My team and I have spent the last 3 years sourcing, identifying and recruiting top level candidates for medical device, pharma and biomedical companies across the country. With the significant increase in mergers and acquisitions over the last few years, there is an increased demand for top talent in these industries.
Some of the areas we’ve seen increased recruiting are in Regulatory Affairs, U. S. based Manufacturing, Quality, Reliability, Engineering for Digital Health, and downstream Marketing. The industry is really heating up to find top talent in these areas.
The areas we do not see the same “competitive edge” however, are with compensation and relocation benefits. Many companies are still expecting potential candidates to accept offers that do not measure up to current hiring demands and trends. Yeah, good luck!
The race to identify top talent is on… but the “buck” stops there. Did I just make a pun? We had a hiring director tell us recently that he couldn’t offer a much needed Sr. Engineering Manager (in California) more than $90k since his top paid person in the same pay band is making just under $90k. My suggestion was “Give your top paid person a raise already!”.
Seriously, we need to raise the bar on overall compensation and relocation benefits in order to hire and retain top talent. Current relocation benefit trends is another area that is not attracting of top talent.
We’re seeing a lot of ‘good faith’ lump-sum relocation packages going out to potential candidates. Lump-sum relocation packages are fine, as long as there is enough “lump” to cover the move.
As we move into 2016, we need to see upward trends with compensation and relocation benefits. Employers: open up you bulging purses.
I read a FB message the other day that said: Pay attention to keeping your employees happy. They are the people that keep your clients happy.