Starting a new career as a physician can be an exciting and rewarding experience. However, you’ll first need to settle one of the more crucial aspects of your professional career — your salary.
As an entry-level physician, negotiating your salary can be particularly challenging as you are new to the field and unsure of what to expect. However, with some research and preparation, you can successfully secure a fair and competitive salary package.
This is where we come into the picture.
In this blog post, we will provide some salary negotiation tips for every new physician.
Negotiating your Salary as a New Physician: Some Tips for You
Here are tips on how to negotiate your salary as a new physician:
1. Do Your Research
Before physicians negotiate their salaries, it is important to clearly understand the market value for your position and experience level.
Look at salary surveys and talk to colleagues in similar roles to get a sense of what you should earn.
You want to stay updated on important information such as:
- Salary levels in your area
- Average new physician salaries according to your years of experience
- Average salaries for professionals with your particular skill set
- Average salaries for the particular company you’re applying to
Alternatively, you can take advantage of online resources such as Glassdoor, Payscale, Doximity, etc., which identify the appropriate salary range for you.
2. Be Prepared
Next, ensure you have a clear idea of what you want and are willing to accept.
First, consider factors such as benefits, vacation time, and potential bonuses when determining your target salary.
Some employers, for instance, provide:
- Superior insurance policies
- Flexible days off
- Budget for personal growth
- Improved retirement savings strategy, etc
So, take your time to ensure you understand the responsibilities of the position for which you are applying.
3. Use Your Situation as a Tool
Your negotiating strength ultimately depends on your current circumstances. If you’re unemployed, you’ll likely not want to reject a job offer just because the pay isn’t excellent.
On the other hand, if you’re considering several potential employers, you can leverage their competitor’s salary offer as a bargaining chip in your correspondence with current or potential employers.
Pro tip? Many employers will be willing to offer you a salary that’s up to 20% better than their competitors as long as you bring some value to the table.
4. Make it Clear That You Want the Job
Make it known that you care deeply about the organization and the position when discussing salary.
Also, make it clear that even if you have other job offers (with higher money) on the table, you still choose this company—so long as they can make you a more lucrative offer.
You don’t want to come across as the kind of worker who only looks out for their financial interests and is only concerned with securing the highest wage possible.
5. Be Prepared to Walk Away
If the employer is unwilling to meet your salary expectations, be prepared to walk away from the negotiation.
But, make sure to look for other job opportunities or to continue negotiating with the employer until you reach a fair and reasonable agreement.
Now That You Know
In conclusion, negotiating salaries as a new physician can be daunting, but with the right approach and preparation, you can successfully advocate fair and competitive compensation.
Remember to do your research and be confident in your abilities and contributions. Don’t be afraid to ask for what you want and be willing to negotiate, but also be respectful and considerate of the employer’s budget and needs.
These salary negotiation tips should help you successfully negotiate your salary as a new physician and set yourself up for financial success in your career.
But let us know if you have more questions!