How much is your work worth? It’s a difficult question to answer — especially if you’re justifying a higher salary to your boss. When it comes to negotiating a pay raise, physician career and leadership coach Dr. Jacqueline Huntly says there are several critical factors that doctors need to consider. Start by cultivating the right mindset, Huntly says. “Get comfortable with the fact that just because you’re negotiating over money doesn’t mean you’re a money grubber or greedy.” With that in mind, let’s determine if you’re ready to ask for a raise. Know your contract, and your work Every contract has an expiration date. Aim to renegotiate your expiring contract about 1-2 months before it ends. Any earlier, and you haven’t had enough time to justify what you’re asking for. Any later, and you might not be leaving sufficient time for the back and forth that’s sure to follow. If you’re within that 1-2 month window and you’re thinking about asking for more money, you need to do a little bit of a self-evaluation to make sure you actually deserve a raise. Huntly says you should ask yourself: Do you feel like you’ve been working hard and consistently exceeding expectations? Have you been exhibiting what Huntly calls good citizenship: consistently offering to help when needed by taking on more hours or assisting colleagues? Are you involved and taking initiative by joining committees, serving as a speaker, or acquiring additional training? “It’s important to document those things,” Huntly says. “If you get great feedback, it’s important to send that on to the powers that be. If you’ve improved your workflow so that you actually are being more efficient and productive, they should know about it.” Know what you want So, if you’re within your negotiation window, you’ve consistently done great work, and you’ve documented your efforts, the next step is to know precisely what you want when you ask for a raise and to be certain that what you’re asking for is within the realm of possibility. Do some research, Huntly says. In addition to knowing your contract, get a sense of the typical pay rates in your specialty. You can use this Merritt Hawkins report to gauge starting salaries in you speciality, then scale up for experience. Know what the demand is for your speciality in your hospital and in the surrounding area. You can do this by scanning job postings. Are there openings for doctors in your speciality? Also, Huntly suggests that you create contingency plans. Think about what you might accept if additional money isn’t possible. Maybe some extra paid time off would be helpful, or less call time. “The value of these types of alternative forms of compensation is they create a win/win situation, from a negotiation standpoint if more money isn’t an option,” Huntly says. “That doesn’t mean that at another date you couldn’t try to negotiate your pay raise again.” Know your audience After you’ve determined what you want and what you’re willing to negotiate for, the next step is to target your communication style to your boss. Hopefully by this point, you’ve developed enough of a rapport with your boss to know what type of communicator they are. Are they direct and to the point? Do they have a more casual communication style? Whatever tone they tend to strike, it’s a good rule of thumb to follow their lead. This will likely make them more comfortable and receptive. Also, Huntly says, know where your boss is coming from. Familiarize yourself with their workload, challenges, and goals. You’re more likely to get what you want if you’re in a place of mutual understanding. Huntly says you should beware that your boss might come back at you with some stock managerial phrases, such as, “If I give you a raise, then I’m going to have to give everybody a raise.” Know how you might respond to something like that, Huntly says, and most importantly, know your negotiating plan. “Have data that you can point to. Rehearse it a bit. Present your case from a place of pragmatism and calm.” TL;DR Do these things before asking your boss for a raise: Know what’s in your contract and aim to renegotiate it 1-2 months before it expires. Document your good work and any praise you receive. Be clear about what you want, and what you might accept in lieu of more money. Know your boss. What type of communicator are they? What challenges are they facing? Know how they might attempt to derail you, and have a plan to counter it. Source
