Forge a workplace with purpose
PwC research shows that workers with specialist expertise are more likely to ask for a promotion or raise, and to refer job candidates. In an industry dependent on people with scarce skills, medtech leaders should consider embracing flexible working options while maintaining trust company-wide. Here are three goals to consider prioritizing.
Double down on a culture of patient-centricity and innovation
Fulfillment is the most important factor differentiating employees who are likely to look for another job and those who stay put. According to a global PwC survey, a large majority of employees want to work for companies that make positive contributions to society. Medtech companies have a unique opportunity to deliver a sense of purpose by linking their employees’ daily work life and activities to the organization’s mission and values.
Strong leadership teams can put these principles into action. When a new medtech organization was created after a divestiture, its leadership team identified and actioned organizational behaviors to reinforce the newly formed culture. PwC helped the team leaders clarify their values, which were focused on talent growth and the associated behaviors to drive this culture.
Upskill medtech workforce to keep pace with change
The medtech industry has the potential to tap into trillions of dollars in future spending on Medicare and Medicaid services beyond its historical 5% to 6% market share. With this opportunity in mind, you should be evaluating your existing capabilities and identifying gaps to make way for new and different business models.
- Proactively assess opportunities for upskilling and reskilling your existing workforce while also recognizing some gaps may require hiring or acquiring talent or capabilities.
- Support employees in gaining the capabilities required to succeed in new business models and compete in new markets.
Investments in your talent can have fast returns. PwC recently advised a rapidly growing medtech company on how to improve its employee onboarding process. This included an upskilling program leveraging virtual and augmented reality to develop engaging and effective training.
The result? Improved quality and compliance.
Let go of old practices that make it hard to woo talent
Health industry leaders view the failure to hire and retain top talent as the biggest risk to achieving their goals for growth, according to PwC research. To win the war for talent, medtech leaders should recognize and adapt to ways in which work has changed.
Like many industries, medtech has seen an increase in remote working. Importantly, remote working options can help medtech organizations expand their talent pool while also being more inclusive. Design intentional, flexible interaction points where teams can be in the office together to meaningfully connect while taking advantage of the opportunities of remote working.
Additionally, companies that provide greater flexibility in hybrid working models can improve talent retention. PwC recently worked with a large medtech company that allowed its business units to craft their own return to the office policies. The business units that spent the most time listening to their employees’ desires, understanding pain points and upskilling staff had the most success with their return-to-the office experience.