How to Increase Retention Rates in the Medical Device Industry

If you’ve tried to hold on to good medical device talent, you know how challenging it can be. The cost of turnover is higher than in other fields because the knowledge base you lose can take a long time to replace. The complexity of medical devices means it takes longer to achieve expertise.

Unfortunately, many medical device sales executives admit to having one foot out the door. A recent survey indicated that while 43% of medical sales professionals were satisfied with their current jobs, 88% were actively or casually looking for new ones. Why would people who are satisfied with their jobs be looking for new ones?

Many medical device professionals cite fear of layoffs. They are often stack ranked against their peers. The top twenty percent may have some job security, but fear of job loss can lead all but the highest ranking to update their resumes.

While you may not object to low performers’ tendency to weed themselves out, that still leaves talent gaps that you must fill. How can you attract more top performers and keep them happy in the long term.

Interview Better

Identify top performers in the interview process. Ask specific questions about past performance. Look for candidates who not only perform well when business is good, but find creative ways to excel when the economy slows.

Manage the Ramp Up Process

It takes a long time to reach a level of product knowledge that will allow medical device professionals to excel. Provide them with the training they need to get up to speed quickly and a compensation plan that keeps them motivated to increase their earnings by overachieving quota.

Have Realistic Expectations

Set quotas based on previous sales with a reasonable bump for growth. Stretch goals are great, but when quotas are too high, even top performers are unable to overachieve. With the inability to reach the level of compensation they strive for, they will move on to another company.

Plan for the Long Range.

Long term incentives keep top people motivated. Encourage retention by offering cumulative bonuses that increase over time as well as their regular bonuses. Increase engagement with improved communication. Employees who feel involved with the company and understand long-term objectives are more likely to stay.

At Marquee Staffing, our recruiters help medical device companies attract and retain top professionals. Contact us today to learn more about our recruiting services for the medical device industry.