In Part 1 of this series, we focused on health technology trends affecting your business. These tends include the growth in the health technology industry, rebounding investment activity, cyber threats, regulatory hurdles, and the temporary medical device tax suspension. Part 2 took a turn and focused on the current talent shortage, and the need to have a strategy in place to ensure you meet your project goals. In part 3, we will share some tips for you to navigate this talent crisis in light of current health technology trends.

Keep the talent you already have. A recent study by O.C. Tanner Institute came to some stunning conclusions in their research report “Talent Magnets: 6 Essential Aspects of Workplace Culture”. Companies that focused and achieved even marginal improvements in the 6 aspects of culture (purpose, opportunity, success appreciation, wellbeing, and leadership) saw staggering results. Reference the graph below to see these improvements:

Improve your company’s digital brand. Develop and share original content on platforms such as Facebook or LinkedIn to attract talent to your organization. Learn from experts, such as our friend Carol Kaemmerer, on how you can effectively use digital platforms to improve your company’s digital brand. Also, reference our recent blog, 3 Tips to Improve Your Digital Employer Brand, for more information.

Consider Contract Staffing. Contract and fractional staffing allow you to maintain a nimble and flexible workforce. Be open to tapping into workforces of experienced individuals with the specific experience you need.

Employ Foreign Talent. Utilizing the H-1B visa system to fill the need for additional STEM workers is an option to be considered for positions requiring specialized knowledge. The H-1B program has a cap of 85,000 visas per year, including 20,000 specifically for recipients of advanced degrees. Most H-1B employees have at least a bachelor’s degree, and the majority hold master’s degrees.

Increase Compensation. Predicted increases in shortages of talent will lead to increased compensation. From 2013 to 2016, compensation for all public sector jobs in the U.S. outpaced inflation. In health technology, there will be even more upward pressure on compensation due to scarcity of talent. By offering competitive wages, you will keep critical talent and broaden your pool of new professional resources.

Incentivize Education. While not an immediate solution, the surest way to ensure that future talent exists is to create that talent. Government and educational institutions have made providing students with both research and workplace experience in health technology a priority for their development. By entering a partnership and offering paid internships, you could provide a student with experience in your company along with incentive to stay in the industry.

Collaborate with a reputable staffing and recruiting firm.Talencio has a deep understanding, along with a community of experts, to deliver on our promise: to partner with senior management and human resource executives to get the right people in the right place. To learn more about how others 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.

For more information, download our complimentary research report in one click.

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