Simply Worth It: Physician Negotiations with Dr. Linda Street

In the process of negotiating a package that reflects your worth and value, there are 3 things that matter - mindset, market and make it happen.

Step 3 is where the magic comes together. This is where we do the work to make a successful negotiation happen, and empower you to have an impactful conversation that puts you in a better position.

We look at all the possible roadblocks and hurdles that might come up and we strategize. The last thing you want is to wait until you're in the middle of the discussion to come up with solutions. Your brain will go into fight or flight mode and you'll lose your solid footing in the negotiation process.

What are some of the things that handicap us in salary negotiations? How do we tilt the lever of leverage so that it works in our favor? In this episode, I discuss what it takes to get your negotiation going and how to steer it in the right direction.

Three Things You'll Learn In This Episode

What holds female physicians back from having successful negotiations One of the biggest concerns female physicians have when it comes to negotiating is that we'll be seen as greedy. We've been conditioned not to rock the boat and keep things peaceful. The patriarchal messages seared into our brains set us up for failure at the negotiating table.

How to reframe negotiations so everyone benefitsWe often think of negotiation as a situation where one party wins and the other loses, but it can be a win-win. We need to focus on mutual interest, and where there is overlap between what's important to us and what's important to them.

Rethinking the meaning of leverage Leverage is part of every decision we make in our daily lives, we just don't recognize it or call it by name. Think of leverage as what you'll lose if there's no deal and what they'll lose if there's no deal. If you look at it that way, you'll realize you have more leverage than you think.

The 3-step process for navigating a physician compensation agreement is mindset, market, and making it happen.

Let's talk about the market piece and how it impacts your negotiations. There's actually a wide variety of pay scales and many different variables that play into it.

This is why we need to do our homework.

Market data gives us an idea of how much people are willing to pay for our clinical skill set, our leadership, and the value we bring. It empowers us to make a more educated decision when we find the right job.

If we want our value to be recognized, and to negotiate a package we'll be thrilled about, we can't skip this critical step.

How can we gather reliable information about the market? How can you create a stretch goal for how much you want to earn?

In this episode, I share how to use market data as you navigate your deal.

Three Things You'll Learn In This Episode

The best market data we can get One of the best and most accurate ways to get more information on market data is actually having multiple offers. There's nothing better than having 4 or 5 offers in hand and knowing what different people will pay for the same skill set.

Why we need to set our compensation goal before negotiations When we let a specific offer dictate our decision making, everything is going to be in comparison to that one figure. That's the wrong thing to focus on. Independently decide what your goals are before an offer is in hand so you won't get impacted by an artificial focal point.

How to come up with a compensation goal The number you need to focus on in your negotiation is your high expectation number. That's the number that gets you close to where you want to be. It needs to be a stretch goal, a bold figure that makes you slightly uncomfortable. That's the number that demonstrates the value you want to be reflected in your contract.

Many physicians do not believe that being paid their worth is possible in corporate medicine today.

But a lot is at stake if we don't take the time to optimize our potential and negotiate a contract that reflects the value we have to offer. Physicians are highly intelligent and well-qualified people. Any time we feel like we're undervalued, that we have no autonomy, sense of control, or that we've been forced into a box, we compromise ourselves.

It's time to redesign the box so that it fits you.

This podcast, Simply Worth It, is going to help you become confident and unstoppable in your negotiation. You are amazing and you offer a skill set that has value. You should be paid what you're worth.

How do we stop limiting ourselves with thoughts that sabotage us in our negotiations and careers?

In today's episode, I lay out the mindset for negotiating a contract that serves you.

Three Things You'll Learn In This Episode

How to prepare for a successful negotiation outcomeYou can get a contract that serves you in 3 simple steps. Mindset, market, and making it happen. Your mindset is a very important first step.

Why the discomfort of negotiation is short-termThere's temporary discomfort in negotiating your contract, but the long-term discomfort of not negotiating is a greater risk. If you sign a contract that doesn't line up with your worth, you will feel undervalued, lose your confidence, and risk getting burnt out.

How to shift the energy of our negotiation We often go into a negotiation with a 'me vs. them' attitude towards the person we're negotiating with. That makes the goal feel unattainable while making it hard to take the first step. Shift from a 'me vs. them' attitude into a collaborative effort. This makes it easier for all parties to move the negotiation forward.