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Young orthopedic companies can grow quickly.
Companies like OrthoSpace, Mazor, K2M, LDR Spine, Ellipse, Kyphon, Danek can double the number of employees each year when they are in the rocket growth mode.
In the very early years, interviewing and hiring is pretty straight forward. The first hires are adding key core functions to the company – Partner/Founder, Engineering / Technology, Quality / Regulatory / Clincial, Marketing / Sales, Finance / HR / Corporate Ops / Legal. Read more detail about the first 6 hires here.
After a company grows to 10 employees and needs to ramp to 20 employees, the hiring processes become strained. Mathematically, a growing company will actually need to screen 100 people to get the next perfect 10 people.
Scaling becomes difficult without leveraging orthopedic industry recruiters.
There are 2 basic kinds of recruiters for a young company to to use – Contingency and Retained.
A contingency recruiter will bring you more volume of resumes but with less focus on quality of the candidates. He has no skin in the game. He has no commitment to the company. The company will receive slightly better candidates than blasting an open job posting on LinkedIn and Indeed.
A retained recruiter will bring fewer (around five) qualified individuals with perfect skills, location, salary that the company is looking for. The retained recruiter will charge an upfront retainer and will operate on an exclusive basis, meaning the job will only be filled by this recruiter. Both he and the company have skin in the game.
A third opinion is to engage the retained recruiter in a monthly retainer mode. This allows the company to get looks at ongoing talent and opportunistic individuals who come on the market. This smooths out the front end of the hiring process and spreads out the math of screening 100 candidates per year.
So my advice to young growing Orthopedics companies is… ABC
Always Be Collecting!
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