While progress has been made on integrating diversity, equity, and inclusion in biotech companies, significant work remains, found BIO’s recent survey on the topic. What exactly can companies do—right now—to have an impact? We compiled three practical and concrete ideas.
1. Create pipelines of talent from underserved communities.
Biogen set metrics including increasing the number of managers from minority populations by 30%, Biogen CEO Michel Vounatsos explained during BIO Digital 2021.
But while it helps to “put the bar somewhere,” we need to address the root cause, specifically the talent pipeline, he noted.
“We need to work proactively...with community colleges and more diverse universities" and consciously work on the pipeline "in a sustainable manner.”
2. Reach down, reach up.
“You have two hands in a corporate ladder—one to pull up and one to pull somebody else up behind you,” said Todd Sears, Founder of Out Leadership, during a BIO Digital 2021 session on growing LGBTQ leadership in biotech. (BIO is the first advocacy association member of Out Leadership.)
Ideas: Establish and champion Employee Resource Groups (ERGs), and implement sponsorship programs with an emphasis on empowering underrepresented employees.
3. Collect data and learn from it.
Experts agree on the need to collect data on employees and track improvements and work to be done.
“Data matters,” said Juliet Choi, President and CEO of the Asian & Pacific Islander American Health Forum. Data can not only demonstrate representation, but also ensure the visibility of these communities.
From 2019 to 2020, 1 in 5 companies decreased representation of employees of color at the executive level by at least 5%, according to BIO’s new report. In addition, just 13% increased executives of color by at least 5%. This shows why collecting and analyzing data can help your company understand progress made and work to be done.
Why it matters: “You will have a better, stronger company which makes better decisions if you have diversity,” said Dr. Ted Love, President and CEO of Global Blood Therapeutics (GBT).
More reading: BIO’s second-annual report on DEI in biotech, Measuring Diversity in the Biotech Industry: Advancing Equity and Inclusion, was published in June 2021 in partnership with Coqual. Read the full report here.