In a market so controlled by its skilled employees rather than its employers, losing talent within your organization can be doubly painful. This rings especially true for the Medtech industry, where the growing consensus suggests they are already lagging behind comparable industries in their candidate offerings. With Silicon Valley tech companies aggressively boosting their employee packages with flashy perks, robust bonuses, and more alluring work environments, keeping pace with employee packages has never been a higher priority for Medtech.
Big players in the industry are by no means struggling, however. Wages are highly competitive and the work itself is extremely rewarding as new devices can have drastic impacts on patient outcomes. Nevertheless, because the skill set is so desirable, candidates are still being peeled away from Medtech whether it’s for a more desirable work environment, more agreeable leadership, or lifestyle preferences.
To help combat these challenges, we compiled a few strategies and observations for hiring managers to help their company stay competitive:
Highlight a Clear Path of Progression
Because so much leverage rests in the hands of talented professionals, they have more of an ability than ever to leave a company if they’re feeling dissatisfied. One of the most common factors that motivate people to look for a job somewhere else is feeling a lack of an opportunity for a promotion at their current organization.
Be sure to highlight a clear, measurable path of the next months and years. Be as transparent as possible about potential future roles. If you do lose someone to an outside source, it shouldn’t be because you failed to communicate that there was an opportunity, or plan, in place for an employee to step into an elevated role.
Albeit basic, the physical environment in which people work can often be a huge differentiator in deciding between jobs if other factors like pay and title are similar. Employees in Medtech often spend much of their working time in cubicles in traditional offices or warehouse settings, whereas the glitz and glam of Silicon Valley or other tech industries can offer far more alluring, open office layouts and healthier levels of employee engagement.
While the nature of business in Medtech may not allow for it to compete against trendier office environments, there is still a lot that employers can offer to make up the gap. Devising more employee-friendly schedules, allowing remote work opportunities or generous paid time off plans are all necessary, enticing benefits to help attract and retain talent in such a competitive hiring market. This is especially true for some of the larger mainstays in the industry, as more and more younger candidates tend to prefer working for newer, smaller companies.
In addition to concerns over promotion opportunity and work environment, those expressing a willingness for new opportunities rank pay as a key motivator. Nothing has been talking longer than money. If Medtech wants to avoid losing candidates to Silicon Valley, the option to cut straight to the heart is always available— pay more.
But it’s important to understand that pay structures have modernized. Primary compensation is now a three-legged stool, composed of salary, individual bonuses, and equity. While the exact percentages and structuring may vary from role to role and organization to organization, this outline is absolutely expected from candidates in Medtech and the Valley. While some of the older, more established companies may rely on reputation and legacy as an innate component of their benefits package, it’s increasingly important for their offerings to reflect modern expectations.
While it may be a tough pill to swallow, it’s crucial for organizations to be cognizant of the fact that they don’t hold all the cards anymore. Ramp up your benefits packages, flesh out bonus structures, and get innovative with the perks you offer, if you’re serious about retaining talent.
Looking to attract the best Medtech candidates in the market? Healthcare Recruiters International can help you acquire and obtain them. Our team of recruiting experts have a proven track record of connecting top talent with organizations. Get in touch with us today to see how we’d do it for you.