2024 Medtech: Our Mid-Year Review
WHAT ARE WE SEEING IN 2024 vs 2023?
I don’t think we’re alone in saying we don’t reflect on 2023 with fondness.
In 2024, the medtech industry has experienced robust growth driven by advancements in key markets such as digital health, AI-driven diagnostics, and personalized medicine. We’ve seen increased investment in innovative technologies and expanding applications in telemedicine and wearable health devices.
Companies are investing in their hiring plans that were previously in a holding pattern during 2023.
When you think about adding to your organization and evaluating talent, consider the impact these individuals will make in your organization as it is today as well as the organization it will become in the next 3-5 years.
UNDERSTAND HOW ECONOMIC FLUCTUATIONS IMPACT THE JOB MARKET
As we know, the medtech sector is influenced by both national and global economic conditions, but specific industry trends often provide insight into hiring strategies. In 2024, focus on data-driven decisions to tailor your talent acquisition efforts.
For instance, as healthcare systems continue to evolve and integrate new technologies, professionals with experience in regulatory compliance, clinical trials, and medical device development are in high demand. Consider the impact of funding shifts in healthcare innovation and prioritize recruitment for roles that align with emerging trends such as AI in diagnostics and wearable health technologies.
RECRUIT STRATEGICALLY DURING ECONOMIC FLUCTUATIONS
When we look back to 2023, strategic recruitment was the name of the game. Rather than implementing broad hiring freezes, companies looked to identify and prioritize key positions that were essential for driving innovation and efficiencies.
In 2024, we’ve seen a shift in accelerating hiring for roles in R&D, quality assurance, and clinical affairs. When you think about assessing the strategic value of each hire and focusing on candidates who can contribute to pivotal projects and enhance your competitive edge.
PRIORITIZE EMPLOYEE ENGAGEMENT
In 2024, focus on fostering a supportive and growth-oriented work environment. Invest in professional development opportunities. Promote a culture of collaboration and innovation to keep your team motivated.
Engagement strategies should include clear communication about the company’s vision and how employees’ contributions are shaping the future. Put yourselves in their shoes. What would you be interested in hearing from your leadership team and department heads if you were them?
SHOW YOU’RE A SAFE OPTION
Attracting senior leaders and specialized talent in the medtech industry requires demonstrating stability and growth potential.
Highlight your company’s role in advancing medical technology, improving patient outcomes, and achieving regulatory milestones. Emphasize your commitment to innovation and compliance, and showcase your achievements in clinical trials or product development along with a clear GTM strategy.
For senior roles, ensure your messaging reflects the opportunity to make a significant impact in the industry, enhancing both career prospects and the broader healthcare landscape.
RECRUIT EFFICIENTLY: STREAMLINE THE PROCESS
In the medtech industry, where talent is highly specialized, speed and efficiency in recruitment are paramount. As the industry adapts to economic fluctuations, streamline your hiring processes to secure top candidates quickly.
Leverage networks and talent partners to identify and engage with professionals who are a strong fit for your needs. Aim for a rapid hiring process (not suggesting cutting corners, think more along the lines of compressing timelines) to ensure you can capitalize on the availability of high-quality candidates before they pursue other opportunities.
Remember that while you may be keen on a specific candidate, they only perceive your interest via engagement during the interview process. Avoid unnecessary lulls and look to complete 1-2 steps per week in your interview process.
FINAL WORD
Transparency and adaptability are key to successful recruitment and team building for growing companies.
Be sure to communicate your company’s strategic vision and how potential hires will contribute to advancing your company’s technology or service. Foster an open and honest dialogue with candidates about the state of your business and the opportunities available.
For talent agency partners and job seekers, mutual transparency and clear communication will facilitate finding the right fit and building strong, successful teams.
- Tracy Nickell, Founder & CEO