Due Diligence Do’s and Dont’s
If you hear about a job opportunity, what should be your next move? Investigate as much as possible to get a clear picture of the landscape.
* Do as much of this as you can, and supplement with the information that is provided.
* What types of products do they manufacture?
* Are they a market leader? If not, who is and what does the competition look like?
* What does the company see as its competitive edge?
* Do contracts play a role in the sales process? If so, what is this company’s GPO status?
* Are their products considered standard of care, or elective?
* If reimbursement is a factor, what kind do they have?
* What is the company’s product pipeline?
* What is the company’s history? Have they been purchased/sold in the past?
Ask About the Company:
* Are they private or public?
* What do their financials look like?
* What is the company’s turnover rate?
* What percentage of their reps typically achieve goal?
Talk to People in the Industry:
* Key word People –Do not take one person’s word for truth – talk to as many as you can including:
* Caregivers who have used the products
* Current reps of the company
(be careful with this one – you do not want to be a pest – ask before making calls to current reps)
See the Product:
* If possible (obtain permission as necessary), seize the opportunity to see the product being used.
* This will give you a major advantage over the other candidates; and of course help you in better understanding a day in the life.
* Being considered for a job opportunity is a privilege.
* Respect every one’s time involved (including your own) and make sure you are genuinely interested before you throw your name in the hat Invest some time into learning about the different medical verticals (biotech, spine, ortho, etc).
* Get a feel for the verticals that appeal to you, and take the initiative to proactively learn as much as you can so you can educate yourself and improve your chances of landing your dream job
Circumvent Your Source:
* Companies use search partners for a reason.
* Do NOT cut them out of the deal by applying to a job online or by contacting the hiring manager directly, after learning about the position through another source
Expect to be Entitled:
* Even though we are in a candidate driven market, the competition is still fierce for the best opportunities.
* Although recruiters and employers are going to spend their time trying to win over candidates, do not feel entitled.
* There are likely other candidates as qualified as you competing for the same positions.
Bait Your Current Employer:
* Do not pursue another job with the intent to entice your current employer into giving you a more attractive counter offer (higher salary, better position, etc).
* Industry statistics show you will be gone in 6 months to a year at best (and more than likely on their terms, not yours)