Starting a new job is like getting a clean slate. Whatever you didn’t like about your previous position and whatever personal goals or demands went unmet, this is your chance to make a change for the better! With so much to consider, however, not everyone takes full advantage of negotiating the best possible bid for their services before them. If you want to get the most out of an upcoming career move, here’s of some guidelines to successfully negotiate for a better offer.
Negotiating tips for healthcare executives
1. Consider the organization
Every healthcare facility has a unique budget and resources. If your initial demands for salary and compensation are wildly out of their reach, you’ve already put a mark against you. Therefore, even if you expect your initial demand won’t be met, don’t ask for an astronomical and unrealistic number. Instead, research the organization’s infrastructure and resources to know what their potential budget might be and base your demands off of that.
2. Be professional (but don’t throw your weight around)
A negotiating table is like any other business deal: success depends on facts and hard numbers. The conversation should center around your deal points – your essential demands – and why your future contributions are worth the price you’re asking. Keeping a professional, focused tone will help you keep the upper hand, but remember not to dominate the room. In the end, you have to convince the other side they want to work with (and potentially under) you, so be respectful as you stand your ground.
3. Be specific with your demands
If your base argument is simply “I want more,” your negotiation is bound to fail. Every candidate wants more – your objective is to show why you deserve more. Instead of burning time by forcing the other side to scramble for a satisfactory offer (which could frustrate them, turning the tables against you), make a specific demand that meets your needs and you believe is within their reach. If you’re worth it, they’ll come around.
4. Look at the whole package
If you’re not able to get one big offer that dazzles you, remember there is more to compensation than the base salary. By looking into other forms of compensation i.e. signing, retention or performance bonuses, you may be able to negotiate a deal that meets or exceeds your original demands. Remember there are always three components to consider: 1) The Job (What do you want me to do?), 2) The Location (Where do you want me to do it?) and 3) The Compensation Package (What are you going to pay me?). Consider each individually and then cumulatively when considering an opportunity.
5. Ask for “Management by Objective” compensation
Management by objective (MBO) is one of the best ways to stretch an initially disappointing offer into a landfall. If you can negotiate a contract that rewards you for meeting specific benchmarks, or objectives, you can dramatically increase your potential earnings. Are you bold enough to bet your compensation on your abilities? Add MBO to your negotiation plan.
6. Research the local market
Like any other business, healthcare organizations are shaped by their local market, and your prospective salary depends largely on what your peers in nearby facilities are earning. Since executives and other high-level employees at FQHCs are legally required to disclose their earnings, this research should be simple to conduct. With this information as a benchmark, you’ll be able to make fair and informed demands at the negotiating table.
If you’re ready to put your negotiating skills to the test, UHC Solutions can help you get started. Specializing in the placement of healthcare executives, our unique insight can help guarantee a great job offer from a facility that meets your demands. To learn more about our comprehensive placement services, contact one of our top healthcare recruiters today.