Importance of diversity in pharma and clinical trials –

Importance of diversity in pharma and clinical trials –

There are multiple reasons why companies need to prioritise diversity on their teams. McKinsey’s Diversity Matters report, which examined proprietary data from 366 public companies across various industries in North America, Latin America, and the UK, found that companies in the top quartile for both gender and ethnic diversity are 25% more likely to have financial returns above their respective national industry medians than the bottom quartile. In the UK, every 10% increase in gender diversity on the senior-executive team corresponds to an Earnings Before Interest and Taxes (EBIT) increase of 3.5%. These results on their own should be enough to make Human Resources leaders take a step back and reconsider their hiring practices.In the new hybrid workplace, geography is becoming less of a barrier. Employees no longer have to live in close proximity to the company headquarters, meaning that companies can also greatly expand their search for the right candidate. Companies embracing a hybrid office post-COVID will have the opportunity to cast a wider net and recruit in smaller or more remote communities. It remains to be seen whether this will also improve gender and ethnic diversity in the long term. However, one potential benefit of this model is that it allows skilled people (usually women) who may be doubling as caregivers for young children or elderly family members to more easily enter the workforce.

Importance of diversity in pharma and clinical trials.

https://pharmaphorum.com/r-d/importance-diversity-pharma-and-clinical-trials-impetus/

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