Negotiating 101: How to Ask for a Raise

Embarking on the journey of negotiating a raise can be both empowering and financially transformative. It can frankly change the outcome or at least the trajectory of your life. However, that doesn’t exclude the fact that it can be a nerve-wracking, stressful and frightening experience.

Whether you're a healthcare professional employed in a hospital or managing your practice, advocating for your worth is a skill that can significantly impact your financial well-being. As both a healthcare professional and a financial educator, I understand the unique challenges many of you face when it comes to navigating the delicate art of negotiation. I’ve been through my fair share of one one-on-one meetings and tough conversations with both owners and clinicians.

Pro Tip (for employees, self-employed, no owners): The best time to ask for a raise is on Friday. Your boss will likely be in a better mood than Monday morning.

So, let's dive into Negotiating 101: How to Ask for a Raise.

1. Do Your Homework: Imagine you're a physiotherapist working in a hospital. Research industry standards for your role and experience level. Websites like Glassdoor reveal that the average salary for a physiotherapist in a hospital setting is $70,000 annually. Knowing this benchmark provides a foundation for your negotiation strategy. If you're a self-employed physiotherapist, research typical rates in your area for private practice (talk to your colleagues in the same geographic area or in similar roles/clinics as yours). Understand the average charges for your services (fees for new assessments, follow ups, adjunct services you offer) to ensure your rates align with market expectations.

2. Showcase Your Value: For a hospital-employed physiotherapist, highlight the tangible contributions you've made. Perhaps you implemented a new patient care protocol that resulted in improved outcomes. Quantify your impact: "Introduced a protocol that led to a 20% increase in patient recovery rates within six months." For a self-employed physiotherapist, emphasize client success stories. "Helped clients achieve significant improvements in mobility, resulting in positive testimonials (google reviews) and increased referrals." Negotiate for a package that reflects your experience and value (not only years of experience, but value that can be provided. If structured as an employee do you have a certain base salary, are there tiered bonuses, and what are the benefits). If structured as self employed is there a tiered earnings based on services rendered (ie. < $10 000 billables, 45%,  between $10-12 000, 50% and > $12000 55%?

3. Pick the Right Moment: As a hospital-employed physiotherapist, choose a moment after successfully completing a major project or receiving positive patient feedback. If you're self-employed, consider negotiating after gaining new certifications or expanding your clientele. I always prefer speaking to employer about negotiations on Fridays (everyone is generally happier on Friday) and never on Mondays (for the opposite reason).

4. Practice Your Pitch: Role-play your negotiation pitch. "Over the past year, I've successfully implemented initiatives that improved patient outcomes. I am seeking a raise to $75,000, which reflects my contributions and aligns with industry standards."For the self-employed physiotherapist: "In the last quarter, I've expanded my client base by 20%. Considering my expertise and the demand for my services, I am adjusting my rates to $100 per session."

5. Be Clear and Assertive: Whether hospital-employed or self-employed, communicate your request with clarity and assertiveness. "I've consistently delivered exceptional patient care, and I believe a salary of $75,000 (insert salary amount here) is commensurate with my skills and contributions." Employers nowadays care less and less about the amount of time you have served and more about the value you have added. Especially in the self employed realm when there is an actual increase in revenue and earnings due to your contributions.

6. Consider Non-Monetary Benefits: If working in a hospital, consider negotiating for professional development opportunities or flexible work hours. As a self-employed physiotherapist, explore offering package deals or loyalty discounts for long-term clients, and partial education allowances. Are there benefits/perks like, health insurance (how healthy are you currently, do you foresee any possible surgeries or procedures in your future. Does your partner have health insurance? Retirement plans (what is the employer match like, can it be self directed, are there fees associated? Paid time off (is there a scale based on merit or tenure?) Other perks (e.g., gym memberships, professional development allowances, commuter benefits).

7. Know Your Limits: Hospital-employed or self-employed, establish your bottom line. "I believe a fair compensation is $75,000, but I am open to discussing other benefits or professional development opportunities."

8. Be Open to Compromise: Negotiation is a two-way street. Consider non-monetary benefits if an immediate salary increase isn't feasible. For the self-employed, offer package deals or discounts for clients who commit to long-term sessions.

9. Follow Up Professionally: Whether you secure a raise or not, follow up professionally. Express gratitude for the conversation and reiterate your commitment to delivering exceptional value. Don’t lose sight of the other side of the negotiation. You may not get the rate increase, or terms you want now, but that doesn’t mean you won’t in the future.

10. Continue to Excel: Maintain consistent high performance. For a hospital-employed physiotherapist, this might involve leading new projects. For the self-employed, it could mean continuing education to offer cutting-edge services, improved retention rates, increased billables etc.

Remember, negotiating a raise is a skill honed with practice. By approaching the process strategically and confidently, you position yourself for financial success and career satisfaction.