In today's competitive job market, finding top talent for your MedTech company can be daunting.
The hiring process is time-consuming and requires a significant investment of resources. With the increasing demand for qualified professionals in the MedTech industry, it's crucial to have a robust recruitment strategy to ensure you attract and retain the best candidates.
This is where retained search comes in.
Retained search is a highly specialised recruitment service that can transform your hiring process by providing you with access to a network of passive and active candidates.
This article will explore how retained search can help your MedTech company find the right talent and enhance its recruitment strategy.
We'll examine the benefits of this approach and the steps involved in the retained search process.
So, if you're struggling to find the right talent for your MedTech company, keep reading to learn how retained search can help you achieve your hiring goals.
Differences between retained search and contingency search
When it comes to hiring for your MedTech company, there are two primary options: retained search and contingency search. While both approaches aim to help you find the right talent, they differ in several key ways.
A contingency search is typically a more reactive approach. In this approach, a recruiter works on a specific role on a contingency basis, meaning they receive a fee only if they successfully place a candidate.
In contrast, retained search is a proactive approach that involves a partnership between the recruiter and the client. In a retained search, the client pays in performance milestones (typically three phases), which gives the recruiter a platform and commitment to execute a thorough and robust process. The client has exclusive access to their network of candidates, which allows them to dedicate more time and resources to finding the right fit.
A retained search's biggest advantage is that it provides access to a wider pool of candidates, not just those considered "active and in the market".
Retained search firms typically have an extensive network of passive candidates who may not be actively looking for a job but are open to new opportunities. These candidates are often highly qualified and can bring unique skills and experience to your organisation.
Retained search also allows the recruiter to take a more strategic approach to the hiring process, working closely with the client to understand their needs and culture and to identify candidates who are the best fit.
The retained recruiter will work collaboratively with the employer to fully understand their EVP ( Employer Value Proposition ) and ensure that the narrative is clearly communicated and compelling to every candidate.
All candidates in a search today are precious, and a contingent recruiter simply does not have the time or resources ( commitment ) to dive deep into multiple talent pools.
Benefits of a retained search for the MedTech industry
For the MedTech industry, in particular, retained search offers several benefits. One of the most significant advantages of this approach is that it allows you to find top talent quickly and efficiently.
In the MedTech industry, time is of the essence, and having the right people in place can significantly impact your organisation's success. Retained search firms specialise in the sector and have a deep understanding of its unique challenges and requirements. They can help you identify candidates with the right skills, experience, and qualifications.
Another key benefit of retained search for the MedTech industry is that it can help you attract and retain top talent.
In today's competitive job market, candidates have many options and are looking for more than just a competitive salary. They want to work for a company that values their contributions, offers opportunities for growth and development, and has a positive culture.
Retained search firms can help you identify candidates who are a good fit for your organization and who are likely to be engaged and motivated to succeed.
The retained search process: a step-by-step guide
The retained search process typically involves several steps. Here's a closer look at what you can expect:
1. Understand the client's needs:
The first step in the retained search process is understanding the client's needs. This diagnostic conversation is critical to the end result; it will have issues without client engagement. This involves meeting with the client to discuss their organisation, culture, and the specific requirements of the role they are hiring for.
2. Develop a search strategy:
Once the recruiter clearly understands the client's needs, they will develop a search strategy. This may involve identifying potential candidates, developing a job description, creating a timeline for the search and creating an attractive EVP document or another asset, such as a Website Landing Page for that client.
Recruitment is marketing is a phrase that has become more popular as the market for talent has changed and transactional approaches no longer cut; they are too reactive, waiting for candidates to apply to adverts.
3. Source candidates:
The next step is to source candidates. Retained search firms typically have an extensive network of passive and active candidates, and they may also use other methods, such as advertising and social media, to identify potential candidates. With commitment, a retained recruiter can take the time to make professional yet persistent approaches, aka "best practice headhunting," to engage talent who are otherwise not pursued by contingent or internal teams.
4. Screen candidates:
The search consultant will begin screening after identifying potential candidates. This may involve reviewing resumes, conducting phone or video interviews, and performing background checks. Once candidates have been formally assessed, they are deemed as Qualified, Interested and Assessed ( QIA )
5. Present candidates to the client:
Once the recruiter has identified a pool of qualified candidates, they will present them to the client for joint review. The recruiter will provide a detailed report on each candidate, outlining their qualifications, experience, and suitability for the role. It is very much a factual dialogue than the often hard-sell that accompanies contingency “FOMO”.
6. Facilitate interviews:
The recruiter will facilitate the interview process, scheduling interviews and providing guidance to both the client and the candidates.
7. Offer negotiation:
Once the client has identified their preferred candidate, the recruiter will facilitate the offer negotiation process, helping to ensure that the candidate is offered a competitive package and that the offer is accepted.
8. Onboarding:
Finally, the retained search firm will assist with the onboarding process, ensuring that the candidate has a smooth transition into their new role. This is followed by a review and debrief meeting to understand what worked, what didn’t and is a learning process for all. Onwards to the next hire (s).
How to select a retained search firm for your MedTech company
When selecting a retained search firm for your MedTech company, choosing a firm specialising in the MedTech industry is essential.
Look for a firm with a proven track record of recruiting success in this sector and a deep understanding of the industry's unique challenges and requirements.
It's also important to choose a firm with a transparent and collaborative approach that will work closely with you throughout the hiring process and keep you informed every step of the way.
In a well-executed and managed search, the recruiter, hiring manager and other stakeholders will meet regularly ( weekly ) in steering calls, which will keep everyone appraised of progress or difficulties.
This level of transparency, openness and trust truly sets a retained search ahead of other methods.
Common misconceptions about retained search
Despite the many benefits of retained search, some common misconceptions exist about this approach.
One of the most significant misconceptions is that retained search is more expensive than contingency search.
While retained search is a deposit-led approach, it's important to consider its long-term benefits. Retained search can help you find top talent quickly and efficiently and retain that talent over the long term, ultimately saving you money in the long run.
Another misconception about retained search is that it's only suitable for executive-level roles.
While it's true that retained search is often used for executive-level roles, it can also be an effective approach for other positions, particularly in the MedTech industry, where specialized skills and experience are often required.
At DukeMed, our retained search solution is derived from the classical executive search model but is leaner, more agile, and centred around milestones rather than time-bound criteria.
While a typical search may take 4-6 weeks from briefing to shortlist, this timeframe can be accelerated if all stakeholders are available and the talent pool and search strategy are built around this from the start.
The cost of retained search compared to other hiring methods
When it comes to the cost of retained search compared to other hiring methods, it's essential to consider the long-term benefits of this approach. At the same time, it's true that retained search involves a deposit of around a third of the total fee.
It can save you money in the long run by helping you find top talent quickly and efficiently and reducing turnover and other hiring-related costs.
You consider that a contingent model may waste time and resources with multiple recruiters bidding for the same candidate's attention only for that candidate to drop for a host of reasons (likely through a poor briefing or interest, given the low-touch approach).
At this point, the contingent process has to start all over again, and the talent pool can never be declared exhausted as it's unlikely to have been thoroughly mapped out as it would be in a retained search.
All of a sudden, the contingent process no longer appears quick or efficient.
Retained search versus in-house recruiting: which is better for MedTech?
When it comes to hiring for your MedTech company, you have two primary options: retained search and in-house recruiting.
While both approaches have their advantages and disadvantages, retained search is often the preferred choice for companies in the MedTech industry.
Retained search firms specialise in this sector and have a deep understanding of the unique challenges and requirements of the industry.
They can help you identify candidates with the right skills, experience, and qualifications and can provide you with access to a wider pool of passive and active candidates.
Retained search firms can talk on a neutral basis to a wide selection of candidates in any given talent pool with no bias or shade thrown on the brand being represented. This could be a challenge if a brand has had a negative perception eg due to product recall, toxic leadership in the past etc.
There are several additional scenarios outside of a traditional permanent role being filled when it's vacant, for each DukeMed has scopeto address these circumstances.
The future of retained search in MedTech
As the demand for qualified professionals with exceptional soft skills in the MedTech industry continues to grow in line with corporate expectations, the retained search will likely become an increasingly important part of the hiring process.
Retained search is well-suited to meet the unique needs of the MedTech industry. It can provide access to a wider pool of candidates and help companies find top talent quickly and efficiently.
Conclusion
Finding the right talent for your MedTech company can be a challenging and time-consuming process.
Retained search offers a highly specialised and effective approach to hiring, providing access to a wider pool of candidates and helping you find top talent quickly and efficiently.
By partnering with a retained search firm specialising in the MedTech industry, you can enhance your recruitment strategy and achieve your hiring goals.
So, if you're struggling to find the right talent for your MedTech company, consider the benefits of retained search and take the first step towards transforming your hiring process.
The first step with a retained search firm like DukeMed is to book an initial Discovery Call, during which we will run a full diagnostic and assessment of your talent acquisition challenge.
Armed with the important details around the challenge you face and your goals will help us to tailor our solution ( should retained be the answer for example ) and get to work on all the details with that all-important project Kick-off with all your stakeholders.