3 Things to Offer Medical Leaders Other Than Salary
You see a lot in healthcare recruiting. You quickly learn that there will always be another offer with a higher salary competing against your comp package.
The higher the medical or administrative leadership position, the bigger the offer. The trick is to focus on other things in addition to money. If you can create a competitive offer where the intangibles, such as culture and benefits, are more attractive—you will have a better chance to win.
In many cases, the perks such as limited on-call or student loan repayment, matter as much or more than the salary.
Here are the top three things besides the salary you can offer a medical leader to attract them to your organization.
1. Perks & Benefits are Number One.
Offering student loan repayment or debt assistance to new physicians is a huge benefit. Some organizations offer medical school loan forgiveness based on the years of service you provided. Given that the average medical school debt is $202,450, this is a significant perk for any new doctor.
Another attractive perk that directly impacts employee retention at all levels is retirement matching. That’s free money for any employee, and it can be a significant benefit for senior leadership.
Also, consider malpractice insurance. This benefit increases each year, and the costs can skyrocket if you have a claim. Yet this insurance is a good investment for a healthcare facility taking on the liability of a doctor’s practice of medicine.
2. Sign-On Bonus or Other Incentive-Based Bonuses
Healthcare workers at all levels are in demand. So much so that in 2022, records were broken for the highest signing bonuses. Last year, psychologists, radiologists, and nurses in Washington state made bonuses of up to $15,000. More than 90% of physician jobs in 2022 offered a signing bonus at an average of $31,000. From 2020 to 2021, jobs across every sector that offered signing bonuses increased by a staggering 454%.
Along with a sign-on bonus, productivity incentives will attract more clinical and administrative leadership to your organization. This is also a good investment by organizations who, for obvious reasons, want their teams to be more productive.
There are many nuances to these plans, which are often tied to salary compensation. Some organizations pay when you reach a productivity threshold. Others pay out upfront. (Hint: Consider paying monthly or quarterly installments to keep your teams engaged all year long.)
3. Work/Life Balance
Like the rest of the world, leaders now pay more attention to work/life balance. Offering vacation and personal leave is the bare minimum requirement for any organization seeking to attract talent these days.
While this perk gets more difficult to offer at the executive leadership level when the roles are single-threaded, the truth is everyone needs and deserves time off.
In the same way you bring in locum tenens to cover for doctors and nurses, you should also offer a package that allows your leaders to take the time off they need.
Looking to Add Medical Leaders to Your Team? MedSource Consultants Can Help
MedSource Consultants is the proud partner of healthcare organizations seeking to bring in the best talent at all levels of their organization. Contact us today about what makes for a competitive offer. We can help you find and land the leadership talent you need in Chicago, IL; Milwaukee, WI and beyond.