If you’ve been following our recent blogs on healthcare tech, you’ll know this is a thriving industry set to make significant changes (and profits) in the future. But, if you’re building and growing a healthcare tech company or startup, how do you compete with the likes of Amazon, Google, Microsoft and even Uber? It all starts with the people.
You’ll have heard the phrase before, “people are your most important asset.” Yet when launching a startup, the people element quickly slides down the to-do list as you focus attention on developing the tech, gaining investment and becoming known – until, all of a sudden, it’s too late. You need people to scale, but the talent you want are already working for your competitors.
How do you stop this from happening?
Your business plan is the written description of your company’s future, detailing what you want to achieve and how you’re going to achieve it. Yet often, businesses fail to include details of who is going to achieve it.
If your business plan is lacking the human capital element, then it’s crucial to go back and edit it in. Specifically, you must reflect upon the different positions and skills you require in the first three to five years. This includes whether you need employees or contractors, what skills you can afford and what skills you’ll be developing, where your employees will be located, if and when managers are required, and how you’ll build a talent pipeline for the future.
Following on from your business plan is a financial budget that covers filling the positions and acquiring the skills, but this cost is more than a monthly pay cheque. To ascertain the exact costs of your future hires, you must calculate the following:
Once you know the people needed in your startup, you then need to plan how you’re going to recruit them. You have two main options when it comes to recruitment:
The war for talent in the IT industry makes attracting and retaining employees particularly difficult for startups where budgets are tight, workloads are high, and futures are unpredictable. However, there are some tactics that you can utilise to help. These include:
Launching a startup or growing a company is hard work, especially in an industry as heavily regulated as the healthcare sector. But, with the right team and partners beside you, anything is possible.
If you’d like help recruiting or looking at your talent challenges in your healthcare tech team, contact one of our specialist healthcare recruitment consultants today.
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