Did you know that 59% of the candidates surveyed in Career Builder’s 2016 Candidate Behavior Study stated that a higher base salary would make them look for a new position? That’s over half of the candidate pool! In addition, according to that same study, 76% of employed workers are actively seeking a new position. With a number like 76%, employers need to realize that retention is directly tied to salary just like it is with initial hiring. “Paying competitively [will] help you attract high quality candidates, but it can also help to reduce turnover among your existing workforce.” After all, attracting candidates is a lot easier if you retain top talent that is willing to promote the positives to working for your company. And, if you retain your top physicians you will ultimately save money when it comes to your recruitment budget.
From 2010-2015 wages have gone up an average of 2.3% across all. Certain industries like Real Estate, Company Management and Finance/Insurance have had the fastest growth rate, but others such as Retail, Education, Government and Healthcare/Social Assistance are still among the slowest. However, even though healthcare salaries aren’t skyrocketing like other industries, it is important for healthcare recruiters who want to remain viable to stay abreast of competitive numbers so that they don’t lose talent.
According to Becker’s Hospital Review the numbers below represent the median compensation levels for physicians from the year 2014:
Anesthesiologists: $398,240 (0.9 percent increase from 2013)
Cardiologists: $425,000 (1 percent increase from 2013)
Dermatologists: $419,146 (1.9 percent increase from 2013)
Endocrinologists: $233,769 (0.2 percent decrease from 2013)
Emergency room physicians: $316,739 (5.2 percent increase from 2013)
Family medicine physicians: $229,607 (2.6 percent decrease from 2013)
Gastroenterologists: $471,336 (9 percent decrease from 2013)
General Surgeons: $380,778 (2 percent increase from 2013)
Internal medicine physicians: $237,548 (4.7 percent increase from 2013)
Neurologists: $268,096 (5.1 percent increase from 2013)
OB/GYN: $322,423 (3.2 percent increase from 2013)
Oncologists: $367,404 (4.9 percent increase from 2013)
Ophthalmologists: $380,600 (2.2 percent increase from 2013)
Orthopedic surgeons: $538,123 (2.5 percent increase from 2013)
Pediatricians: $232,097 (4.2 percent increase from 2013)
Psychiatrists: $232,750 (3.5 percent increase from 2013)
Pulmonologists: $304,367 (1.2 percent increase from 2013)
Rheumatologists: $239,112 (0.5 percent decrease from 2013)
Urologists: $434,563 (2.3 percent increase from 2013
Salaries for all industries need to be made a priority when it comes to pulling in engaged and talented candidates, but in particular, if your physician compensation numbers aren’t adding up, it’s time to get competitive! Want to share these numbers with your boss? Check out our free worksheet!