The medical device and MedTech industries are rapidly growing and competitive, with many established brands vying for top talent. Talent acquisition can be particularly challenging for startups and early-stage companies. These companies may need more brand recognition or financial resources than established ones, making attracting and retaining top talent difficult. However, with the right strategies, startups and early-stage companies can effectively compete with more established brands in the industry.

Competition

The medical device industry is highly competitive, with thousands of open positions available for sales professionals alone. According to MedReps, as of May 5, 2023, there are over 4500+ open positions in this field, with OTE ranging from $75,000 to $300,000+. Large job boards only post some openings, with hundreds of open positions elsewhere. With such a large pool of open positions, companies must stand out to attract top talent. This is where candidates become integral to a company's success. Companies prioritizing candidate experience and engagement are more likely to attract and retain top talent, increasing productivity, profitability, and overall success.

Employee Value Proposition

One effective way for startups and early-stage companies to compete with more established brands is by building a strong employer brand. Building a solid brand means defining what sets your company apart and communicating it to potential candidates. This Employee Value Proposition (EVP) by sharing your company's mission, culture, and values.

Companies must also focus on creating a positive candidate experience to establish a strong EVP. Companies that develop a streamlined and user-friendly application process and provide prompt feedback will make the candidate feel valued. Startups can and should leverage their smaller size to offer more personalized and attentive communication with candidates.

Finally, startups and early-stage companies must be transparent and authentic in communicating with potential candidates. Communication includes being upfront about challenges the company may be facing and how they are addressing them, as well as highlighting opportunities for growth and development within the company.

Building a strong employer brand and compelling EVP is essential for startups and early-stage companies to attract and retain top talent. By leveraging their agility, intimate work environment, and transparent communication, these companies can stand out from larger competitors in the MedTech industry.

Social Media

Most companies understand social media's role in recruiting, and it can be a powerful tool for startups and early-stage companies to reach potential candidates. Companies can leverage social media channels like LinkedIn, Twitter, and Facebook to share job postings, company updates, and employee stories and engage with potential candidates to build a community of followers. The challenge is that there is so much on social media that it can be tough to separate you from your competition.

Using video content and sharing it on platforms like TikTok or Instagram can help showcase a company's unique culture and attract top talent. Virtual events, such as a virtual job fair, can also be a creative way to introduce a company's team to prospective hires. Employee advocacy sharing, where current employees share job openings and company news on their personal social media accounts, can also effectively expand a company's reach and attract potential candidates.

Remember, social media is constantly evolving, so stay current on the latest trends and platforms to ensure you use them effectively in your recruiting strategy

Internships

Most people understand the power of networking and referrals when attracting top talent. Still, many early-stage companies need to remember one of the most powerful programs: internships. Internship programs can be a valuable tool for educating students on your industry, developing potential future talent, and discovering potential new hires through their networks. As Zane Landin, a self-proclaimed "serial intern" with over 15 internships from GM to NASA, notes in a Forbes article from April 2022, "Internships play a unique role in helping students learn firsthand what they are interested in. I speak from experience when I say it is very difficult for students to determine what they are actually passionate about and interested in pursuing after graduating. Universities can only teach so much."

By offering internships, startups, and early-stage companies have the opportunity to educate students who may know little about their industry while also potentially discovering new talent. However, ensuring that the internship program is structured and provides real value to the company and the intern is essential. Structured or well-designed programs can save both parties time and resources. Additionally, it is important to compensate interns fairly for their time and contributions.

Diversity and Inclusion

Startups and early-stage companies have a unique opportunity to lead the charge in creating more diverse and inclusive workplaces. Successful businesses recognize the importance of a diversified and inclusive workplace. A diverse and inclusive workplace can lead to numerous benefits, such as improved creativity and innovation, increased employee retention, and higher job satisfaction.

Companies can examine their current recruitment practices to achieve a more diverse and inclusive workplace and proactively seek out candidates from underrepresented backgrounds. Activities can involve:

• Reaching out to diverse organizations.

• Participating in job fairs and events that cater to diverse communities.

• Working with diversity-focused recruitment agencies.

It's important to note that promoting diversity makes good business sense if a company creates the right environment. Companies can create a welcoming and inclusive culture by providing diversity and inclusion training, implementing flexible work arrangements to accommodate diverse needs, and offering all employees mentorship and career development opportunities. The Harvard Business Review shows that creating this positive environment can produce breakthrough performance in competitive markets. The key is to ensure team members feel they will not be rejected based on their ideas, questions, or concerns.

Conclusion

Talent acquisition can significantly challenge startups and early-stage medical device and MedTech companies. The playing field can be leveled by building a strong employer brand, leveraging social media, strong internship programs, and implementing diversity and inclusion programs. By investing in these strategies, startups and early-stage companies can create an edge over their competitors to attract and retain top talent and achieve their business goals.

Are you interested in a career in the MedTech industry, or are you looking to make a change within the industry? Contact Cour Consultants today to learn more about how we can help you achieve your career goals and impact healthcare outcomes.

Kesha Courville is the Founder/CEO of Cour Consultants. For the last 25 years, Kesha and her team have been helping exceptional talent find their perfect job opportunities in the MedTech, HealthTech, and Life Sciences industries.