At Mozibox Research, we’re always seeking out evidence-based strategies to help physicians negotiate with greater confidence. Recently, we had the opportunity to learn from Dr. Margaret Neale, one of the leading experts in negotiation at Stanford Business School. Her insights into the anchoring effect are especially relevant for physicians navigating salary negotiations.
The concept of anchoring, first explored by psychologists Amos Tversky and Daniel Kahneman in the 1970s, shows how the first piece of information presented—like a salary number—can strongly influence all that follows.
Dr. Neale’s framework is both practical and powerful. She explains that the first number offered in a negotiation acts as a psychological anchor, shaping expectations and outcomes. Here are key takeaways we think every physician should keep in mind:
- Make the First Offer: The party who opens the negotiation often controls the frame. Set the tone with a confident, well-calculated number.
- Be Ambitious but Grounded: Anchor high, but anchor smart. Your ask should reflect both your value and what the market can bear.
- Support Your Anchor with Data: Use industry benchmarks, salary reports, and real-world comps—data-backed anchors are harder to dismiss.
- Re-Anchor If Necessary: If you’re on the receiving end of a lowball offer, reset the conversation with your own anchor.
This session reaffirmed a core principle we share at Mozibox: knowledge is leverage. Whether you’re negotiating your first job or your next leadership role, anchoring—done right—can shift the entire trajectory of the conversation.
If you want to dive deeper into Dr. Neale’s approach, we recommend her book Getting (More of) What You Want: How the Secrets of Economics and Psychology Can Help You Negotiate Anything, in Business and in Life. It’s a practical, research-driven guide to mastering negotiation strategies for everyday and high-stakes situations alike.
Dr. Neale is also available for one on one coaching as well as conducting negotiation workshops. Feel free to email us at [email protected] and we will connect you with Dr. Neale.
