Darwin Shurig, Shurig Solutions - Recruiting Firm for Medtech & Pharma Companies | LSI USA '24

Darwin Shurig  0:00  
I'm excited to be here. I think this is the best emerging med tech conference. This is my seventh LSI conference. And so I'm very grateful to be here. I think Scott and his team do a just an absolutely phenomenal job. So SSI is a talent management and recruitment firm over the last nine years. And I know that some people think of recruiters or recruiters, a recruiter, so I'm not here to espouse certain aspects of recruiting, what I want to focus on and share that will hopefully resonate is hiring is difficult. And from a startup standpoint, most people know that it's hard for startups to make its first year, but over half of those that make it first year are not there at year five, and well over 70% Don't make it 10 years. And so being in business is challenging and relevant to the reasons why companies succeed or fail over decades of data and industries. It's it's pretty clear what the factors are that lead to success or failure and leadership relevant to mission and vision, company alignment or misalignment and the right or wrong talent almost every single time. Those are critical factors. And I would actually give the perspective of the other reasons why companies fail or succeed, they end up coming back to leadership as well. So having the right talent, if somebody's a 12 out of 10, but they don't have high emotional intelligence, they don't play well on the sandbox, and they don't fit your culture, you shouldn't hire him. So understanding how to hire for culture, I think is vitally important. And when you're looking at startups, and you're looking at the money, how hard it is, I can't tell you how many CEOs I talked to that are like, can you write me a check? You know, I can, but it'll bounce, you don't want to check for me. But everybody is working so hard to share your value prop. And there's so much technology here that can bring incredible innovation and benefit to patient populations relevant to outcomes, access and increased efficiency in the healthcare system, which I believe everybody here cares about, because it benefits all of us. So you're working so hard for that money, making sure that you hire people that are going to fit your culture, because the cost of a miss hire. And I'm actually I'm going to skip through this slide. The cost of Miss hires most people are aware, I mean, it could be five to 10 times the cost of that position. But the thing, the other thing that most people I find are not aware of is that annual voluntary turnover across all industries is 25% annually. That means a quarter of the talent walks out the door every single year. And it's typically not the people that you want to leave. If you make an unfortunate hire, and when you put them on a pip, they'll probably stay as long as you let them right. So it's typically the people that leave that you don't want to leave. So hiring for cultural understanding. Also, I would add that in a startup situation in particular, I think it's important for all companies understanding in a growing company, how that position is going to change in the next six to 24 months, so that you avoid factors that might leave somebody to leave, because they end up in a position different one than what they expected is vitally important. So I think most people are aware of from that standpoint. But the other point I want to point out, too, it doesn't matter whether you're talking about clinical trials, regulatory affairs submissions, FDA warning letters, when you look at risk and wasted resources, in clinical trials, almost 20%. So 1/5 of stage three clinical trials fail. And 70% of that is due to clinical efficacy. And it all points back to the wrong talent to complex protocols for the clinical trial. teams that don't work well together poor data. When it comes to regulatory affairs submissions. 70% of Regulatory Affairs submissions are not approved the first time, just under 40% of that is because they didn't use the right predicate device, for example. So again, wrong talent, wrong leadership, FDA warning letters, and this one boggles my mind. But the average fine per med tech company is over $5 million. And annually, it's over $6 billion dollars in total. So one challenging story that I point out real quick that I actually kind of kind of hurts because I was a part of the team that brought the trilogy ventilator to the US. It says over 5 million CPAP machines, but there were a lot of trilogy ventilators in that that were recalled as well due to inadequate testing. And this particular disaster cost Phillips well over a billion dollars at this point. So the cost of hiring the wrong talent when you look at all from a risk management standpoint, wasted resources and dollars, forget about the wasted resources in onboarding training recruitment to lose talent and then the opportunity cost deposition staying open hiring the wrong talent can can destroy a company relevant to stock valuation and other areas. So I I would just share with you I think it's vitally important. How do you how do you hire for culture, first of all, you have to delineate between the cultural fit and the technical skill in any functional area. And in my timeframe, I find oftentimes companies don't even do a very good job of specifically capturing, evaluating and capturing whatever the technical functional, you know, function of the technical skill in any functional area. If you're hiring a software developer, you got to have an actual evaluation. So you can compare and contrast consistently what that skill is. And you have to separate the hiring for culture. But ultimately, you want to hire people whose personal why matches the company's mission statement. So that and then they have high emotional intelligence, good problem solving skills, and they get along with others. Because guess what we already know, it's hard to be in business and stay in business. So when there are challenges, you'll then have people that come together higher employee engagement and less wasted resources, so that you're more profitable. So if that's something that resonates, I'd love to talk to you about it further over our nine years or offer acceptance rates, average 94%, think about winning somebody spending all that time and resources and it was never going to happen. They didn't accept your offer, they went someplace else. 53% of our candidates have been promoted within 24 months. So they fit the culture, they're bringing value and they're being rewarded. And then they stay a third longer than the industry average, relevant to retention. So if you're looking for somebody, as a partner that understands your product, the value prop in the marketplace and how to attract talent, and help you hire for culture, this is going to stay. I'd love to talk to you about how we can support you from that standpoint. Thank you