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2014 medical device job market
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The Medical Device
Job Market: 2014
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How To Participate / Q&A
• Technical issues during presentation
• Email [email protected]
Phone 407-591-3033 or 3034
Meet me at…
http://medicaldeviceevents.com/
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The Medical Device Job Market - 2014 3
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The Medical Device Job Market - 2014 4
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The Medical Device
Job Market: 2014
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Definitions and Challenges
• Where is our Industry today?
Medical Device Job Market
• Where are we going in 2014?
Trends & Technologies
• Compensation and Technology
Things Steps to Consider
• What to do today to be an employer of choice (or how to work for one)
How to be a Employer/ee) of Choice
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www.no2point3.com
8
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Estimated Lay Offs
2000
1050
1000
770
700
600
595
450
427
300
275
200
170
143
141
140
139
54
Medtronic
Stryker
Boston Scientific
Smith & Nephew
Abbott Laboratories
Quest Diagnostics
Covidien
Zimmer
Kinetic Concepts (KCI)
St. Jude Medical
Welch Allyn
Hill-Rom
Roche Diagnostics
Accuray
Hologic
Analogic
Theragenics
C.R. Bard
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Where are we now?
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Medical Device Challenges
0% 10% 20% 30% 40% 50%
Changing regulatory environment
New product development
Access to capitol/credit/financing
Pricing pressures
Increased competition
Changing reinbursement environment
Employee retention recruiting
Other
Source: Emergo Group study conducted January, 2013 http://www.emergogroup.com/research/annual-medical-device-industry-survey
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Negative Hiring Options
1 2 3
Reduce StaffPostpone
New Hires
Decrease
Compensation
4
Ask more
of Current
Employees
5
Leverage
Current
Resources
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How to be an Employer of Choice
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5 things to do today to be EoC
• Understand what your value proposition is to a potential employee (and tell your employees)
• Engage your talent pool through social media, your employees and corporate messaging
• Leverage your current employees to be ambassadors for your company
• Make engagement, position requirements clear and the process as painless for both interviewers and interviewees.
• Pay Well
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Pay Well
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General Management
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Product Development
The Medical Device Job Market - 2014 18
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Regulatory/Legal Affairs
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R&D
The Medical Device Job Market - 2014 20
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How much to pay?
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Hiring Hire Top Talent
Value PropositionValue Proposition
1. Product
2. Compensation
3. People
1. Product
2. Compensation
3. People
Value Proposition
1. Product
2. Compensation
3. People
LeadershipLeadership
1. “Hire up”
2. “Hire right”
3. Empower your
team
1. “Hire up”
2. “Hire right”
3. Empower your
team
Leadership
1. “Hire up”
2. “Hire right”
3. Empower your
team
Hiring Process
1. Candidates
versus
Applicants
2. “A” Players are
seldom
“Applicants”
Drue DeAngelis
President
The DeAngelis Group
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Have a Mobile Recruiting Strategy
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*Source: IDC Research conducted March 2013 **Source: Mashable.com ***Source: ComScore
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*Source: IDC Research conducted March 2013 **Source: Mashable.com ***Source: ComScore
70% of respondents use Facebookon their phone; and of this group, 61% use it each day
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Source: “Mobile Marketer”Source: “Mobile Marketer”
Only 30% of PC searchers
react within an hour
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Leverage Technology in the Interview Process
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Source: https://www.pfizerline.com/uk/pfizer-products
“Digital detailing”
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Automate Reference Checks
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Know your Value Proposition
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36
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What candidates want to know
Will I be respected?
Will I be encouraged?
Can I trust?
Do I have a sense of purpose?
Is this a place I can stay?
*Source:: Nobles Communications
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Telling your Story
Above all, BE AUTHENTIC
Bake culture into your internal and external
communications
Mind every touch point
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Beef up your branding to appeal to potential hires
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Steps to take today to be an EoC
WebsiteWebsite
1. Join us
section?
2. Culture
3. Social Media
1. Join us
section?
2. Culture
3. Social Media
Website
1. Join us
section?
2. Culture
3. Social Media
Internal ReferralInternal Referral
1. Monetize
2. Advertise
3. Publicize
1. Monetize
2. Advertise
3. Publicize
Internal Referral
1. Monetize
2. Advertise
3. Publicize
Hiring Process
1. Job
Descriptions:
clear specs
2. Simplify
process
Brian Cole
Managing Partner
Kaye/Bassman International
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“About us”
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The Medical Device Job Market - 2014 44
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Source: Linkedin
Where to Find Quality Hires
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5%
38%
32%
25%
0%
Traditionals
Boomers
Gen X
Millenials
Gen 2020
U.S. Workplace 2012
Source: Catylyst Study "Generations in the Work Place"CaCa Catalyst, 2012.
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1%
22%
20%50%
7% Traditionals
Boomers
Gen X
Millenials
Gen 2020
U.S. Workplace 2020
Source: Catalyst. Catalyst Quick Take: Generations in the Workplace in the United States & Canada. New York: Catalyst, 2012.
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New Healthcare Jobs
Healthcare titles that barely existed 10
years ago – or less
• EMR Certified Healthcare IT Specialist
• Product Security Officer
• Mobile App Developer
• Social Media Product Manager
• User Experience Designer
• Medical Coder / Reimbursement
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5 things to do today to be EoC
• Understand what your value proposition is to a potential employee (and tell your employees)
• Engage your talent pool through social media, your employees and corporate messaging
• Leverage your current employees to be ambassadors for your company
• Make engagement, position requirements clear and the process as painless for both interviewers and interviewees.
• Pay Well
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Thank you!