Career and Life Planning Guidebook for Medical Residents

Recommended Tool Decision-Making Worksheet Use this tool to make a better-informed career decision by ranking each of your per- sonal values and work priorities, evaluating the probability of each organization meeting your needs, and deciding which priorities you are willing to sacrifice, if necessary, to land the job. http://md.careers/E-26 What do you do if you find the perfect position, but the compensation package doesn’t meet your expectations? You identify the terms that will satisfy your priorities. Identify Your Desired Terms Once you identify the specific terms you arewilling to accept, sleep on it before negotiating. Give yourself time to think about whether you’re committed to signing an agreement if the employer accepts your terms. Again, the most powerful negotiation strategy is your commitment to the employer that in the event your proposed terms are acceptable to the employer, you’ll sign by the specified date. Desired Terms + Compromise or Negotiation of Terms = Signed Agreement by Date For this strategy to be effective, the desired date needs to be specified, reasonable, and doable. If you don’t receive a sample contract before you receive an executable agreement, remember to allow enough time for a thorough review by you and your legal counsel. Create an Outline Before you begin negotiating, create an outline of talking points you will make during negotiation. By having an outline, you will stay on point and position yourself for the best outcome. Below is a sample outline. I. Small talk. II. Thank them for their time, effort, and support. III. Recap your interview journey. IV. Paint a verbal picture of your decision-making process. V. Communicate that you want the job. VI. Restate your value—why you are worth more? VII. Present compensation research. VIII. Present your desired terms. IX. Confirm your commitment if your terms are accepted. X. Thank them for their flexibility and consideration. XI. Next steps. Identify the Decision-Maker(s) Now that you’ve done your research, evaluated the offer, and know what you’re prepared to accept, it’s time to identify the decision-maker – the person or people who make the final decision on the terms of your contract. Depending on the size and infrastructure of an organization, the decision-makers may include a physician compensation committee, a SECTION III: T MINUS ONE YEAR CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 300