The physician employment landscape is shifting. More physicians are selling their private practices to become employees of hospitals and larger groups; and while it’s still important, compensation is no longer the only factor for physicians who are seeking new career opportunities. What do physicians look for when they're seeking a career change? Where are they seeking those opportunities?
For starters, physicians are more mobile than ever before. That means they’re more willing to make a change if their current position isn’t meeting their needs. One of the top motivators driving physicians to change jobs is (not surprisingly) their scheduled work hours and on-call time, which means your facility needs to hire enough clinicians to keep call coverage at a minimum.
Incentives are another big motivator – offering a relocation allowance, for instance. The average relocation allowance in 2016 was $10,226 for physicians and $8,649 for nurse practitioners and physician assistants, according to a 2016 Review of Physician and Advanced Practitioner Recruiting Incentives. In fact, the most common physician recruiting incentives organizations are using to pull in top talent include:
- Health insurance
- Malpractice insurance
- Relocation bonuses
- Signing bonuses
- Educational loan forgiveness
Beyond incentives, there are a few other key points you should know about physician candidates who are ready to make a career change. In its annual physician practice preference survey for 2016, The Medicus Firm released these crucial findings:
- Nearly 20% of respondents plan to make a career change within 12 months.
The data confirms about eight percent are “definitely” leaving and another ten percent are “most likely” making a career change. Only 27% indicated they are definitely NOT making a career move this year.
- Not surprisingly, the most motivating factors inspiring job change are financial rewards and scheduling. The next pressing concern was work-related stress and burnout.
- Physicians tend to prefer practices in urban, suburban or mid-sized city areas, and the southeast region of the US remains the most desired region to work. The Pacific (California, Nevada, and Hawaii) took second place, pushing the Northeast/New England region to third and in a tie with the Mid-Atlantic region.
- The top choice of practice specialty is single-specialty groups. Single-specialty groups grew in popularity this year, while hospital employment repeated its second place run.
- Physicians look for job opportunities primarily online and by networking with colleagues. Recruiting firms were the third most used source, while journal advertisements and job boards were unpopular sources of job opportunities.
The last point may be hard for physician recruiters to swallow, but we can help. Doximity helps physicians tap into a nationwide network of doctors, to quickly connect and network with other physicians. Doximity’s search feature allows doctors to find any licensed US physician by name, specialty, geographic location, hospital affiliation, and more. If your physician candidates aren’t using Doximity, get them on board. They might be surprised how many colleagues they know on the super-connected network.
What’s more, Doximity recently unveiled the newest insights from Career Navigator, the first-ever comprehensive career resource that includes physician compensation estimates and open job opportunities. In an effort to bring more transparency to medical careers, more than 35,000 Doximity members anonymously shared their annual income with the greater physician community. We hope that by adding a bit of transparency to compensation trends and pairing it with job opportunities in areas with unmet needs, physicians will be empowered to take control of their careers and get compensated fairly for keeping the country healthy. Physicians can explore the interactive compensation map at https://www.doximity.com/careers. You can check out the Career Navigator compensation trend slides here.
If you're not using Doximity Talent Finder to post your career opportunities to Career Navigator, and to message over 60% of licensed U.S. physicians (and more) we invite you to try it now.