Gender diversity is always a hot topic of conversation. It's something that we feel somewhat responsible for as an executive search firm. In 2017, there are more women on boards than there has ever been. A step in the right direction but there’s still a way to go for diversity, especially in the pharmaceutical industry.
How diversity can improve the pharmaceutical industry
Gender diversity is so important for any workplace and not just in the interest of equality. Bringing females into more senior roles, alongside men, can change the way a business is run. As well as how decisions are made. A study by McKinsey found that gender diverse companies are 15% more likely to financially outperform those that are less diverse.Ultimately, having a diverse team can increase a business’ chance of success and therefore their bottom line.
Research shows that women bring a wealth of benefits to an organisation. From increasing productivity, improving reputations and decreasing turnover, a diverse workforce is a stronger one. Balance broadens perspectives and adds a breadth of insight that non-diverse workforces lack.
Balancing out gender diversity can help you connect better with your audience. Your customers are diverse, so should the decisions makers be. Ian Wilcox at the Hay Group suggested that having men dominating the industry creates a ‘blindspot’ that, unintentionally, gives priority to health issues more likely to affect men.
Improving diversity in pharmaceutical executive search
So, how do we achieve a balance in pharmaceutical roles? More pharmaceutical executive search firms need to take responsibility for diversity within candidate selection. Having a pool of talent that includes diversity in gender, ethnicity and experience is key. Getting a diverse offering through the door for senior and board level roles is a definite push in the right direction.
In order to further increase diversity in top roles, companies need to make senior and board roles available for females. Internal training and mentoring should be provided to encourage women to aim for seemingly unattainable roles.