There’s big demand for doctors in Australia, so it is important to take the time to choose the right employer that fits with your career and wealth goals.
If you’re new to the game or eager to shift you might be tempted to move quickly, but doctors shouldn’t always jump at the first offer that comes their way. Do your homework, take your time and use interviews to learn more about your employer. You want an employer that ticks all your boxes – if it doesn’t feel 100% right, then it’s probably not.
So, here’s seven areas you should consider when selecting your future employer.
A fresh feel
How does the practice present itself? Ideally you want a workplace that is well maintained, has easy accessibility and implements newer technologies, systems and equipment. If you have a speciality or niche, you need to determine whether the employer has the equipment, marketing and resources to support your services.
An updated fit-out with well cared for facilities indicates a practice that is committed to improving its services and upholding a high level of patient care. A run-down building on the other hand speaks for a lack of professionalism or drive from the practice owner.
A ‘fresh’ environment will also makes you feel better when working, and will help you to grow and thrive in your career.
You want a positive and uplifting environment filled with generally happy staff and patients. A great working culture surrounded by a friendly community can be extremely motivating to work in and help you progress your career development.
To find out the true nature of the workplace, speak to fellow doctors and people in the local community, or even get a feel of their reputation online. If you find multiple bad reviews, negative media attention or a string of previous employees leaving the practice within short periods of time, then your alarm bells should be ringing.
A practice plan
Do the practice owners have a vision and a plan to make it happen? A strategic outlook is key for long term success and indicates the ability of a practice owner to work towards goals and adapt to the latest trends in the industry.
It doesn’t necessarily have to be major changes either, it could be clear direction and strategy for the future that gives you an indication about where you could be heading with this employer.
Room for growth
What opportunities lie in the future for your career? Especially if you’re working towards a position in leadership or potentially buying into a practice, you need to know that these opportunities will potentially arise for you. To determine whether you can progress in your career, it’s important to discuss your goals in the interview process and make your employer aware of your long-term intentions.
There are also considerations for the short term. For example, how involved do you want to be in decision-making processes? Or if you have a specialty that isn’t currently provided or focused on at your practice, is there potential for expansion?
Salary package and incentives
Negotiating the right contract is crucial. Depending on your specialised area, you could be in for a significant salary package. So, it’s important that you know your worth and be confident when discussing your salary. Find out how you’re tracking from a wage perspective here.
But with a huge salary comes with additional expenses and demands. So, you need to look at the full picture and understand all expectations and earning opportunities.
Lifestyle and balance
This largely depends on what matters to you and what responsibilities you have outside the office. If you’re looking to start a family or already have young children, you may be after greater flexibility with your hours or location of work (for example working remotely), so you can have more time at home.
Alternatively, you may be happy with longer hours or travelling more. Whatever your lifestyle goals are, you need to ensure your workplace can help you achieve your ideal work-life balance.
Processes and organisation
What processes and management systems does the practice have in place? Are they streamlined, automated and improve the efficiency of the practice? Do they allow for the optimisation of workers’ skills?
Beyond reviewing how technology is being used, consider how well staff are being utilised and whether doctors are being overwhelmed with their duties.
You also need to understand the day-to-day operational processes, such as billing and administration.
Finally, what is the organisation’s mission and values, and do they align with your own? This is very important!
Choosing the right employer ultimately depends on your wealth plan and growth goals. Start by getting the right strategy and understanding the best way to achieve your goals through working with a DocWealth medical wealth expect.
Contact DocWealth, specialists in accounting, financial planning, investment and finance, investment and business for medical professionals. We operate in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.
– Kym Nitschke
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