Why the MedTech World Needs More Diversity

For many companies and industries as a whole, the primary focus is often on getting to the next breakthrough that will continue to propel society into the future. Often, the concern is about getting there, not necessarily who is carrying the business forward. Too frequently, thoughts of developing a diverse and resilient workforce are on the back burner until there is a very real problem.
 
The lack of diversity in the workforce is prevalent in many fields but is perhaps the starkest in the tech industry. Tech fields have time and again been accused of having a dearth of both gender and racial diversity and many of these marginalized individuals have reported feeling discriminated against even when they do break into the field. Unfortunately, the medtech industry is no exception.
 
In fact, just 20% of medtech leadership roles including executives, managers, and senior leaders are held by women. When it comes to race, the numbers are even more disproportionate. Over 83% of leaders in medtech are white, while only 11% are Asian, 3% are Latinx, and 2% are Black.

The Power of a Diverse Workforce

Addressing these diversity disparities in the workplace has the power to do a lot of good not only for the people affected, but also for the companies that choose to make it a priority. Some recent research suggests that younger generations are particularly aware of a company’s diversity, equity, and inclusion policies when considering a prospective employer. Companies that already have these types of policies in place tend to fare better at attracting younger talent. This was especially true during the recent Great Resignation.
 
Aside from attracting more of today’s top, young talent, companies that take diversity and inclusion seriously are also likely to see substantial benefits in creative output. It’s no joke; companies that invest in greater diversity see greater productivity. The main reason for this is that more diverse groups are more likely to see things from different angles, consider a more diverse set of solutions, and pool together unique ideas to create something completely new.
 
Diversity could be the key to remaining on the cutting edge of the industry. Markets are changing at a rapid rate and online shopping for just about everything has exploded. For some creative companies, this has allowed for real expansion towards new customers and previously untapped demographics. These new ideas and strategies to reach more people can be amplified with a diverse team that can brainstorm more effective ways to connect with a target audience.

Real Benefits to MedTech

The medtech industry, itself, can benefit uniquely from attracting and maintaining a more diverse workforce. A diverse set of customers wants to see themselves represented in the company they are buying products from. And customers that can clearly see people like them as part of the company are more likely to use and trust certain products.
 
This is of particular concern to leaders in the medtech industry, because trust is not something the industry has garnered much of in the past. Years of unfair treatment to or exclusion of minorities is a biting stigma to combat and one that the industry is working diligently to rectify. Today, efforts to build trust should be all-inclusive from addressing past wrongs to developing a diverse workforce that is committed to make a lasting positive impact.
 
Making changes to increase representation in the workforce can play a key role in facilitating trust building. For instance, many members of marginalized communities feel safer and better understood when interacting with a physician from a similar racial background. Understanding this and developing a workforce that is empathetic to these concerns is a change that could improve health understanding and outcomes across the country.

Creating the Change

Of course, saying the company is going to change and actually making the change are two different things. Large shifts in hiring policies and overall company culture don’t happen overnight. Developing a company culture that strongly values diversity, equality, and inclusivity for all means addressing the attitudes and mindsets of managers as well as hiring the right people.
 
As company leaders update policies to reflect a new, more diverse direction for medtech, it is imperative that leadership is on board. Strong leadership sets the tone for where the company is going and how they are going to get there. If leaders don’t buy into the benefits of a more diverse workforce, it is going to be an uphill battle to get there.
 
The next step is hiring the diverse talent the company wants and making them feel supported and valued. Start by making sure hiring announcements are inclusive and don’t target a specific demographic of the population. Once hiring is complete, make sure support systems are in place to make new employees feel welcome in their new environment. Continue this support through mentorship programs and striving to develop a community where everyone’s voice is welcome.
 
Medtech is one of many STEM industries that has long struggled with diversity in the workforce. The medtech industry stands to benefit immensely from embracing diversity throughout its ranks and developing a culture of diversity could lead to numerous innovations. Becoming a diverse workforce is not necessarily easy, but the many, many advantages of doing so are clear.
 

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Amanda Winstead is a writer from the Portland area with a background in communications and a passion for telling stories. Along with writing she enjoys traveling, reading, working out, and going to concerts. If you want to follow her writing journey, or even just say hi you can find her on Twitter.