Tania de Decker, Managing Director—Global Strategic Accounts, Randstad Enterprise Group04.04.24
Medtech, like many industries, is rapidly being transformed by the proliferation of artificial intelligence (AI), not only in product development but also in the ways work is accomplished. Devices are increasingly more robust due to AI’s ability to diagnose illness and provide care recommendations. Healthcare practitioners can more quickly analyze patient data to improve outcomes. Furthermore, personalized medicine is advancing more rapidly thanks to the power of intelligent tools and diagnostics.
For human capital leaders, one of AI’s biggest benefits is helping organizations improve access to high-quality talent. Generative and other forms of AI have huge potential to raise efficiencies, create better talent journeys, and enable human recruiters to better nurture relationships with active and passive job candidates. Technology will help drive workforce development as systems more effectively reveal people’s hidden skills and help them acquire new ones.
It’s no surprise, then, that the 2024 Randstad Enterprise Talent Trends survey of more than 1,000 C-suite and human capital leaders across all industries around the globe finds a majority believe their organizations will benefit immensely from the rise of AI in myriad ways, such as finding qualified job candidates (cited by 52%), analyzing and recommending high-potential workers (45%), and personalizing the employee experience to improve retention (37%).1 Year-over-year results reveal this optimism is growing as more companies discover and deploy technology to transform the ways they hire, develop, and engage with employees. In addition, despite some trepidation about the impact AI will have on people and jobs, an overwhelming majority of life sciences and pharma leaders (82%) believe the benefits outweigh the drawbacks. As AI becomes embedded in every process of the talent management continuum, more gains will surely come.
This is good news since the industry requires very specific skill sets that are difficult to recruit and train. Companies are hoping that by leveraging AI’s powers to source and screen talent more effectively and efficiently, the fill time will decrease and productivity will rise.
Being able to meet workforce needs with the talent they already have is a top priority for some life sciences companies, our survey shows. Following the strong period of hiring after the pandemic in 2021, the medical device and diagnostics industry saw growth slow significantly.2 According to EY, however, the industry’s potential for a strong rebound is promising. A rise in consumer-directed healthcare, an aging population, and progress in personalized medicine will likely drive the market much higher once global economic uncertainty subsides.
This is setting up robust demand for medtech talent in the near future. Our Talent Trends data reveals 37% of life sciences companies plan to hire extensively to address anticipated growth over the next 12 months, while another quarter (24%) expect to hire extensively to keep up with growth and stay ahead of competition. In fact, according to one report released at the end of last year, device makers and bio manufacturers are leading the life sciences sectors and their demand for facilities and people in key markets around the country.3
For instance, one organization supported by Randstad uses a homegrown version of ChatGPT to write inclusive job descriptions that appeal to a larger, more diverse candidate pool. In addition, by working with large language models, these descriptions can predict the future skills a candidate will need to be successful in the role—for example, thin-film expertise. The company is also using AI to compile interview guides that help recruiters and hiring managers better assess the answers of candidates during the recruitment process.
Another way in which AI is improving the hiring process is by analyzing a candidate’s potential and inherent skills such as leadership, adaptation, and motivation. By creating a skills ontology4 or taxonomy, an employer can use AI to identify candidates with skills adjacent to those specified in a job description, thereby increasing the pool of qualified applicants. These tools can also recommend tailored training and development to ensure hires continue to gain skills as their jobs evolve. More than one-third (38%) of life sciences and pharma leaders who report increasing their budgets for AI this year say they are using the technology to analyze and recommend high-potential employees for leadership and/or promotions.
In addition to these applications, companies view AI as a time saver. Generative AI, in particular, can help draft offer letters, minimize unconscious bias in job descriptions, and create bespoke learning content. In other forms, AI can automate interview scheduling, improve workflow, and speed up the search and match of talent. In fact, 68% of life sciences and pharma companies we surveyed say they are investing in AI search and match at significant or moderate levels, and 74% report significantly or moderately investing in chatbot or text screening technologies. In addition, 25% agree the technology is a valuable tool that frees up people to focus on more strategic tasks.
The rise of AI in the world of work is an important chapter in the history of the device industry. By improving efficiencies and their ability to find, engage, and develop skilled professionals, technology will transform organizations’ abilities to empower their workforces to meet the demands of the sector. As the needs of the global population rise, spurred on by a graying population and growth in specialties, companies can meet demand only with sufficient talent driving R&D, sales, and other critical functions.
References
Tania de Decker is the managing director of global strategic accounts for Randstad Enterprise Group. She works with Fortune 500 companies to develop and implement processes that improve and drive recruitment and retention solutions. de Decker has more than 28 years of recruitment experience and has worked more than 18 years with life sciences companies. The emphasis has always been on improving the quality of her clients’ talent acquisitions.
For human capital leaders, one of AI’s biggest benefits is helping organizations improve access to high-quality talent. Generative and other forms of AI have huge potential to raise efficiencies, create better talent journeys, and enable human recruiters to better nurture relationships with active and passive job candidates. Technology will help drive workforce development as systems more effectively reveal people’s hidden skills and help them acquire new ones.
It’s no surprise, then, that the 2024 Randstad Enterprise Talent Trends survey of more than 1,000 C-suite and human capital leaders across all industries around the globe finds a majority believe their organizations will benefit immensely from the rise of AI in myriad ways, such as finding qualified job candidates (cited by 52%), analyzing and recommending high-potential workers (45%), and personalizing the employee experience to improve retention (37%).1 Year-over-year results reveal this optimism is growing as more companies discover and deploy technology to transform the ways they hire, develop, and engage with employees. In addition, despite some trepidation about the impact AI will have on people and jobs, an overwhelming majority of life sciences and pharma leaders (82%) believe the benefits outweigh the drawbacks. As AI becomes embedded in every process of the talent management continuum, more gains will surely come.
Scalability and Talent Mobility Gains Expected
Among life sciences leaders surveyed, the three most anticipated benefits from AI’s usage center around scalability and workforce development. About one-third (32%) say the adoption of AI, automation, and robotics will lead to better scalability for the business, while 30% say they will be able to better assess employees for promotion. Related to this, 28% say AI can help identify people’s specific skill sets and redeploy them to appropriate roles.This is good news since the industry requires very specific skill sets that are difficult to recruit and train. Companies are hoping that by leveraging AI’s powers to source and screen talent more effectively and efficiently, the fill time will decrease and productivity will rise.
Being able to meet workforce needs with the talent they already have is a top priority for some life sciences companies, our survey shows. Following the strong period of hiring after the pandemic in 2021, the medical device and diagnostics industry saw growth slow significantly.2 According to EY, however, the industry’s potential for a strong rebound is promising. A rise in consumer-directed healthcare, an aging population, and progress in personalized medicine will likely drive the market much higher once global economic uncertainty subsides.
This is setting up robust demand for medtech talent in the near future. Our Talent Trends data reveals 37% of life sciences companies plan to hire extensively to address anticipated growth over the next 12 months, while another quarter (24%) expect to hire extensively to keep up with growth and stay ahead of competition. In fact, according to one report released at the end of last year, device makers and bio manufacturers are leading the life sciences sectors and their demand for facilities and people in key markets around the country.3
How AI Accelerates Recruitment Innovation
To position their companies for anticipated growth, HR and talent acquisition leaders are exploring the use of AI and other technologies that increase both productivity and recruitment success. During the past decade, many software providers have invested in automation and intelligence for their products, and the last two years have brought about an acceleration in commercial offerings. AI-powered platforms and point solutions help recruiters identify well-credentialed candidates, but also those with high potential and hidden and adjacent skills. This enables companies to expand the pool of qualified candidates and efficiently hire for skills needed today and in the future.For instance, one organization supported by Randstad uses a homegrown version of ChatGPT to write inclusive job descriptions that appeal to a larger, more diverse candidate pool. In addition, by working with large language models, these descriptions can predict the future skills a candidate will need to be successful in the role—for example, thin-film expertise. The company is also using AI to compile interview guides that help recruiters and hiring managers better assess the answers of candidates during the recruitment process.
Another way in which AI is improving the hiring process is by analyzing a candidate’s potential and inherent skills such as leadership, adaptation, and motivation. By creating a skills ontology4 or taxonomy, an employer can use AI to identify candidates with skills adjacent to those specified in a job description, thereby increasing the pool of qualified applicants. These tools can also recommend tailored training and development to ensure hires continue to gain skills as their jobs evolve. More than one-third (38%) of life sciences and pharma leaders who report increasing their budgets for AI this year say they are using the technology to analyze and recommend high-potential employees for leadership and/or promotions.
In addition to these applications, companies view AI as a time saver. Generative AI, in particular, can help draft offer letters, minimize unconscious bias in job descriptions, and create bespoke learning content. In other forms, AI can automate interview scheduling, improve workflow, and speed up the search and match of talent. In fact, 68% of life sciences and pharma companies we surveyed say they are investing in AI search and match at significant or moderate levels, and 74% report significantly or moderately investing in chatbot or text screening technologies. In addition, 25% agree the technology is a valuable tool that frees up people to focus on more strategic tasks.
Conclusion
Medtech has always been on the cutting edge of medicine, but the pace of innovation is accelerating. Last year, the FDA approved a record 124 new devices,5 including infant monitoring socks to an over-the-counter fentanyl test. This trend will likely continue as device makers look for new revenue sources in the ever-growing healthcare market. This means acquiring and developing specialized talent is a priority for most companies in the sector.The rise of AI in the world of work is an important chapter in the history of the device industry. By improving efficiencies and their ability to find, engage, and develop skilled professionals, technology will transform organizations’ abilities to empower their workforces to meet the demands of the sector. As the needs of the global population rise, spurred on by a graying population and growth in specialties, companies can meet demand only with sufficient talent driving R&D, sales, and other critical functions.
References
- tinyurl.com/4u3ejdhd
- tinyurl.com/57tu456z
- tinyurl.com/bdes39t5
- tinyurl.com/2bmx2h23
- tinyurl.com/3u8kckup
Tania de Decker is the managing director of global strategic accounts for Randstad Enterprise Group. She works with Fortune 500 companies to develop and implement processes that improve and drive recruitment and retention solutions. de Decker has more than 28 years of recruitment experience and has worked more than 18 years with life sciences companies. The emphasis has always been on improving the quality of her clients’ talent acquisitions.