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The Art of Contract Negotiation

The Art of Contract Negotiation

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The Art of Contract Negotiation

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

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

  3. Compensation • Salary • Hourly or salary • Overtime • Bonus/Incentives • Retirement Plan

  4. Benefits • Time Off • Vacation • Holidays • Sick Leave • Continuing Education Time

  5. Benefits • Insurance • Malpractice • Health • Disability (short/long term) • Life

  6. Benefits • Continuing Education • Time off (paid) • Reimbursable expense

  7. 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

  8. 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%

  9. How Much Am I Really Getting? • Retirement • 401+ • % of matching • Profit sharing • % of contribution • What’s it mean? • $70,000 + 3% match and 5% profit = $75,600

  10. 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)

  11. Example