolster their position. Highlighting unique skills, innovations, and potential contributions can also go a long way toward justifying a salary demand.
Drive Salary Negation With Data
Using hard data is by far the best strategy when negotiating a physician’s compensation package. In most cases there will have been a discussion regarding the salary range, so if the final offer is not satisfactory, use that conversation as a sticking point. Reiterate your skills, qualifications, experience, and other data to back up your salary request.
Seek Clarification
Sometimes, an employer will provide lowball offers despite your best efforts at fair negotiation. In cases like this, it is a good idea to ask for an explicit justification or explanation for the offer provided. Once the explanation is provided, you have the option of making a counteroffer or walking away from the negotiating table.
The Bottom Line
Negotiating a fair compensation package is a critical part of any interview. For those working in the field of healthcare, it is even more important. Those who negotiate are more likely to get higher starting offers than those who never try. At the end of the day, the worst an employer can do is decline your request. With the tips above those working in the healthcare field will be in a better position to secure a future that aligns with their career path.