Evaluating a Job Offer? Here Are 4 Factors to Consider
As a physician and surgeon, evaluating a job offer is key.
According to the U.S. Bureau of Labor Statistics overall employment for physicians and surgeons are projected to grow 7% between 2018 and 2028. Lets not forget, both physicians and surgeons are already considered “high-demand” jobs.
With this in mind, let’s say you started your physician job journey and finally you have an offer. Evaluating a job offer prior to accepting a job is a huge step for your career as a physician and/or surgeon.
Here are 4 factors physicians and surgeons should consider when evaluating a job offer:
- Salary: The first most common factor physicians and surgeons look at when they receive an offer is the salary. Don’t get “sold” on the salary alone. Ask yourself questions such as:
- Does this salary allow me to live comfortable keeping in mind cost of living (add link to cluster page 9) expenses?
- With this salary, will I have enough money left over to save, save for retirement and pay off student loans?
In addition, evaluate the number of hours (including night calls and after hours) you are expected to work and the benefits package that come with this job offer/salary.
- Employer Financials: Believe it or not, many physicians and surgeons starting their physician job search overlook analyzing the financials of their potential employer. Why is this important? Looking at a company’s financials can tell you a lot about a company – for example, you can learn how much revenue they earn yearly, typical expenses, which departments yield the most ROI, their ability to invest/expand and more. If a healthcare employer doesn’t have great finances, then you have to consider the possibility of not having a job for long IF the company is not profitable. On the other hand, if your potential employer has great financials it is a good indication and you should consider the job offer and other opportunities they can offer.
- Monthly Employee Turnover Rate: What is your potential healthcare employer’s monthly employee turnover rate? This is a great question to ask your physician recruiter (if you have one assisting you) due to the fact they can provide job insights or simply ask yourself. Understanding this rate will tell you how many physicians are leaving and entering the company. If there are many physicians leaving the practice, this should be a warning sign as ideally most healthcare facilities do whatever it takes to retain good professionals as healthcare recruiting and staffing is costly.
- Culture Fit: The success of an organization is primarily due to the team they build. Regardless of experience and career history, any candidate being considered for a role should fit and believe in the organizations core values. Therefore, ask your potential healthcare employer what their organizational culture is like, how physicians treat each other, what makes their culture different compared to its competitors. Is this an organization you see yourself in?
Dive into our FREE guide to learn more about physicians and physician jobs.