Your years of medical school, long nights as an intern, and frugal living have finally paid off, and you’re a licensed physician. As a rule, this means you can demand a higher salary than those in most professions. But what you’re offered for a job doesn’t always correlate with what you expect your value to be worth.
Enter the art of negotiation.
If you’re new to the scene, you may not realize that an employer’s job offer isn’t always set in stone. When a hiring manager presents you with a compensation package, you’ll review the salary and benefits. If you don’t believe that it’s enough to compensate for your experience and skills, you can respond with a request for more money or other compensation.
This negotiation process isn’t easy for everyone. In fact, many people struggle with the art of negotiation. Like working in medicine, negotiating a higher salary takes practice and knowledge. Here, we’ll provide ten tried-and-true steps to help you as you learn how to use this tactic to negotiate a higher salary with all your future employers.
1. Research the Salary Trends
The first step in negotiation is to educate yourself. What is the going rate for the job you’ve interviewed for in your geographic location? This step is vital because it keeps you from turning down a job with a salary package that you think is too little but is actually a solid offer.
For instance, if you’re holding out for a specific six-figure number only to find out that the going rate in your area is much lower than you want, you could turn away the best offer you’re likely to get without leaving the area.
2. Get Real With Your Value
Maybe you graduated at the top of your class or work in a high-pressure field where the demand for doctors is higher than the supply. These factors may cause you to feel as though employers should value your application more than others. However, most healthcare industries look for a combination of years of experience, licenses, certifications, and special skills before they offer the top salary packages.
Consider working with a recruiter to create a thorough list of your skills and abilities before negotiating a contract. Remember that the hiring manager may not know everything about your experiences. Pointing them out and highlighting the key aspects that make you the best person for the position could be all it takes to bump your salary up to the next level.
3. Know Your Worth
With the value you bring to an employer fresh in your mind, the next step is to prepare how you’ll say this. It can be easy to step over the line into bragging, so having a short script can help here.
Why should the employer adjust their offer to invest more to hire you? Use your previous experience, results, rewards, and achievements to create a solid argument that explains your value without stepping over the line into cockiness.
4. Be Open to Perks Instead of Money
Keep in mind that some job offer salaries aren’t negotiable. Government work, non-profit organizations, and private practices with an income cap may not be able to offer you more money. Instead, if they think you’re worth the investment, they could counter with impressive job perks.
If you value work/life balance, you can negotiate for a better schedule, more paid time off, or vacation time. Most companies offer basic packages that include health insurance and term life insurance. Although these premiums and coverage types are usually the same company-wide, you may be able to negotiate supplemental coverage to reduce your health expenses or another policy with a higher death benefit. (See this article by OJM Group for more information on the different types of life insurance available.)
Be open to accepting perks that reduce your monthly expenses, like coverage for continuing education or malpractice insurance, or those that improve your quality of life. In many cases, these benefits equal or exceed the salary shift you wanted.
5. Be Aware of Timing
Successful negotiation hinges on timing. If you push for a higher salary too soon, the employer could think you’re ungrateful or arrogant. Harassing the employer for an answer is never a good suggestion, either. Instead, reach out via email or a phone conversation and set up a time that works for both of you to discuss your negotiations. A scheduled time ensures a block of devoted space for the two of you to communicate without interruptions.
Conclusion
Once you know your value compared to the going rate for the job in your area, it’s easier to approach the negotiation table with a strong argument. Regardless of how the discussion is going, remain professional and express your gratitude for their consideration.
If they can’t meet your expectations, it’s okay to walk away — respectfully. The healthcare world is small, and you never know when your negotiations with this employer will impact you in the future!
The art of negotiation can take practice before you’re comfortable with it. Keep pushing for a salary that aligns with your worth and the job structure, and don’t settle for less than you know you deserve.
