Four Tips for Salary Negotiations for Obstetricians/Gynecologists
When going into salary negotiations for a new position, it’s natural to feel intimidated. Some simple preparation will help you negotiate with confidence and a sense of fairness.
Before entering into salary negotiations, do your research. Look into the practice and ask about their business model. Ask in advance what the range is for this position. Make a point to know the market. Are there a lot of qualified applicants in that area you’ll be competing against? Get a feel for the location. How does the cost of living compare? Discuss with colleagues, check out industry reports and online resources.
PRO TIP: Your ETS OBGYN recruiter is a great resource for regional specific comparisons.
Your Unique Value
What will you bring to the position? Make a list of your continuing education, skills, qualifications, and achievements. Think about how your talents will benefit the practice and the organization’s success. Not only will you be prepared to discuss these factors in negotiations, but seeing in writing what you bring to the table will bolster your confidence during negotiations.
More Than Money
Make a list of benefits beyond salary that are important to you. Do they offer a great call schedule or a 4-day work week? Do midwives help with deliveries? Is insurance a must? Would a 401k plan tip the scales? What about a one-time bonus? Many smaller practices may offer a flexible schedule, mentorship, or additional perks. Take the time you need to consider how all of these options come together to give you the work/life balance you want.
Go Confidently into Negotiations
Armed with research, a clear understanding of your unique worth, and ideas about alternative compensation, go into your interview with confidence. Remember, negotiations are a two-way street. The hiring practice is eager for someone with your skills and education — and you are considering being a part of their team. This mutual interest forms a natural meeting space to be respectful and confident in your negotiations.
PRO TIP: When comparing compensation plans it can be difficult to compare apples to apples. The variables may include patients seen each clinic day, delivery and surgical volumes, call schedules, RVUs, collections/billings, practice profit sharing, and so on. Ask questions that help you understand the full value of your compensation and benefits like “What can an average-working physician expect to see for total compensation at the end of year 1?”
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