By The HealthTech and Consulting & Coaching Teams at Mix Talent
Digital Therapeutics (DTx) is a growing, vibrant part of the life sciences industry. By 2030, DTx companies are expected to be worth an estimated $41B.
Unfortunately, DTx companies have been hit especially hard in the last several months due to funding challenges brought on (in part) by the banking crisis impacting the broader technology sector, continued ambiguity over regulatory pathways, payor acceptance of these new technologies, and general downturn in the broader financial markets.
As the Talent Resource Partner for the Digital Therapeutics Alliance (DTA), Mix supports DTA’s mission to broaden the understanding, adoption, and integration of clinically-evaluated digital therapeutics with patients, clinicians, payors, and policymakers.
To that end, several Mixers had the opportunity to facilitate and participate in a discussion with DTA member organizations on best practices in aligning people strategy with business strategy.
The conversation was wide-ranging and covered topics related to diversity and inclusion, organizational culture, leadership, employee well-being, and resiliency. In this blog, we provide some key insights from the discussion and links to relevant resources.
Takeaway #1 – Acknowledge the mix of positive and negative news, then create safe spaces and support systems around it
70% of the participants in the discussion indicated their organization had gone through a significant change in the previous three months. Thiago de Oliveira, Chief People Officer at Better Therapeutics, indicated employees dealt with increased levels of ambiguity, uncertainty, lack of resources, and burn-out during these times.
The take-home, according to Thiago, is that organizations should start by acknowledging the mix of positive and negative news happening around them, and the impact it has. Then, create space for people to share their anxieties, and be intentional and authentic while demonstrating empathy and having leaders support individuals in navigating through them.
Takeaway #2 – Diversity remains an important organizational goal
Despite some organizations reducing their investment in DEI&B professionals, 100% of the participants agreed or strongly agreed that diversity and inclusion remained an important aspect of their cultures.
Mishka Symonette, Practice Leader at Mix, highlighted several studies providing insights into how diversity – both inherent and acquired – can positively impact innovation and problem solving.
Takeaway #3 – Leadership is always critical, but especially when times are tough
After assessing your business, the market, and relevant risk factors, the last thing to do before outsourcing is to pull this forward into a workforce plan and strategy.
Put simply, you must align your business strategy with your people strategy. A mid-size or larger company may want to have specific outsourced percentage goals as part of their ongoing workforce plan, while a smaller company may want to align their outsourcing strategy to specific funding milestones or revenue goals. The point is, having a plan will significantly increase the effectiveness of your use of outsourcing.
To learn more about how to do that, I recommend reading my colleague Patty’s post, The Power of Workforce Planning, and taking notes.
Takeaway #4 – Candidates are placing a stronger emphasis on perceived “safe harbors” within the industry
However, with Big Tech and larger companies having layoffs, candidates are more open than ever to explore opportunities with start-ups, according to Alejandra Roblin, Recruiting Team Lead for HealthTech at Mix.
At the same time, candidates are doing their homework when it comes to reviewing company websites and board members, asking deeper questions during the interview process, assessing companies’ culture, and looking into current funding. So “safe harbors” can have different meanings to different people.
Want to learn more?
Connect with our Mix DTA team on LinkedIn and reach out to continue the conversation about best practices in aligning your business strategy with your people strategy, and recruitment, development and retention of top talent in Digital Therapeutics.
If you are interested in joining the community focused on transforming global healthcare by advancing digital therapeutics, visit dtxalliance.org to learn more about the Digital Therapeutics Alliance.
About the Authors
HealthTech Team
At Mix Talent, our HealthTech recruitment team has over 20 years of combined technical recruiting experience with a background in engineering and science. Whether you’re looking for a job in regulatory & quality, product, commercial, or engineering, we’re here to help you change your life and the lives of others.
Consulting & Coaching
Our Consulting & Coaching team – trained as behavioral scientists, industrial/organizational psychologists, seasoned HR executives, and executive coaches – bring practical, business-focused tools, processes, and insights to maximize your most important resource… your people.
