Not long ago, the market for medical device executives was red hot. Things have changed a lot in the last 8 weeks.
Today, parts of the executive market remain strong, but the big picture is mixed. COVID-19 has caused a lot of damage, but its effects aren’t evenly distributed. Some companies continue to thrive and are hiring as fast as ever, while others have cut back dramatically.
Who continues to hire? Companies that supply products essential for the fight against COVID-19, are thriving, as are those that supply products for emergency procedures, which must continue. In addition, startups that recently raised money and don’t have products in clinical trials are continuing to execute to the plans they developed before the crisis.
Where have things slowed? Companies that rely on non-emergency procedures aren’t hiring. They have seen huge declines in revenue, forcing many to furlough employees, freeze hiring, and make (hopefully) temporary cuts in compensation.
Another group that’s suffering are startups that need to raise money in the next few months. They suddenly find themselves facing a tough investment climate. They’re cutting back to conserve cash. Some have already gone under.
I see the full range of effects within my own client base. A few continue to hire aggressively. Others have hunkered down until we return to something like normal.
We’ll see what happens in the coming months. Forecasts for the virus and the economy are all over the map. That uncertainty is making it tough for businesses to plan. I don’t expect meaningful improvement until there’s more clarity on where this is going.