V Formation’s guest blogger, Jose Gonzalez, explains how global life sciences companies should support diversity in the workplace in order to improve innovation and grow their business.
Today’s globalised world allows us to access information and knowledge in a way that we were not able to do before; companies can scout for the behaviour of current and potential consumers in order to predict future market dynamics. However, being able to gather the relevant data is just part of the process for driving innovation – companies also need to embrace diversity within the workplace.
Workplace innovation in a globalised environment not only comes from having people with different academic or professional backgrounds, but also from gathering talented professionals from different cultures around the globe. Personal traits of each employee also play an important role for innovation. It was described in an article published in Harvard Business Reviews in 2013 that when the management team successfully promote the development of inherent and acquired diversity, a two-dimensional diversity is achieved. Companies with a 2-D diversity were able to grow their market share by up to 45% and have a probability of up to 70% of capturing a new market. Growth in these areas was driven through an increase of innovative solutions.
Life Science companies often have to manage different personality traits; researchers and technicians tend to be quite introvert people, whilst people occupying management positions are usually more extrovert. Diversity among employees has to be supported by an effective internal communications programme if it is to drive innovation. A two-way programme that is open and welcomes ideas will boost employees’ confidence and will encourage them to speak their minds without any constraints.
Effective communication channels can unite a team in a global environment and take companies a step closer towards an innovative culture.