In today's rapidly evolving landscape, talent must possess a diverse range of skills and qualities to thrive. While organisations can address this emerging need by hiring talent with specific skill sets, they can also retain their valuable employees through effective training and development initiatives. Fostering continuous learning, with a focus on developing both technical and soft skills, is essential for core talent development and ensuring a successful career trajectory for the workforce.

During an exclusive interaction with People Matters, Nitin Thakur, Vice President at Dozee, shared insights into the talent landscape of the healthtech sector. He also highlighted essential skills that talent needs for a successful career, as well as, effective strategies for attracting and retaining talent in the healthtech industry.

What are some key factors affecting the healthtech sector’s growth, and how can talent establish a successful career in the industry?

The healthcare sector is undergoing substantial expansion, with reports indicating that the industry is on track to reach $50 billion within the next 4 to 5 years. Within healthcare, several segments coexist, including providers such as hospitals and insurance companies or individuals financing their treatment, physicians responsible for patient care, and policymakers, notably governmental initiatives and programmes like Make in India and Ayushman Bharat, designed to assist underprivileged patients. Examining the factors propelling healthcare growth, several key drivers emerge, 

• Firstly, the increase in GDP is enabling individuals to seek better treatment, leading to higher spending on healthcare services. 
• Secondly, the ageing population contributes significantly, with people now living longer and consequently requiring more healthcare interventions. 
• Thirdly, advancements in technology, exemplified by innovations like robotic surgeries and remote patient monitoring, are enhancing treatment efficacy and efficiency. 
• Finally, a shift towards preventive care, marked by the proliferation of gyms and wellness centres, underscores a growing emphasis on maintaining health proactively.

In the realm of healthtech, beyond the essential technical skills highlighted above, soft skills hold equal significance. These encompass communication, change management, creativity, and collaboration. These competencies not only enable seamless interaction with patients and peers but also foster adaptability amidst evolving healthcare dynamics, innovative problem-solving capabilities, and cohesive teamwork. Ultimately, they elevate the overall quality of care delivered.

How important is a blend of healthcare expertise and technological proficiency for healthtech professionals? Could you please list some specific skills needed for talent to thrive?

When recruiting for sales, marketing, business development, or product development positions, we prioritise specific skill sets like, sales turnover, territory management skills, stakeholder management, key account management, product and marketing knowledge, and channel management capabilities. These skills are specific for entry-level and mid-level roles, expertise in business development along with understanding of corporate ethics and governance, are an added advantage. Whereas, for higher-level positions, strategic thinking and decision-making, and execution skills take precedence, as these roles entail leading the organisation. They also need to possess CRM and talent development abilities for sustained success. 

When it comes to technical proficiency, amidst the transformations driven by AI and other emerging technologies, possessing these skills can be advantageous. However, it's even more crucial to capitalise on one's existing strengths and align them with the organisation's growth strategy and goals. In the realm of healthtech, it's not imperative for talent to be well-versed in the intricacies of healthcare and technology. Instead, leveraging their potential and adopting a continuous learning approach can prove invaluable. Upskilling in technology should be customised to the specific needs of the role, as technology encompasses a broad spectrum of expertise. Adaptation may be necessary, particularly for non-technical individuals transitioning into roles where technical proficiency is a prerequisite.

How crucial is continuous learning and adaptability for long-term success in the Healthtech sector, and how can HR support their employees in this regard?

Given the talent shortage, it's imperative to focus on retaining the existing talent pool. Taking risks and developing individuals, who enter the sector with a different industry background is crucial, as talent doesn't emerge automatically. This is what leadership is all about – taking ownership of talent development. Creating an environment of trust and loyalty within the organisation is essential.

HR should provide learning opportunities, flexibility for work-life balance, and competitive compensation packages. Just as we seek to meet customers' unmet needs, we must also address the needs of our employees. Identifying what motivates them – whether it's monetary rewards, promotions, perks, career growth, or other aspirations – is key to fostering long-term engagement and loyalty.

Engagement initiatives like company-wide events, quarterly review meetings with recreational activities, and promoting mental and physical well-being through yoga, meditation, and sports memberships are essential for boosting productivity and engaging larger teams. Embracing change and prioritising employee satisfaction within the organisation are crucial for success.

How important is employer branding in attracting and retaining talent? Additionally, what are some effective strategies for nurturing talent in the healthtech sector?

Absolutely, organisations can leverage social media platforms like LinkedIn for talent attraction by consistently sharing updates and insights, not limited to their organisation but also encompassing broader trends and developments. This allows employers to effectively engage potential candidates. By showcasing the organisation's progress, achievements, talent development, and future prospects, they can attract top talent from the industry.

In addition to this, posting job openings on LinkedIn and other premium platforms broadens the reach to a diverse pool of qualified candidates, enhancing the chances of finding the right fit for available positions.

Furthermore, actively participating or hosting organisational and industry seminars helps in engaging with the audience and establishing thought leadership within the industry. Attending such seminars not only provides networking opportunities but also demonstrates a commitment to staying informed and connected within the field.

To cultivate talent effectively, employers must adopt innovative approaches and embrace diversity in backgrounds and skill sets. Hiring candidates that exhibit potential and a readiness to develop and excel, and assessing them based on their competencies and capacity to make meaningful contributions, rather than solely on industry experience, fosters diverse and inventive teams. An organisation should take it upon itself to provide necessary training and support to new hires, regardless of their background, to ensure their success and integration within the organisation. This commitment to nurturing talent fosters a culture of continuous learning and development, ultimately benefiting both the individual and the organisation.