Career and Life Planning Workbook for Medical Residents

74 WWW . A D V E N T U R E S I N M E D I C I N E . C O M Exercise: Establish your value and create the “Win-Win” in negotiation Establish your value and create the “Win-Win” in negotiations. Successful compensation negotiations create a win-win for both parties. Your goal PZ [V ULNV[PH[L [OL ILZ[ JVTWLUZH[PVU WHJRHNL WVZZPISL ^P[OV\[ QLVWHYKPaPUN [OL opportunity. That requires preparation in understanding your market and your value. You “win” lies in creating value for that employer. OBJECTIVES: By the end of this exercise you will be able to: Learn how to negotiate a compensation package that maximizes your value and market position with their future employer. They will: • Improve your market position by leveraging your understanding of the employer’s position, market conditions and their own value. • Conduct research to strengthen your position and learn what research tools to leverage when negotiating a contract. HOWTO USE THIS TOOL INSTRUCTIONS Review the 7 steps and complete the activities in each section. As you complete your review and undertake the activities, identify factors that add to your market value. Develop a strategy that will communicate how that employer realizes a return on the investment you want them to make in you. Connect the dots and paint the picture. CHAPTER 8 Contract Negotiation 1. 7SHUUPUN MVY ZHSHY` KPZJ\ZZPVUZ PZ HU PTWVY[HU[ WHY[ VM QVI ZLHYJO WYLWHYH[PVU 5LNV[PH[PUN PZ HU HY[ 7\ZO [VV OHYK·VY unrealistically—and you might lose the opportunity. Don’t push hard enough, and you might leave thousands of dollars on the table. 2. This exercise will walk you through the negotiation process step by step, but one of the most-important factors in your success will be your attitude going in. Research consistently indicates that 85% of success in any endeavor depends on attitude and only 15% on aptitude. This holds true in negotiations, too! Stay positive, keep your ego in check, and emphasize your value as a member of their team. 70 W W . A D V E N T U R E S I N E I I .