In the ever-evolving landscape of MedTech and Life Sciences, where innovation and technological advancement are at the forefront, success isn’t strictly about the devices themselves, but it’s also about the people who bring them to life. The brilliant minds behind the scenes, the hands that craft detailed products, the visionaries who ensure patient safety – they are the pillars of successful MedTech companies.
Talent Acquisition: Go Big!
Picture this: a world-class medical device, with true groundbreaking potential that can change healthcare and the way in which patients are treated. Now, imagine the challenge of finding individuals who can not only grasp the complexity of the device, but who are also capable of pushing the boundaries of what is possible. This is the first step of talent acquisition.
MedTech executives and human resources professionals understand that the art of attracting the brightest minds requires a strategic approach. From forging partnerships with academic institutions, to job fairs that showcase the potential of joining their ranks, to utilizing an executive search process that goes beyond traditional methods, casting a wider net to identify true talent — the playbook is diverse. These companies invest time and resources in honing recruitment strategies that align with the industry’s rapid pace and unique demands. Long gone are the days of “I know a guy that could probably work.”
Retaining the A-players: Keep on Courting
Recruitment is the door. Retention is the key. Medical device companies have to be consistent, especially in areas like regulatory compliance, quality assurance, and patient safety. Employee institutional knowledge is invaluable in a space where compliance is paramount. Therefore, it isn’t just about hiring talented individuals, it’s also about creating and providing an environment where they choose to stay, grow, and contribute to their wealth of experience.
RECRUITMENT IS THE DOOR.
RETENTION IS THE KEY.
Competitive compensation packages are always the bullseye, ensuring that your best talent isn’t tempted by other enticing opportunities. However, it’s more than just financial incentives. Growth is an essential element of engagement. Training programs, conferences, and avenues for professional development aren’t just perks — they’re investments in the future. Our sister company Activate 180 is coaching hundreds of our clients’ employees today. They show up to work better and appreciate the investment in their future while the company gets a better output — it’s a win-win.
Harmonizing Culture and Vision: Beyond the Desks
Behind all of the work that is done within the walls and in the field lies the heart of the company: its culture. Companies realize that innovation doesn’t thrive in silos; it flourishes in collaboration and cross-functionality that celebrates diversity, fosters creativity, and empowers growth. Companies must prioritize these values to ensure growth amongst their people.
Peering into the Future: Leadership and Beyond
Just like companies go through transitions, employees also evolve. Succession planning isn’t just a smart thing to do, it’s necessary. When companies nurture leadership from within they help ensure a seamless transfer of knowledge that is imperative to a company.
Remote work and flexibility are now the norm in any industry. Companies are changing the way they view the traditional office model, and they must stay on top of collaboration, innovation, and productivity in this new environment.
In Conclusion: The Human Touch in the Age of Devices
We’ve learned that successful MedTech companies are not just about technology, it’s about the people that deliver innovation. By fostering a culture of innovation, prioritizing employee well-being, and embracing the challenges of a dynamic industry, companies ensure that their human capital remains as cutting-edge as the devices they create.
Ken Dropiewski is a Partner with McDermott + Bull’s MedTech and Life Sciences Practice and has been doing search for nearly two decades. His expertise serves the medical device, biotechnology, and healthcare industry. Ken is especially known for work done in the cardiac, vascular, interventional, and oncology segments and has been in the MedTech field for 30 years. Prior to his career in search, he spent time at Johnson + Johnson and Boston Scientific.