Trouble Finding Talent? Three People-Centric Measures to Edge Out Competitors

Medtech companies understandably face tremendous difficulties on many fronts in today’s chaotic marketplace. An increasingly complex regulatory landscape, supply chain constraints, and rising manufacturing costs are forces often beyond the control of device makers. One significant challenge they can manage, however, is ensuring access to the talent that will drive innovation and help them achieve a competitive advantage.

A growing skills gap is a significant concern for CEOs everywhere. In fact, for the Fortune 500, talent is their biggest worry.¹ A record number of job openings exacerbated by the Great Resignation and an unprecedented number of retirements² has led to a massive imbalance between labor supply and demand. The rapid digitalization of all industries during the pandemic has also led to heightened competition for AI, automation, cybersecurity, and other STEM skills.

Nearly all of the in-demand skills³ needed by medtech manufacturers are also sought by companies outside of the vertical. In addition, industry-specific skills, such as regulatory affairs, remain scarce because in countries such as the U.S.—the largest medtech market in the world—there aren’t enough students graduating⁴ in this field to keep up with demand. Add in the fact the labor market has changed structurally, and it’s easy to understand why recruiting talent will continue to be challenging.

Even so, companies can stay ahead of the competition with three, people-centric strategies:

1. Emphasize the talent experience
2. Use organizational and market data to optimize recruitment
3. Align employer brand and employee value proposition with job seekers’ expectations

1. Emphasize the Talent Experience

One initiative many human capital leaders are focusing on is delivering a strong and positive experience for their employees and contingent workforce. Companies realize that by doing so, their people are happier, more engaged, and more productive. At the same time, this can improve loyalty, retention, and ultimately lower labor costs. The Society for Human Resource Management reported costs associated with a new hire may be three to four times that of a role’s salary.⁵ For this and other reasons, companies have honed in on a better talent experience.

In fact, Randstad Sourceright’s 2022 Talent Trends research found 77% of human capital leaders in the life sciences and pharma sector say their organizations are more focused on the talent experience than ever before.⁶

What does this entail? Whether it’s the way a job applicant is managed, how company news is communicated to the workforce, or providing career transition services during a reduction in force, every touchpoint a worker has with an organization affects the experience they come away with. In the past, employers focused mainly on improving the experiences they deliver to job candidates and permanent employees, but in recent years, talent experience has expanded to also include contractors, freelancers, and other flexible workers who provide services.

To accomplish this, life sciences companies are investing in numerous ways. For instance, 63% surveyed by Randstad Sourceright say they increased technology investments to improve the workplace experience. Nearly three-quarters (73%) are focusing on diversity, equity, and inclusion to ensure all people feel valued and welcomed. Further, 67% are enhancing internal and external communication standards. More than ever, companies are stepping up to meet workforce expectations.

2. Use Organization and Market Data to Optimize Recruitment

The ability to use data analytics is critical to driving a better talent experience. Employers can’t meet talent expectations if they don’t know what they are.

Recruitment and talent attraction used to be a blend of art and science, but success is increasingly based on what the data can provide: insights on how to hire the right people more quickly. External market data, such as talent availability in a specific region or country, or demand for certain skill sets, can help business leaders determine where to locate jobs, what types of work arrangements are best, and what compensation they should offer to better compete.

Meanwhile, internal surveys and data analysis can help employers understand what their workforce values most about working for the organization, how the organization can be more inclusive, where people need more support, and what benefits and development programs are important. Insights like these allow organizational leaders to shape everything from learning and development programs, to the company culture and policies, to benefits offerings and more.

Analytics can also improve the candidate experience. For instance, companies can use data to understand where job seekers drop off from the application process. They can identify whether job descriptions are inclusive enough to attract diverse talent. Or, they can see what social channels perform best when seeking hourly workers. Through new tools and technology, companies are putting the power of data to work.

3. Align Employer Brand and Employee Value Proposition with New Expectations

The pandemic has changed the outlook of many workers, and medical device makers need to be aware of this dynamic. With clearer goals and desires, the global workforce expects their employers to support and align with personal expectations around work-life balance, cultural values, and job flexibility.

The 2022 Randstad Workmonitor survey of workers in 34 markets around the world found 43% would not join a company whose social and environmental values didn’t align with theirs, and 41% wouldn’t do so if a company didn’t make efforts to promote a diverse and inclusive workplace.⁷

Even as companies struggle with on-site work policies in the post-pandemic era, talent is clear about what it wants: hybrid arrangements and flexible work hours. Nearly three-quarters of those surveyed believe flexibility of work location is important, and 83% want work hours that complement their lives. With these considerations in mind, manufacturers should assess whether their employee value proposition—the collective defined and undefined workplace benefits an employer offers—aligns with what is desired by employees and job candidates.

Companies can begin by surveying and listening to talent. Understand what they need to be successful at work, what their experience was when applying for a job, and what it would take to make them an ambassador of your employer brand.

Creating a positive talent experience begins with that feedback mechanism, which will form a basis for talent attraction strategy. Those companies that don’t seek feedback from their workforce will lose out on a wealth of important insights. Just as medical device manufacturers have stepped up collecting and leveraging patient data to build better products, they can do the same internally to create a workplace that attracts, nurtures, and retains great talent.

Competing for talent, especially for candidates with high-demand skills, will only get more challenging in the future as digitalization accelerates. But medtech companies can stay ahead of the competition by adopting a people-first approach that employees and job candidates will appreciate for a long time. 

References

1. bit.ly/odt220731
2. cbsn.ws/3ntNv0N
3. bit.ly/odt220733
4. bit.ly/odt220734
5. bit.ly/odt220735
6. bit.ly/odt220736
7. bit.ly/odt220737

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Tania de Decker is managing director of global strategic accounts for Randstad Enterprise Group. She works with Fortune 500 companies to develop and implement processes that improve and drive recruitment and retention solutions. de Decker has over 28 years of recruitment experience and has worked over 18 years with life sciences companies. The emphasis has always been improving the quality of her clients’ talent acquisition.