GlobalData’s Job Analytics database has shown that active job postings in the medical devices space are at their highest point in recent years and well over double the pre-pandemic January 2020 number of postings. While this may point to recovery and growth in the US medical devices market, it may in part be due to a changing work environment causing employee turnover.
As the Covid-19 pandemic began spreading in the US in March/April 2020, firms across sectors cut back on hiring activity or outright froze hiring. Companies in the medical devices space were no different, as they were concerned that significant disruptions from the pandemic would impact revenue and looking to control costs until the situation stabilised. However, GlobalData’s Job Analytics database shows that active job postings in the US medical devices space are higher than at any point in recent years.
The database shows that US medical devices active job postings dropped over 32% from January 2020 pre-pandemic numbers to April 2020 when Covid-19 was spreading in earnest. However, active job postings largely recovered by July of 2020 and have continued to grow since. In September 2021, GlobalData’s data show that there is over twice the number of active job postings compared to the pre-pandemic baseline numbers in January 2020. While not a perfect measure of job or economic activity, this growth suggests that firms are seeking to capitalise on record revenues over the past 18 months to strengthen their position in the market.
However, the changing work environment, including the ability to work from home, may also have played a role in the increase in job postings. Workers are now able to work at a firm that is based hundreds of miles away from the comfort of their own homes. For some, this increase in potential job opportunities may have been a chance to change positions or careers. Others may seek a new position that is either remote or not, depending on their preference. While the adoption of remote positions provides firms with an increased pool of candidates, it also increases competition for top candidates. Firms will need to continue to adapt, ensuring that current employees are retained while remaining attractive to both local and remote candidates.