The Hire Connection: Position Incentives: Why Should They Work For You?

Last week on The Hire Connection's Facebook page, we briefly touched on the importance of using attention-grabbing incentives to attract qualified physicians to your position. People need incentives to motivate them, and as physician recruiting becomes more challenging, you have to go the extra mile if you want to attract highly qualified candidates. The Hire Connection can help give you the edge over your competition by crafting an unbeatable incentive package for your new physicians. Here is a brief overview of the types of incentives we can use.

Abbreviated Work Weeks

One of the biggest challenges physicians face is learning how to dedicate enough time to their families and friends while still excelling at their jobs. By offering a four-day work week, you will attract candidates who are struggling with this balance and are looking for ways to dedicate more time to both their personal and their professional lives. Shorter work weeks are also a great way to increase your appeal to qualified positions without having to spend extra money up front.

Guaranteed First-Year Compensation

Established physicians sometimes operate under a production-based compensation model - the more patients they see, the more money they make. Physicians who are just getting started in their careers do not have the same clientele base that an established physician would, which can make them hesitant to accept positions with production-based compensation methods. You can attract new doctors by instead guaranteeing compensation for the first one or two years (with the agreement that you will switch to production-based compensation after that).

Student Loan Forgiveness

If you are looking to attract young physicians (which could be a wise strategy, considering the upcoming physician shortage), offering student loan forgiveness will be a great way to make your position stand out from the rest. Student loan debt is a major concern for many young doctors, and most will jump at the opportunity to work for a hospital that will pay off those debts for them.

Relocation Help

In the world of medical recruiting, it is not uncommon for physicians to move halfway (or all the way) across the country to take on a new position. While your focus will (understandably) be on getting your new doctor to begin work as soon as possible, your physician's focus will be on relocating his/her family to an entirely new area with as little stress as possible. Offering to help pay for some of the costs associated with moving will be a great incentive to offer doctors coming from far away.

Signing Bonus

Signing bonuses have become almost commonplace in the medical recruiting world; if you don't offer one, you risk losing qualified candidates before you even have the chance to show them what great facilities you have. The signing bonus amount varies greatly from position to position. The average bonus generally hovers around $25,000, but some big facilities are now offering six-figure signing bonuses. Offering a signing bonus is an easy way to amp up your recruiting strategy.

Room For Growth

You are never going to find a physician (or any employee, for that matter) who will accept your base salary offering without hoping for a pay raise down the road. Offering the appropriate starting salary is critical, but clearly communicating your physician's opportunities for growth is just as important. Having a clear path towards continued advancement and growth will not only help you attract great candidates - it will also help you retain your best physicians.

THC Can Help!

When you are ready to recruit a new physician for your hospital, putting together a solid incentive and compensation package is crucial. Our medical recruiting experts can help you develop a recruiting campaign that will attract the physicians that are most qualified to fill your position. Contact us to get started!

The Hire Connection Team

Call Us Today! 866-661-4473