Talent Matters

Talent Experience: Medical Device Firms’ Next Competitive Advantage

The key factors to consider that will increase attraction, satisfaction, and loyalty.

September 6, 2024

Managing Director, Randstad Sourceright

Attracting and retaining the right people to move innovations forward is one of the biggest challenges life sciences employers face. Skills such as AI, data science, design engineering, and others remain in demand even as the sector experiences slower growth in recent months. Securing a PMA requires intense workforce investments, and even 510(k) clearances can sometimes call for considerable manufacturing and regulatory expertise. This is why HR and contingent workforce leaders are increasingly focused on creating a more positive and engaging talent experience to ensure access to skilled workers.

What Is Talent Experience?

Talent experience refers to a collection of touchpoints an employer has with its people, spanning from job candidate attraction to the hiring process through the duration of employment and beyond. Increasingly, companies seek to enhance this journey—from hire to retire—in hopes of being seen as an employer of choice and a brand that people want to do business with. A positive experience also improves engagement, retention, and referrals, which in turn helps employers stay ahead of competition for talent, according to ERE Media’s 2023 Global Candidate Experience (CandE) Benchmark Research Report.¹

These types of benefits are the reason 76% of life sciences companies say their organizations are more focused on the talent experience than ever before, according to the 2024 Randstad Enterprise Talent Trends research²—a survey of 1,076 C-suite and human capital leaders around the globe across all sectors. In fact, 90% of life sciences leaders say talent experience has become more important to their organizations during the past 12 months, and 70% say they are spending more on technology to enhance it.

A Focus on Employee Retention

There are many reasons why medtech companies are elevating their talent experiences, and many of these are to protect and build on their people resources. Within the past year, retention has emerged as a priority for employers in the sector. Forty-one percent (41%) say retention of key talent will have a greater impact on their business than before, and half say HR will be much more focused on encouraging people to stay within the organization.

As device makers step up the pace of innovation and commercialization—2023 saw a record number of FDA approvals³—the need for experienced talent is growing. Biomechanical specialists, study site supervisors, regulatory managers, and many others are among the in-demand talent. Further, with AI-powered categories expected to grow exponentially over the next few years—across all sectors—OEMs have become more concerned with competitors poaching their best people. This is why retention has become a top priority.

To incentivize their best people to stay, device makers are focusing on providing fair work-life balance and opportunities for professional growth. Job flexibility, remote and hybrid schedules, richer learning and development opportunities, and clearer career growth paths are some of the ways firms can elevate their employee value proposition and stand out among competitors as some employers continue mandating return-to-office policies.

Medtronic, for instance, offers employees role previews within targeted job families and skilling support so employees can explore the possibilities, acquire relevant skills, and advance within the organization.⁴ Similarly, Siemens executives say good pay, balance, and flexibility are “essential” to creating an outstanding talent experience for their workers.⁵

Fostering a culture of diversity and inclusion is also a key element of a successful talent experience, according to AdvaMed, the industry trade association. At its MedTech Conference in 2023, the group hailed diversity and inclusion (DEI) as critical to attracting and retaining top talent. Panelists from J&J, Stryker, and others weighed in on the importance of DEI to creating a positive talent journey.

Brand Is Key to Talent Attraction

Retention is just one key aspect of advancing innovation in the medtech sector. As demand for AI-powered products and software as a medical device grows, the sector’s need for highly specialized and emerging skills is surging. New competencies in data analytics, software engineering, and regulatory affairs will be needed to develop these innovative offerings. Still, much of the talent is currently employed by mainstream IT/tech companies, which enjoy stronger brand recognition than device makers.

To compete for such talent, the life sciences sector is doubling down on building its employer brand. The 2024 Randstad Enterprise Talent Trends research shows that, among the key sectors we track, life sciences organizations are more focused on brand building.² In fact, just about half (49%) of life sciences and pharma leaders say they are putting much more focus on employer branding this year, compared with 43% in banking and financial services, 39% in IT and technology, and 37% in high-value manufacturing.

For most candidates, a company’s brand is the first touchpoint they encounter. Medtech talent leaders recognize a powerful and authentic talent experience cannot happen without a resonant brand that authentically promotes their company’s value proposition, mission, and values.

As a result, the percentage of life sciences companies making significant investments in this area is higher than in other sectors, our research shows. While 43% of life sciences employers report they are investing significantly in branding, talent marketing, and talent attraction overall, just 32% say the same globally across all sectors—27% agree in IT and technology, 31% in banking and financial services, and 34% in high-value manufacturing. Companies such as Boston Scientific6 tout workplace awards alongside product awards, affirming the meaningful work its employees perform every day.

Adopt a Lifecycle Approach

So how can device makers improve on their talent experiences? What are the key factors to consider that will increase attraction, satisfaction, and loyalty? Like other aspects of people management, adhering to a holistic approach that reinforces every touchpoint will go a long way toward engendering greater loyalty. Ensure candidates, employees, and contingent talent feel they are cared for, communicated with, and provided with the resources they need to be successful in their jobs and personal lives throughout their entire journeys with the organization.

One of the most compelling reasons for workers to stay in the device industry is the contributions they make toward patient health. It is an industry that truly makes a positive impact on people’s lives daily. Employers should reinforce this messaging in their brand-building efforts when recruiting from outside the sector. Along with touting this aspect of their employee value proposition, companies need to be more transparent about what they do, how their people innovate, and the impact they have on medical care and society at large.

Finally, a positive talent experience doesn’t happen in a vacuum; workforce feedback is a critical element at all stages of the talent journey. In addition to talent surveys during recruitment, their tenure, and even offboarding, you should also capture the sentiments of contingent and passed-over job applicants. Everyone’s voice should be heard to identify gaps that may occur across the total talent lifecycle. The opinions of those leaving or never having joined the organization are as valid as those who work there.

Creating an overall positive talent experience is no small feat. Medical device makers must create the most resonant journey for all talent to ensure access to the people who will further drive innovation at their organizations and within the industry.

References

MORE FROM RANDSTAD: Can Medical Device Makers Keep Up with Their Talent Needs?

Ruby van den Hoff is the managing director of EMEA-based global accounts and life sciences for Randstad Sourceright, part of Randstad Enterprise. She works with Fortune 500 companies to develop and deliver solutions that improve and drive strategic access to talent. van den Hoff has more than 15 years of experience in recruitment and workforce consulting with major global clients and has worked more than 10 years delivering contingent and permanent solutions for major life sciences companies. The emphasis has always been on improving the quality of her clients’ talent acquisition strategies.