More than 8 in 10 Biotech Companies Rate DEI as Important Area of Strategic Focus, according to New Report from BIO and Korn Ferry
WASHINGTON - June 4, 2024 – The Biotechnology Innovation Organization (BIO), in partnership with Korn Ferry, today released a new survey assessing diversity, equity, and inclusion (DEI) in the biotechnology industry. The report, “Charting a Path to Inclusive Excellence for Biotechnology Companies,” analyzes the state of DEI in the biotechnology industry, assesses behavioral and structural practices that drive inclusive excellence at companies, and identifies areas to help guide organizations on their DEI journeys.
Key findings from the report include:
- The vast majority (85%) of participating organizations rate DEI as an “Important,” “Very Important,” or “Critical” area of strategic focus.
- Most biotechnology companies are collecting information related to employee age (90%) and gender (85%) and incorporating it into HR systems, and over two-thirds (69%) are gathering data on race/ethnicity.
- The top response for DEI efforts (90%) is the ability to foster employee satisfaction and well-being in the workforce. When looking at the future impact of efforts, enabling business strategy increases to 47% 5 years from now.
- Participating organizations (94%) indicated that there has been no change, moderate, or significant increase in DEI investment over the last two years.
- Most participating companies (79%) indicate that active partnerships have been formed with diverse educational institutions and community and professional organizations.
“The most successful companies are continuing to include DEI into their corporate strategy as a testament to the fact that DEI matters for workplace productivity and retention of the workforce,” said Elizabeth Jeffords, President & CEO of Iolyx Therapeutics and Chair of BIO’s Workforce Diversity, Equity, and Inclusion work group. “When leaders invest in their companies and communities, DEI pays dividends. Findings from this report illustrate that DEI is a crucial aspect of running a successful biotechnology company and it will continue to be a priority for these businesses.”
To support organizations, small and large, on their DEI journeys, the report identified four key areas involved in building an inclusive organization:
- Inclusive Leadership
- Behavioral Inclusion
- Structural Inclusion
- Change Management
The report utilizes Korn Ferry’s DEI maturity model which addresses five key dimensions including risk management, awareness, talent integration, operations integration, and market integration, with a focus on both the behavioral and structural aspects of each dimension.
The survey was administered online, January through March 2024, with a total of 83 BIO-member companies participating.
The report will be discussed in detail at the “Workforce, Diversity, Equity, and Inclusion at BIO: Presenting New Survey Data and Exploring Partnerships,” panel session at the BIO International Convention on Tuesday, June 4 at 3 p.m. PT.
To learn more about how biotech organizations view and implement DEI in their organization, the full report is available at bio.org/dei.
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About BIO
The Biotechnology Innovation Organization (BIO) is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world.Good Day BIO is the only daily newslett