Physicians are often burdened by the decision of which job offers to pick when trying to change jobs or fresh out of residency. The choice of where you work can go a long way in determining your future as a physician. It is common to see physicians have two or more options to choose from when in search of jobs. When evaluating different jobs, there are various factors to consider. High among these is the contract of employment. Besides contract review, location, payment structure and other conditions are also important.
Understanding what you want and having a set criteria which matches the job offer will help you make the right decision when in doubt about which job offer to choose. What is high on your priority list? Money? Professional goals? Family? Social Life? Here are three (3) factors you should consider when comparing job offers as a physician.
Factors Physicians Can Consider When Comparing Job Offers
- Salary Structure
Different jobs have ways the salary payment is structured. While some may have higher salaries, some offer higher sign-on bonuses. It is easier for a physician to determine which job offer to pick due to a higher salary. However, physicians need to know if the salaries are performance or contingent-related and how often they increase over time. Try as much as possible to know all the salary structures of all job offers to pick the one that suits your needs.
- Employment Benefits And Compensation Packages
Physicians often go for the job with the highest salary cap. However, this may not always be the right decision. Salaries may offer better cash at hand, but compensations such as Insurance, retirement savings plans, sign-on bonus, and incentive bonuses may prove to be the deciding factor. Health, Life and disability insurance protects your income and ensures that your family are paid in cases of unforeseen future contingents. It is also essential to understand the retirement plans of the job you intend to take. Will you be paid if you leave your employer? You can choose a job with a better package overall over one with a larger salary. Make sure you fully understand the term of the contract before you decide.
- Time And Comfort
Money is not the only important factor when comparing job offers as a physician. A physician’s job is stressful enough, and it becomes vital if there is a job that provides more time to rest and enjoy time with your family members and loved ones. The location of the workplace can also be a determinant. Your place of work not being far from your residence reduces the stress you go through. The workplace culture and opportunity to develop, improve and achieve your long-term career goals is also a crucial factor that might shape your decision when comparing job offers.
Choosing the right job is an important career decision for every physician. You do not need to rush. Organize your priority and pick the job that aligns with your goal. Seek recommendations and gather all the information you can about the job offers. You are a skilled professional, hence, do not undervalue yourself. If you are not comfortable with an offer, walk away. The right offer will surely come.
I am a CFP® (Certified Financial Planner).
I have a severe phobia of bridges and dirty balance sheets.
Hobbies: blogging, meditation, and loving Bull Market (my dog).