In part 1 of this series we focused on the significant trends in health technology affecting your business; growth in the health technology industry, rebounding investment activity, cyber threats, regulatory hurdles, and the reinstatement of the medical device suspension through December 2019. In part 2 we turn to the looming talent shortage that will require you to have a plan in place.
Talent scarcity will continue to be an issue facing medical device, pharmaceutical and health IT companies in 2018. By 2022, the healthcare sector is projected to account for 1 of every 8 U.S. jobs nationwide. Additionally, demographic, technological and regulatory changes in health technology are creating demand for new kinds of, and more talent.
Participation rates in the labor force have declined from 2007 to 2017 by 5%. Baby Boomers are retiring with fewer new workers to take their place. Attracting new talent while not losing the wealth of knowledge of the Boomers will be key to addressing your opportunities in a very dynamic health technology market.
Lack of new graduates to the field. American universities are not producing enough scientists or engineers to meet demand. The U.S. Bureau of Labor Statistics estimates that 2.3 million additional scientists and engineers will be needed to meet American growth and replacement needs across all industries by 2026.
The challenge of finding and keeping the right talent in this market can be scary. In out next blog we will explore strategies for navigating the talent shortage in order to accomplish your goals.
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About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move healthcare forward. To learn more about career opportunities in health technology, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 10 years.