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BIO Releases DEI Survey in Partnership with Korn Ferry
BIO Releases DEI Survey in Partnership with Korn Ferry, where survey indicates that while DEI benefits business, improvements are necessary. Image Source: Bio.News (https://bio.news/)
The Biotechnology Innovation Organization (BIO), in collaboration with Korn Ferry, released a new survey evaluating diversity, equity, and inclusion (DEI) in the biotechnology sector. The report, “Charting a Path to Inclusive Excellence for Biotechnology Companies,” examines DEI practices within the industry, evaluates behavioral and structural approaches that foster inclusive excellence, and identifies key areas to guide organizations on their DEI initiatives.
Key Findings on DEI in Biotechnology
This year at BIO, important findings surrounding the BIO and Korn Ferry colloboration initiative, the survey constructed to assess the state of diversity, equity, and inclusion (DEI) within the biotechnology industry, highlighted critical data on how companies prioritize and implement DEI practices. According to the results of the research, the key findings in this investigational survey showed the fo
- 85% of participating organizations rate DEI as an “Important,” “Very Important,” or “Critical” area of strategic focus.
- 90% of biotechnology companies are collecting employee age data, 85% are collecting gender data, and over two-thirds (69%) are gathering data on race/ethnicity, integrating this information into HR systems.
- The primary reason for DEI efforts (90%) is to enhance employee satisfaction and well-being, with future projections showing 47% of efforts will focus on enabling business strategy within five years.
- 94% of organizations reported no change or a moderate to significant increase in DEI investment over the past two years.
- 79% of companies have formed active partnerships with diverse educational institutions, community groups, and professional organizations.
Elizabeth Jeffords, President & CEO of Iolyx Therapeutics and Chair of BIO’s Workforce Diversity, Equity, and Inclusion work group, stated, “The most successful companies incorporate DEI into their corporate strategy, as DEI is crucial for workplace productivity and employee retention. This report highlights that DEI is an essential aspect of running a successful biotechnology company and will continue to be a priority.”
Furthermore, the report also identifies four key areas essential for building an inclusive organization: Inclusive Leadership, Behavioral Inclusion, Structural Inclusion, and Change Management. Utilizing Korn Ferry’s DEI maturity model, the report addresses five dimensions: risk management, awareness, talent integration, operations integration, and market integration, with a focus on both behavioral and structural aspects. The survey, conducted online from January to March 2024, included participation from 83 BIO-member companies. diversity, inclusion, inclusion and diversity, equity, cultural diversity, diversity, inclusion, inclusion and diversity, equity, cultural diversity, Center for Biological Diversity, supplier diversity, Beta diversity, Alpha diversity, Clinical trial, supplier diversity program, diversity vuteq, alpha vs beta diversity, June diversity, equity and inclusion, what is inclusion, diversity equity inclusion
For further insights into how biotech organizations perceive and implement DEI, the full report is accessible at bio.org/dei.
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