Survey: More Than Half of Medical Device Industry Professionals Looking for New Job in 2010
ORLANDO, Fla.–(BUSINESS WIRE)–According to a random online survey* of 2,150 medical device industry professionals between January 4 and January 13, a full 55 percent are looking at 2010 as the year to make a job change.
“What is the likelihood you will change jobs in 2010?”
Conducted by Legacy MedSearch, a leading medical device retained search firm, the survey posed the question: “What is the likelihood you will change jobs in 2010?” Twenty-eight percent of all respondents answered that they were either “unemployed” or “actively looking,” with an additional 28 percent indicating the “strong possibility” of a job change. A mere 11 percent expected no change in their employment under any circumstances in 2010.
Paula Rutledge, President of Legacy MedSearch, says she was not surprised by the results. “For the past eighteen months, professionals in all aspects of the medical industry have had to work harder – many times for less pay and with fewer resources – to make up for reductions in staff. I don’t believe this trend is sustainable. We anticipate a slight increase in hiring in 2010, particularly in the customer-facing functions like sales and marketing. With the FDA battening down the hatches on the PMA and 510(k) approval processes, we are also seeing a recent surge in positions associated with product approvals and liability such as quality, regulatory, compliance and clinical affairs.”
VPs and C Suite Most Likely to Change Jobs
In a breakdown of the poll results by title, 41 percent of vice president and “C” level executives indicated a “strong possibility” that they will change jobs in 2010. This compares to eight percent who categorized themselves as “owner,” 13 percent who categorized their positions as non-executive management and 30 percent “all other” job titles.
“With the capital markets and economic pressures constraining bonuses and incentives – and many stock options essentially worthless – many VPs and CEOs have shared confidentially that 2010 may be the year to start a new job with a clean slate,“ noted Rutledge. “Once quarterly earnings are posted, there could well be a significant shuffle in the executive management ranks – both voluntarily and involuntarily. Many companies are talking to us about making changes at the top as well, so we sense our 2010 VP and C-level searches to out-pace 2009.”
Product Staffers Least Upbeat on Current Jobs; Business Development and Marketing Most Bullish on 2010
Of all the job functions represented, respondents in product-focused positions expressed the worst outlook for their current jobs in the new year, with zero percent answering “excited about 2010.” Most upbeat about their current positions in 2010 were business development executives, 47 percent of whom were either “excited about 2010” or “happy where I am;” and marketing professionals, 43 percent of whom were either “excited about 2010” or “happy where I am.”
Small Company Employees Rank Happiest
When comparing respondents in regards to the size of their employers, those at small companies were most likely to have a positive outlook on their jobs in the new year, with 21 percent reporting that they are “excited about 2010.” This compares to 10 percent at enterprise organizations, eight percent at large companies and just five percent at medium-sized companies.
Legacy MedSearch client Derrick Johns, president and chief executive officer of DiFusion Technologies, commented on this finding. “Having worked at several larger device companies throughout my career, I think employees at smaller companies like ours may be happier due to the sense of ‘ownership’ they feel in their respective projects. They also don’t need to deal with the politics and bureaucracy often found at larger companies, which means that they can be more nimble and effective. Despite the current recession, DiFusion is looking to hire in 2010. I’m not sure this is something our larger competitors can say.”
*This survey was conducted via the paid polling service of business networking site LinkedIn between January 4 and January 7, 2010.
About Legacy MedSearch
Legacy MedSearch is a retained recruitment firm focused exclusively on the medical device and technology industry. The firm serves emerging, mid-sized and Fortune 500 medical device companies who require a specialized approach to placing C-level executives and senior managers in the areas of engineering, sales and marketing, research and development, product management, clinical affairs as well as quality and regulatory affairs. For more information, visit www.legacymedsearch.com.