As a healthcare professional, negotiating your salary can be one of the more intense parts of the job interview process. If you come on too strong, you might knock yourself out of the running. If you don’t assert yourself, you may not get paid what you’re worth. Yes, salary negotiation is a bit of an art. But when it’s done well, it leads to results. Try these tips when negotiating your salary for a new role or even when asking for a raise.
You Don’t Know Until You Ask
According to a study by Pew Research Center, 38 percent of applicants who negotiated starting salaries received more than their original offers, but salary negotiation is generally not taught in nursing school or medical school. Read on to learn four physician and nurse negotiation tips the pros use to secure fair compensation—without alienating their new employer.
1. Do Your Research
If there’s one message you take from this discussion about salary negotiation, it’s this: preparation is essential. You cannot just toss out a number without doing the proper research. Take time to learn the market rate for someone in your position with your experience and skill set.
In healthcare, compensation often fluctuates considerably depending on the practice setting, geographical region, and medical specialty. Keep those variables in mind before you determine the minimum amount you’ll accept.
Health eCareers online salary center is a great resource for the latest compensation data and trends for nurses, physicians, surgeons, and physician assistants as well as providers that work in research and academics.
2. Know Your Worth
Healthcare staffing shortages are well-documented. In the US, a shortage of between 124,000 and 160,000 full-time physicians is expected by 2025. The Bureau of Labor Statistics predicts 193,100 openings for registered nurses each year over the next decade in order to fill new positions and replace retirees.
With the demand for healthcare providers at a high, applicants can be more selective about the jobs they choose and the compensation they receive. It’s the ideal time to leverage your skills and accomplishments. You should expect to be compensated accordingly for specialized training, certifications, and other continuing professional development (CPD) activities.
These specialized skills and certifications should be mentioned in your initial job application, but it’s also helpful to bring some notes about them with you to salary negotiations. Present them to show the hiring manager why you deserve the compensation you’re requesting.
3. Consider the Whole Package
We caution applicants to avoid focusing solely on their salary. Compensation is about much more than that number. Your salary package might include things like:
- Time off
- Flexible working arrangements
- Support staff
- Private office
- Advancement opportunities
- Signing and performance-based bonuses
- Education reimbursem*nt
- Relocation allowance
- Stock options
You create more room for landing on a mutually agreeable outcome when you consider the full range of a potential package. If salary is the only issue, there is very little to negotiate. With several elements in play, it becomes much easier to craft a reciprocal agreement.
4. Be Ready to Negotiate
Candidates who negotiate their starting salary tend to receive higher offers. With that said, it’s also important to be reasonable and understand any constraints the employer may have.
Some healthcare providers have salary caps and can’t deviate from that number. Take a growing practice that is hiring five PAs, for example. They may not be able to pay one new employee a higher starting salary than another. But there may be some wiggle room as far as vacation time, scheduling, or bonuses.
When negotiating, be aware that you may not get everything you want. Ahead of time, make a list of your must-haves—the things you’re not willing to budge on—as well as the terms that are nice-to-haves, but not required for you to accept an offer.
Be attentive during all conversations about salary. You may be able get some sense of where there is room for flexibility, and you can use these cues to craft your response to the initial offer.
When you’re finally ready to negotiate, avoid taking an aggressive or demanding approach. Don’t negotiate just to prove you can get a better deal. Instead, focus on what really matters to you as a provider, and what’s going to help you achieve true job satisfaction.
And once you have that offer, consider it from the employer’s perspective and find a way to work with them. Of the different physician negotiation styles, collaboration is the most effective for creating a contract that works for both parties.
Once the negotiation is over, ask for some time to review and evaluate the offer. If a hiring manager gives you an ultimatum or pushes you to make an immediate decision, consider that a red flag. And remember to always do your research before agreeing to any offer—reach out to a trusted source like a peer or mentor for their feedback, and check the comps for other providers in your area. Taking a step back to consider the whole compensation package will ensure you’re making an informed decision that aligns with your career path.
