The medical device industry is booming, and with that comes an increased demand for talented medical device professionals. Medical device recruiting should be easy, right? But, there are not enough job candidates to fill open positions. Medical device companies compete for new employees while also facing a potential turnover crisis as members of the current workforce are enticed by other lucrative industries. How are medical device recruiters supposed to find the best talent when there is a limited pool of candidates?
The State of the Medical Device Industry
After difficulty in 2020, medical device companies that pivoted quickly thrived in 2021. The flow of capital increased medical innovation, and a shift in how medical care is delivered has led to solid growth in the medical device industry. The medical device industry is expected to reach $625.4 billion by 2027. These factors have resulted in an increased demand for medical device professionals.
From entry-level positions to senior executives, medical device companies are searching for top talent to help them meet the demands of the changing industry. Unfortunately, the number of candidates in the job market does not meet this need. In fact, health recruiting has become more challenging than ever before.
Medical Device Recruiting is Complicated
The medical device industry has always faced challenges when it comes to recruiting. There has always been a limited pool of candidates with the necessary background and skills to meet the medical industry's demands. This talent shortage is only exacerbated by the fact that medical device companies are competing heavily for new employees.
Talent Leaves For New Industries
Medical device companies face a potential industry-wide turnover as members of the current workforce are lured away to other lucrative industries. This is because medical device professionals have skills that are in high demand across many sectors—some more lucrative or interesting. This means job candidates are often enticed by the highest bidder, regardless of whether or not the employer is in the medical field.
Less In-Person Medical Device Recruiting
COVID-19 had a significant negative impact on traditional in-person medical recruiting. The pandemic changed this healthcare recruitment strategy as it became more difficult for medical device companies to recruit talent abroad or at trade shows. Recruitment agencies have now turned to new recruitment technologies such as remote hiring and virtual interviewing.
Companies Are Retaining Talent
A competitive job market means medical device companies hold tighter to their talent and are less likely to let go of good employees. This is partly due to the increased demand for medical device professionals and the difficulty in recruiting new talent. Companies must now learn how to attract and retain talent, which results in more resources spent on HR processes.
The medical device industry is at a crossroads. The industry is experiencing strong growth and increased demand for medical device professionals. However, the number of candidates in the job market can’t keep up.
What Does This Mean for Medical Device Recruiting?
A candidate-driven market means that companies will need to pivot to attract and retain top talent. This will require medical device companies to invest resources into their recruitment strategies. Additionally, medical device companies will need to find ways to differentiate themselves and their brand to attract the best talent in the market.
How To Bridge The Gap Between Demand and Supply
Some ways that companies are approaching the challenges of medical talent shortage include:
- Working with recruiting agencies that specialize in the medical device industry
- Utilizing social media platforms to reach out to potential candidates
- Focusing on building a strong employer brand
- Increasing employee engagement to reduce turnover
- Creating an employee referral program
- Offering competitive salaries and benefits packages
By taking a proactive and forward-thinking approach to medical device recruiting, companies can bridge the gap between demand and supply in the medical device job market.
What's Next for Medical Device Recruiting?
The medical device industry is forecasted to experience continued growth in the coming years. This means that the demand for medical device professionals will continue to increase. Medical device companies must adjust their hiring strategies and build a strong candidate pipeline to meet this demand.
At Hire Velocity, we partner with you to develop customized solutions designed to attract and retain permanent, quality employees. Contact us today to learn how we can help you recruit and hire medical device professionals for your organization.