The Tale of Two Cities: A Post-COVID Review of the Medical Device Talent Market
It was the best of times and the worst of times. Through the majority of 2020, we are all trying to figure out just exactly how it has been the best of times. A recent FloodGate Medical Survey showed that 30% of participants had lost their positions within the last few months, as COVID has lingered here in the US. More than 30 million Americans are currently on the market for a new opportunity. It has been a really difficult year for most… passive and active candidates alike. With the numbers mentioned above, you would think that the recruiting industry would be flooded with candidates for every available opening. That is not the case due to a tale of two cities currently happening in the job market.
On one side, you have the 20-30% whose roles were eliminated. They’ve suddenly found themselves on the market for the first time in years. Many of the RIFs were specific to verticals where elective procedures made up a high percentage of the revenue stream.
On the other hand, you have 80% of people who retained their role and in some cases have been busier as a result of the pandemic. Of those individuals, 57% of respondents felt their company’s corporate response to the COVID-19 pandemic was favorable. This combination of uncertainty and loyalty means that 80% who might have considered a new role for more money or a smaller territory, are not even discussing the possibility of new opportunities. They are hunkered down and sticking with comfortable, safe, and familiar.
What does this all mean for companies that are looking to hire top talent? This means that the recruiting pool is actually smaller. Two distinct groups have formed. One is a large group that is very hungry for work that usually has experience in a different vertical and another group that has retained their job that won’t even consider a change “until this thing is over”.
So what do you do in this new environment?
If you are a hiring manager:
You must realize that the passive candidate is going to need more convincing to listen, exciting marketing materials that tell your story, and a recruiting partner that can speak to the personality and culture of the company. All of this will help them to see it is a company they can trust.
For the active candidate, you’ll need to understand that positions are in short supply and they are not waiting to explore multiple offers in fear that they will lose the ones they have in hand. You will need to move faster during this time. To help you improve your recruiting game, visit FloodGate University for all of the education and tools you need to attack and quickly hire both types of candidates.
If you are a candidate on the market:
Finding a new role can be difficult during the best of times and now we’re experiencing the worst of times. For that reason, we are giving away our complete eLearning platform, FloodGate Futures. We’ve created 27 videos and 10 downloadables specifically to walk you through each step of the job search process and help you stand out from the large crowd. Click here and enter code BACKTOWORK to get your free access today.
If you are still employed:
The best of times are coming again and the challenges you had with your role before COVID will still be there when it does. Take the time to explore any opportunities that come your way. There are great companies out there having tremendous success in this market that could address the roadblocks in your career path as it stands today. Also, take some time to help a friend or colleague who has been impacted by the pandemic by downloading FloodGate Finder, a referral app, where you can easily refer them to one of the 100+ jobs available that could be a great fit for them. And the good news is that if they get hired, you get a $1,000 finder’s fee.
While we’re waiting for the best of times to return, please let us know if there is anything we can do to help you find an exciting new job opportunity or exceptional talent for your team. We’re ready to continue living our mission to help unite great people with great companies.