The MedTech industry is changing faster than Katy Perry swapping costumes on set during her “Teenage Dream” tour. Innovations are becoming more complex. New product options are vastly improving outcomes for chronic conditions, and older options are constantly being upgraded. The pandemic accelerated our accessibility of many advancements, such as wearable/point-of-care devices and telehealth, to remotely diagnose, treat, and monitor health.
Demand for these cutting-edge solutions is rapidly increasing. The Baby Boomer population is aging, and chronic diseases like diabetes are on the uptick. More money is being invested in R&D. Medical professionals are struggling to keep up with the pace of new products and treatments.
MedTech markets are growing. By 2030, the medical devices market is estimated to be worth $964 billion. The MedTech market is expected to be worth $613 billion by 2025.
This surge in innovation creates hiring complexities for the industry.
There’s an IT talent gap. Not only is there an overall shortage of available new talent to fill highly skilled positions, but it’s also hard for existing workers to keep up to date with the rapid technological advancements.
The hiring process in MedTech is traditionally cumbersome, and it doesn’t easily adapt to the pace of the changes. The application is lengthy, including interviews with different members of cross- functional teams and technical skills assessments. Information on salary ranges is difficult to determine. It can be difficult to update things like skills assessments and Job Descriptions because of how quickly new requirements are needed to perform the same role.
Many positions are on a cross-functional team, requiring solid knowledge across a broad base of hard skills such as engineering, R&D, design, assembly, and prototype labs. Soft skills are important in these roles. Recruiters are often looking for a jack-of-all-trades, and a master of at least two unrelated fields.
Companies are pushing the boundaries of innovation while navigating complex regulations set in place as governments attempt to address new issues of safety, security, and quality. Team members need to be up to speed on the protocols that relate to their responsibilities.
The growing complexity of the industry affects the types of positions MedTech companies need to hire. For example, in May 2021, the European Union passed the EU Medical Device Regulation (MDR). This tightens regulations for all new products, and it requires existing products to adhere to the new regulations. Prior to this ruling, U.S. manufacturers would launch products in Europe first, and use the data from this market to generate their case for FDA approval. Now, the approval process is more of a challenge, especially for first-to-market products. This has led to a demand for quality engineers, quality assurance positions, auditors, and analyst positions to keep the new product development process compliant. Biostatisticians are also needed because of the sheer volume of information readily available to companies.
The MedTech industry has been unusually susceptible to higher levels of employee turnover. The jobs can have higher levels of stress and burnout, which contribute to both Quiet Quitting and Early Retirement.
If you’re a MedTech company, there are ways to address these unique intricacies.
1. Make professional development a priority in your culture. It’s increasingly difficult to find a qualified candidate to fill a position working with tech that was nonexistent this time last year. Consider hiring less experienced workers and train them in their onboarding. Provide mentors to address ongoing education and development. Upskill staff from different work backgrounds and be willing to retrain existing staff for new technologies.
2. Many people drawn to work in the MedTech industry are motivated by the opportunity to be a part of positive change- such as improving health outcomes and saving lives. When hiring, be sure that the candidates understand how their job directly contributes to the company’s mission.
3. The chance to work on innovative technology is another motivating factor for the right candidate. This can affect retention down the road if your employee would readily leave your company to stay on the cutting edge somewhere else. Address this during the hiring process by communicating the opportunities for career development and advancement within your company. MedTech companies offer unique experiences that accelerate career growth because of the necessity of cross-functional teams.
4. Are your compensation and benefits package competitive? Revisit the financial incentives you’re able to offer before you begin your recruiting process. If you’re not able to offer monetary incentives such as signing bonuses and stock options, you can compensate by offering other non-monetary incentives, such as work-from-home flexibility.
5. Many MedTech jobs can’t offer full-time work from home options because the job is location specific. When hiring prompts a move for the new team member, offer a generous relocation package.
6. Network for new roles by talking to people that work in the field. Ask for referrals from your people, too.
Source outside the MedTech industry and use crossover talent for positions such as engineers, quality assurance, IT experts, and product developers. This can greatly benefit your company because they bring diverse experiences, backgrounds, and perspectives. New ideas lead to innovation and growth.
7. Invest in recruitment technology to manage your pool of qualified applicants and the hiring process. In many cases, your best bet is to work with a recruiter that specializes in MedTech companies.
It’s a thrilling time to work in the MedTech industry. By thinking strategically about your unique hiring challenges, you’ll bring the right people on board and be set up to thrive.
