Part 2 –
Continued…
So, how do you compete in this environment if your salary is not as attractive as other offers? Well, here are a few pointers that I have seen work over the years.
- Once you have a good objective evaluation of your practice, identify the components of your opportunity that you can enhance. Look for areas of your opportunity where you can truly stand out and be best of class. It’s hard to be all things for all people but identify an area where your offering can stand out and market that to potential candidates.
- If your practice can’t offer the best financial opportunity, focus on offering a great quality of life. Many physicians are attracted to this and a 4-day work week, minimal call, etc. are attractive to candidates and can be a difference maker for candidates seeking a better quality of life.
- Understand the true cost of a physician opening – If you have a physician opening, what are you doing fill that role in the interim? What are the potential costs (financial and otherwise) of not filling a position? We recently spoke with a client about the dollars they are spending on locums’ coverage and realized they could pay more salary than they originally planned. Often the cost savings will cover the increase in salary
- Candidate pool – Look for opportunities to expand your candidate pool, potentially with experienced candidates or part-time candidates. Many psychiatrists are looking for 2 to 3 days of work to supplement a private practice and a couple of part time candidates may replace a full-time candidate.
- A Physician once shared with me that his career could be divided into three phases – Your learning years where you learn the practice of medicine and ramp up; your earning years where a physician can maximize his/her income; and your legacy years where a physician focuses on giving back, possibly in a health clinic or an academic setting. Be sure to look out for the candidates who are in the legacy phase of their career.
- Be committed to recruiting and outwork the competition – This means when engaging with prospective candidates, move with purpose and efficiency including following up with candidates, setting interviews and most importantly extending offers. If you give candidates time to find a higher salaried offer, they will likely find one so be timely with your offers.
- Candidates will be able to identify the shortcomings of your opportunity on their own so don’t belabor these points with candidates. Know your strengths and let candidates know what makes you strong. Emphasize the positive!
- Lastly, I always remind candidates who wants them to take more money…the Government. If a candidate makes more money, they pay more in taxes. Always remember that the difference in compensation between positions is taxed and not fully realized by the candidate.
I hope these points are helpful to you and we are always available to discuss in detail your current situation.