Dr. Leen Kawas Highlights 3 Key Biotechnology Company Culture Trends for 2024

The United States’ evolving biotechnology sector is experiencing a resurgence in 2024. A continued focus on innovation, plus significant venture capital investments and government assistance, are furthering biotech start-up firms’ and existing companies’ growth.

Equally importantly, regulatory bodies are fast-tracking approval processes to enable safe therapy introductions. Finally, cross-border collaborations enable knowledge and resource exchanges, further expanding global innovation potential.

Technological innovation and funding are key to biotech company growth. That said, a positive company culture can help spur employee engagement, productivity, and innovation. A supportive culture also attracts high-level job candidates.

Leen Kawas, Ph. D. is Propel Bio Partners’ Managing General Partner. Dr. Leen Kawas provides ongoing technical and business support to the venture capital firm’s biotech clients. She highlights three notable biotech company culture trends that have emerged in 2024.

Company Culture in the Biotechnology Industry

Each biotech firm’s company culture includes the shared core values, foundational principles, and operating behaviors that help shape the organization. This company culture helps define the workspace along with collaborative and decision-making processes.

5 Components of a Positive Biotech Company Culture

In the biotechnology industry, an uplifting company culture has its own distinctive characteristics. Dr. Leen Kawas details each component and its role in the company’s growth.

Scientific Research and Innovation

A strong company culture prioritizes research and innovation. The firm’s positive work environment encourages team members to question established methodologies and develop new ones. This creative dynamic often spurs significant breakthroughs.

Collaborative, Knowledge-Sharing Practices

In the biotech industry, the complex drug development cycle and research functions rely on continued knowledge sharing and cross-functional collaboration. Through seamless dialogue, streamlined communication, and multi-disciplinary cooperation, team members can collectively achieve next-level results.

Company-Wide Agility and Adaptability

The biotechnology industry’s rapidly changing composition, technological advancements, and regulatory changes demand that firms be “fast on their feet.” A biotech firm’s positive company culture enables the firm to quickly respond to relevant developments and challenges.

Ethical Standards and Regulatory Compliance

A positive company culture integrates adherence to ethical standards. Compliance with industry regulations and applicable guidelines is also a priority. Together, these practices help ensure operational transparency.

Employee Well-Being and Professional Development

A positive biotech company culture prioritizes employee well-being, including a focus on work-life balance. Team members are also provided with ongoing learning and growth opportunities. These attributes help foster employee engagement and satisfaction. This improves the odds of employee retention and top talent interest.

3 Biotech Company Culture Trends to Keep on the Radar

Like many other United States companies, biotech firms were compelled to navigate the COVID-19 pandemic, the Great Resignation, and ever-evolving work structures. As an outgrowth of these events, three significant cultural trends have emerged in 2024. Dr. Leen Kawas highlights each trend and provides recommendations on how biotech firms can resolve issues of concern.

Revamped Workplace Flexibility Expectations

Workplace flexibility has long been a coveted employee perk. Choosing work hours that mesh with personal pursuits, or taking time off for doctor’s appointments and other personal business, has always been a problem for biotech workers. For production-focused employees, a flexible workplace seemed impossible.

In 2024, biotech employees still report lukewarm support for changing work schedules and a healthy work-life balance. Concurrently, the workplace flexibility concept has evolved beyond the physical space in which employees work. Today, flexibility also pertains to employee autonomy, time allocated for employee development, and allotted personal business time.

Creating Solutions for Flexibility Challenges

Dr. Leen Kawas emphasized that a “one size fits all” solution doesn’t apply here. Some biotech support roles lend themselves to workplace flexibility. However, many hands-on research and production roles require employees to adhere to strict schedules. That said, Dr. Kawas noted that companies can provide some flexibility to each company role.

To illustrate, a company can tailor an employee’s work hours to mesh with childcare needs or class attendance. Employees who have the freedom to select their own projects, and/or have control over other aspects of their work, may display better engagement. Managers or team leaders who embrace this workplace flexibility should also receive recognition.

Building Skills Brings Added Opportunities

In the 21st-century’s increasingly digital world, the most rapidly growing occupations are characterized by digitalization, technology, and sustainability. Almost half of current skills will see disruptions during the next five years. More than half of employees will need updated training.

Once workers build new skill sets, they’re well-positioned for professional development and promotions. In addition, skill-building programs tell employees the company values the services they provide.

Making Skill Building Convenient for Employees

Almost three-quarters of biotech workers acknowledge that their company offers skill-building programs. However, many employees can’t access these courses during work hours. When they complete a program, receiving recognition from their manager or team leader is relatively uncommon.

To drive a change, Dr. Leen Kawas noted that employees should be asked for feedback on the programs and/or opportunities that would most benefit them. All employees should be able to access skill-building offerings tailored to their current and projected positions. In-person and online learning options enable workers with varied schedules to complete the required course material.

Finally, Dr. Leen Kawas said employees should receive recognition for completing a course, earning a certification, or otherwise enhancing their value to the company. This acknowledgment demonstrates the worker’s achievement and increases their chances of continued company engagement.

Proactive Agility Replaces Gritty Endurance

The biotech industry’s rapid technological advancements, internal and external disruptions, and changing customer demands present each company with opportunities and challenges. Historically, firms have expected workers to plow through difficulties often caused (or exacerbated) by their employer’s lack of foresight. Employees often face high-stress situations during which they are expected to perform their best.

Encouraging Agility and Resilience

To alter these dynamics, Dr. Leen Kawas recommended that companies adopt proactive rather than reactive policies. To illustrate, leaders should share details of organizational changes and challenges. To resolve these issues, employees should be given flexibility and autonomy, and collaboration should be encouraged. At all times, employee safety and well-being should be the top priority.

Equally importantly, Dr. Leen Kawas said biotech company leaders should regularly share employee success stories throughout the organization. This will likely inspire other workers to adopt similar proactive, resilient work habits. In turn, these practices make them better able to navigate upcoming challenges.

Long-Term Positive Company Culture Benefits

As the biotechnology industry continues its rapid growth, businesses that prioritize a healthy company culture will be viewed as industry leaders. Dr. Leen Kawas stressed that these firms will likely see improved employee engagement and retention. A more stable workforce enables continued innovation that, over time, helps drive positive patient outcomes.

Originally published at https://www.sfexaminer.com on July 5, 2024.