New research from MGMA and Jackson Physician Search explores what residents and fellows want in their first jobs and what influences them to stay.
1: New Physicians Report Staying in Their First Job for Only Two Years on Average
Physicians who completed training in the last six years spent significantly less time in their first job than physicians across all ages.
Average First Job Tenure:
Completed Training Within the Last 6 Years: 2 Years
Regardless of Age/Training Completion: 6 Years
Takeaway: Organizations need a new approach to both recruitment and retention to improve the odds new physicians will stay.
2: Compensation Is the Reason They Come
What were the top factors that influenced physicians’ first job decisions?
76% Compensation
64% Location
38% Work-Life Balance
36% Culture/Environment
Takeaway: Today’s new physicians are looking for top compensation – often in the 75/90th percentile, as reported in MGMA DateDive. They also want to be near family and friends, have excellent work-life balance, and have a healthy culture where they can thrive.
3: Practice Model Is the Reason They Go
Physicians’ initial focus on compensation may cause them to overlook the impact that practice ownership has on job satisfaction.
Top factors influencing physicians’ decisions to leave their first job:
35% Practice Ownership and Governance Model
30% Career Track/Advancement
30% Compensation
Takeaway: Address these important topics during the interview process to identify candidates whose needs align with what the healthcare organization can offer.
4: Reputation Is Not as Powerful as Administrators Think
51% of administrators believe the organization’s reputation is why residents and fellows join.
versus
11% of residents and fellows seeking their first jobs said reputation was an important factor.
Takeaway: Organizations need to understand and address early-career physicians’ unique needs and preferences to elevate their appeal and encourage long-term commitment.
Download the Early-Career Physician Recruiting Playbook to learn more. Reach out today to discover how a partnership with Jackson Physician Search can improve and accelerate your physician recruitment efforts.
