Ever since the COVID-19 pandemic began spreading in the US in March/April 2020, firms across industries cut back on their hiring activities or outright froze hiring. Companies in the medical device space were no different as they were concerned that significant disruptions from the pandemic would impact revenue and hence were looking to control costs until the situation is stabilized. However, the active job postings in the US medical device sphere are higher than any point in recent years, says GlobalData, a leading data and analytics company.
According to GlobalData's Job Analytics database, the US medical device 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 shows that there are over twice the number of active job postings compared to the pre-pandemic baseline numbers in January 2020.
Dominic Tong, Senior Medical Devices Analyst at GlobalData, comments: "Active job postings have continued to increase in the US as many firms in this space saw record profits over the past 18 months. While not a perfect measure of job or economic activity, the record number of active US job postings suggest that firms are seeking to capitalize on recent gains and continue to expand."
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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 home. 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.
Mr. Tong concludes: "As the modern workplace continues to evolve, employees may find it easier to change positions or careers, given that location may no longer be a concern. As such, the high number of active job postings may signal that there is significant turnover among medical device firms, as firms continue to adapt to the changing landscape and employees see an opportunity to further their career.
"While the adoption of remote positions provide 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."
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