Physicians have more bargaining power in the job market, and they're using it to increase non-salary perks, Medscape reported Aug. 30.
With the existing physician shortage and new competitors — such as retail clinics, urgent care, telehealth companies and private equity firms — looking to hire the same talent, physician salaries and perks have increased. Salary alone no longer a motivates many physicians to take new positions, though sign-on bonuses continue to be a popular perk. Instead, many are vying for other benefits and perks that support their interests, work-life balance and financial stability. But the desired perks depend on the age of the physicians.
Younger physicians
For younger physicians, short-term financial perks such as relocation assistance and signing bonuses are more important because they are less financially established. Young physicians are not likely to negotiate for schedule preferences, office space, their own exam room or dedicated support staff.
However, personal growth opportunities are popular for younger physicians. They are likely to be attracted to jobs that provide mentorship, teaching opportunities, access to leadership tracks and continuing medical education.
Mid- to late-career physicians
Experienced physicians are less motivated by financial incentives, and one study found that relocation allowance and signing bonuses didn't rank in their top five priorities for job perks. They have a better financial safety net, so these physicians are more interested in work-life balance benefits. This includes four-day workweeks, flexible scheduling, options for remote work, dedicated charting hours and multistate telehealth licensing paid for by employers.
Experienced physicians are also looking for perks that support the career they want, including time for research projects, sabbaticals and even concierge services to handle grocery shopping or pet care.