4Championing diversity and inclusion in life sciences leads to more innovation, greater profitability, and sustainable growth.
We know that promoting diverse and inclusive life sciences spaces accelerates creativity. Diverse viewpoints and experiences are essential in an industry that thrives on invention and problem solving. But how does creating diverse teams impact your wider organisation? Research provides a strong business case for diversity and inclusion initiatives, which mean they are more than the right thing to do – they are essential to your long-term success.
Explore 5 important ways that diversity helps life sciences organisations to win, below.
Diversity boosts growth
It turns out that a strong approach to diversity has a significant impact on your bottom line. Diverse organisations are 3 times more likely to enjoy revenue growth when compared with less inclusive organisations. 1
Diversity drives innovation
Innovation is everything in an industry that is actively helping to shape the future. Diverse thinking and experiences are a key part of fuelling creativity. Diversity of thinking enhances innovation by about 20%. 2
Diversity supports a great employee experience
A strong employee experience can create an army of brand ambassadors and ensure you are effective at attracting the best talent around. This is another area where diversity can help you to excel. Diverse organisations are 18% more effective at creating a positive employee experience. 3
Diversity increases innovation revenue
It turns out that diversity does more than drive creativity; it helps to turn big ideas into measurable success. Diverse organisations have 19% higher innovation revenue compared to organisations with below-average diversity. 4
Diverse organisations improve retention
It’s costly to continue to recruit and replace key roles in your business. That’s why many life sciences organisations look to retention as a measure of success. A diverse workforce can make it easier to retain the people who power your business. Diverse organisations are 4% better at retaining employees. 5
Want to learn more about the importance of diversity and inclusion in life sciences? Check out our latest interactive Life Sciences Spotlight. Championing Diverse Workforces looks at were diversity and initiative initiatives are today and where we go from here.
1 Bush et al., 2018
2 The diversity and inclusion revolution, Deloitte Review, January 2018
3 McLean & Company Trends Report, 2020
4 Lorenzo et al., 2018
5 McLean & Company Trends Report, 2020