One area which is often not given a lot of thought in job searching is the company size. This is something that we have learned is vital in determining where you want to go in your career as different people are suited to different company sizes.
For the purposes of this article, we will break down Medtech companies into 3 sizes.
1. Large multinational. For example, Medtronic or Boston Scientific.
2. Medium-sized company. This is a company with 50 to a couple of hundred employees and does not have any global plants. This company would also be well established having been in operation for a few years.
3. A start-up company. This company would have a small team and be very new to the industry looking to break out and become the next big success.
We found several differences between the different companies we worked with over the years and have broken them down into the pros and cons of each.
Day-to-day working experience
The day-to-day work in a large multinational company is typical of a slower pace compared to a start-up or medium-sized company. You might find that it is much more difficult to bring about change in a large company as the procedures that are in place are more thorough and comprehensive. Part of this is that large companies have several smaller departments such as Health and Safety, Facilities, Equipment Management, etc. In a smaller company there might be one person who handles these responsibilities so if you want to get something completed you need only to walk over and discuss what you want to do.
Speaking personally, this was what we found hardest when moving to a larger company from one with only 100 employees. We were used to knowing everybody and being able to identify areas for improvement that we could easily implement. Moving into a larger company we felt that this process was a lot more tedious and found that sometimes it could be a bit deflating.
There are several pros to working in large companies, however, such as the great access to training resources. Most large companies have very good training budgets and on-demand resources available around topics such as problem-solving and statistics. This is something that is often missed in smaller companies due to budgets and employees dealing with heavy workloads.
Another pro to a large company is that there is far more budget available to spend. Smaller companies can aim to minimise costs which is often a point of frustration when you are trying to bring in new equipment or develop processes, whereas, in a large company, they are happy to spend freely on the best jigs, fixtures, and manufacturing equipment available.
Career Development
Career development and progression is also an area that differs quite a bit between start-ups, medium-sized, and large companies. Start-ups are very flat in their organisational structure because there are so few employees. Medium-sized companies can also be flat, but it is more company dependent as they tend to implement more complicated structures as they grow in size.
A flat structure is good when you are starting out in your career. It means you will have fewer people to go through when having work approved, it also means you get used to speaking and dealing with people who are more experienced than you which is great for development and building confidence in your abilities.
In a large company, the structure is very defined. A standard engineering structure would be Graduate Engineer, Engineer 1, Engineer 2, Senior Engineer, Principal Engineer / Manager 1, Manager 2, Director of Engineering, and so on.
A start-up might look like Engineer, Senior Engineer, Engineering Manager, Engineering Director.
You can see it is a much shorter line to the top which allows for more exposure to high-level decision-making and strategic discussions, as well as allowing for a very fast turnaround for big decisions.
In terms of experience, generally, you will find that you gain better experience in smaller companies, as you are afforded a lot more room to innovate, impart change to the organisation, and are held highly accountable for your work. This is person dependent though. Some people can feel a lot of pressure working in smaller companies as the stakes can be a lot higher. Speaking for both MCD founders we found it very tough to start in a smaller company that was rapidly growing. We were under a lot of pressure and working demanding hours with a high standard of output expected. It can’t be said that every small company is like this, but it is definitely more common in smaller places as the growth phase is very demanding on people. In saying this it is an excellent experience that does stand to you later in your career, and looking back we don’t think either of us would change that time. What was missing from then was the perspective you get later in your career about what is a large issue and what is a more inconsequential one – but this comes with experience.
How do you know the type of company that would suit you?
Answering this question can be challenging, which is likely why you are reading this article. Generally, it's difficult to determine which type of company would be the best fit for someone. However, there are some factors to consider when making this decision. If you enjoy a fast-paced work environment and prefer having autonomy and responsibility, a smaller company might be the best fit for you. If you have an entrepreneurial spirit, a start-up might be a good option.
On the other hand, if you are someone who prefers a more formalized training program or wants to specialize in a particular field, a larger company might be the way to go. If you are concerned about high-stress environments, a larger company might be a better option also as they can offer more support to people, and the more defined organisation structure can help to gradually expose people to more responsibility.
If you are still unsure about which type of company to choose, a well-established medium-sized company could provide a good balance of the benefits offered by both smaller and larger companies. Ultimately, carefully considering your priorities and career goals can help inform your decision.
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