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Compensation and hiring trends


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Brian Cole, Managing Partner, Kaye/Bassman International Corp

Published in: Healthcare, Business, Career
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Compensation and hiring trends

  1. 1. 1 Kaye/Bassman Confidential01/22/08
  2. 2. Compensation and Hiring Trends Presented by Brian Cole Managing Partner/Practice Leader, Medical Devices Kaye/Bassman International, Corp.
  3. 3. 3 Kaye/Bassman Confidential Kaye/Bassman International Corp.  Established in 1981 in Dallas, Texas  Largest single-site search firm in North America  11th largest Retained Search Firm in US  Largest training in the world - Recruiting training division with over 1,000 clients in 30+ countries  Alliances: Sanford Rose Associates 65 office network  Philanthropic: Raised over $1MM benefiting local Dallas charities since 2001
  4. 4. Kaye/Bassman Confidential Track Record Brian Cole  Managing Partner  Practice Leader, Medical Device practice  16 years Medical Device experience  Actively attend more than 10 Medical Device conferences annually  Annually attend AdvaMed, JP Morgan Healthcare Conference, Frost & Sullivan, Piper Jaffray Healthcare Conference, Cannaccord  Mentor and Train both other search consultants as well as assist clients on “best practices” as it relates to recruiting, and talent retention 4
  5. 5. 5 Kaye/Bassman Confidential Biggest Challenges to Medical Device Industry  Med Device tax  ObamaCare  Increased Regulation  The Great Recession
  6. 6. 6 Kaye/Bassman Confidential How do Medical Device Executives feel about 2014
  7. 7. 7 Kaye/Bassman Confidential Medical Device Outlook
  8. 8. Compensation 8
  9. 9. 9 Kaye/Bassman Confidential Management Salary Survey
  10. 10. Compensation 10
  11. 11. 11 Kaye/Bassman Confidential Regulatory/Legal Salary Survey
  12. 12. Compensation 12
  13. 13. 13 Kaye/Bassman Confidential R&D Salary Survey
  14. 14. Compensation 14
  15. 15. 15 Kaye/Bassman Confidential Manufacturing Salary Survey
  16. 16. Compensation 16
  17. 17. 17 Kaye/Bassman Confidential Quality Salary Survey
  18. 18. 18 Kaye/Bassman Confidential CompensationTrends  Salaries  According to MD&DI, salaries up 5% in 2013.  We are seeing professionals getting 3-4% raises.  We are seeing 7-8% increase in salaries when hired. We are very rarely seeing much over 10%.  Bonuses  The bonus percent eligible remains the same, but professionals are obtaining more of their bonuses.  Other compensation  We are not seeing significant changes in other compensation including 401k, health, dental, options, pension, time off.  Sign-on bonuses  Sign-on bonuses have been mostly non-existent since the recession.  We expect that companies will utilize sign-on bonuses as the war on talent heats up again.
  19. 19. 19 Kaye/Bassman Confidential Hiring Trends  Various levels  Entry level – we do not work at this level, but sources tell us that the number of entry level professionals remains constant.  Experienced – this is where most of the demand and this will continue to get greater.  Management – we continue to see an increase in Manager and Director positions open allowing for career growth.  Executive – continues to be tight as the number of companies declined for the past several years. This will ease very slowly as new companies form.  Functions  Regulatory – continues to be in high demand with no end in sight.  Quality – will continue to be in high demand until 483 & warning letters subside. We expect reasonable turnover as companies throw bodies to address the issues and downsize after issues are resolved.  Manufacturing – will expect will be steady, but not high demand as companies continue to offshore and outsource.  R&D – we expect to steadily increase as companies begin investing again in development.
  20. 20. 20 Kaye/Bassman Confidential What we are seeing  Layoffs  Companies will continue to reduce expenses in order to adjust for challenges.  M&A will continue and redundant positions will be eliminated.  We are seeing Sales positions affected the most.  Other than from M&A, we anticipate the majority of the layoffs are over.  Growth  Organic growth was up around 4% in 2013, expected to continue at 4% in 2014  According to MD&DI survey, FTEs were up 13.2% in 2013  Investments  Funding improving in dollars  We are seeing Round A funded companies again  There is a lot of money on the sidelines that will have to be invested and the Medical Device industry continues to be the 4th most funded industry  Regulatory  Our sources suggest that the FDA is feeling the strong pushback and becoming more lenient
  21. 21. 21 Kaye/Bassman Confidential Other  We continue to see job satisfaction down  Professionals are being much more cautious about changing jobs  Geographically  The bay area is finally rebounding as startups are getting funding again  Boston continues to have solid hiring  Minneapolis continues to be mostly stagnant because of CRM  With the recent mega merger announcement with Zimmer/Biomet, Warsaw will certainly suffer job losses in 2015  PA
  22. 22. 22 Kaye/Bassman Confidential Contact Brian Cole Managing Partner Practice Leader, Medical Devices 972.961.4772 - direct 972.922.5663 – mobile Kaye/Bassman International Corp. 19111 North Dallas Parkway | Suite 200 Dallas, Texas 75287 972.931.5242 |