The Art of Contract Negotiation Bucky Boaz, ARNP-C.

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Presentation transcript:

The Art of Contract Negotiation Bucky Boaz, ARNP-C

Up Front Tips Your power to negotiate Prepare for the process Timing Listen well Everyone should win Put it in WRITING

Compensation Salary –Hourly or salary –Overtime –Bonus/Incentives Retirement Plan

Benefits Time Off –Vacation –Holidays –Sick Leave –Continuing Education Time

Benefits Insurance –Malpractice –Health –Disability (short/long term) –Life

Benefits Continuing Education –Time off (paid) –Reimbursable expense

How Much Am I Really Getting? Hours per week –40 hrs/wk x 52 wks = 2080 hrs/yr Salary / 2080 = hr rate –Exp: $70,000 = $33.65/hr –50 hrs/wk x 52 wks = 2600 hrs/yr Salary / 2600 = hr rate –Exp: $70,000 = $26.92/hr

How Much Am I Really Getting? Part time salary –Hrs/wk x 52 wks = annual hours 5 days = 100% 4 days = 80% 3 days = 60%

How Much Am I Really Getting? Retirement –401+ % of matching –Profit sharing % of contribution What’s it mean? –$70, % match and 5% profit = $75,600

What Should You Mandate Vacation –Average 2 wks/yr for first 3 yrs, then 3/yr Malpractice insurance –Cover x 2 yrs post employment Health Insurance –Either free or available for you to purchase Continuing Education –Paid time plus expenses (min $1000)

Example