As a physician, you’re comfortable with handling high pressure work days and saving lives. Yet, if you’re like many doctors, the most stressful part of your role happens when it’s time to negotiate your contract.
Negotiation is a skill, and like any skill, it must be practiced for you to become proficient at it. While it’s possible to simply accept the contract you’re offered as is and go on with your job, the reality is that if you don’t negotiate, you could be signing away your next two to three years with terms that you’re unhappy with.
Approaching contract negotiation like a textbook you can master may help you gain confidence. Here, we’ll share five contract negotiation tactics that will guide you as you establish terms that will satisfy you and your employer.
1. Research the Job
The first — and possibly most important — negotiation tactic is to know your audience. Researching the job and the employer shows that you know what you’re doing and prevents you from asking for terms that aren’t possible.
For instance, many government or non-profit employers are limited as to what they can offer you. What are the terms of the contract, and where are the flexible points? If they can’t raise the pay, are there areas where they can adjust, such as improving your schedule or offering bonuses throughout the contract for meeting certain metrics?
With research, you’ll also know if the pay is competitive with similar jobs in your area with your expertise level. Keep in mind that the pay rate is different in various cities, so when you’re comparing salaries, be sure to look for the average income in your specific geographic region.
2. Choose Your Battles
What is most important to you? Deciding your priorities before you start negotiating will guide you as to what you’re okay with accepting and what your hard limits are.
While this tactic is a personal decision, talking to an economic advisor before you enter into negotiations can help you make the best decisions for a sound financial future. This article by OJM Group walks you through the benefits you can expect to be offered in your contract, such as 401(k) plans and insurance.
Other factors to consider your stance on before you begin negotiating include:
- Non-compete clauses
- Signing bonuses (terms for repayment)
- Malpractice coverage
- PTO
- On-call schedules
- Contract duration
In many contracts, the benefits are more important than the salary. Your financial advisor can work with you to help you understand which factors are important for you to negotiate depending on your specific needs.
3. Be Organized
Before you try to negotiate, review the contract thoroughly. Get organized with a list of questions and the changes you wish to make so that you don’t have to go back and forth multiple times.
If you are asking for more benefits, money, or an added change, be sure to have a justification for why you deserve the request. Knowing what you’re going to say when they counter or ask why they should grant your changes ensures a better flow in the negotiation. If you can’t justify the request as you’re planning ahead, you may want to reconsider making it.
4. Be Positive
Having a positive attitude throughout the negotiation process is a huge part of success. You are not in competition with your employer. The two of you are trying to work together to reach an agreement in which you understand the other’s needs and requirements.
Ultimately, as humans, we all prefer to work with people we get along with. If you’re friendly and approachable rather than demanding or angry, the other person is going to be more likely to try to meet your requests. If you can’t come to an agreement, you can part ways amicably, which will be an important part of your reputation when you’re looking for another job.
5. Request Specific Terms
Fuzzy language in a contract can be detrimental to your future. What you might think the terms mean and what the employer sees them as aren’t always in your favor. This omission of details is what often causes physicians to be dissatisfied with their jobs.
Look at the terms in the contract carefully, or have a contract lawyer review them with you. Any ambiguous terms should be clearly spelled out before you sign the contract.
These terms may include things like the patient contract hours, how you’ll be assigned patients, how the bonus system works, how any termination provisions are laid out, and anything else that has key details omitted. You may find more areas to negotiate as you both agree upon what these fuzzy areas turn into when they’re specified.
Conclusion
Negotiating your contract may be something you’re uncomfortable with at first, but as you learn what works and what doesn’t, it becomes another part of the job. These five contract negotiating tactics will help you enter the bargaining table with confidence.
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