4 differences between men and women in med device companies
The corporate workplace has long been known for its gender disparities. Despite significant progress in recent years, there are still many industries where men and women are not equally represented, compensated, or valued.
One industry where these disparities are particularly prevalent is the med device industry.
Let me share 4 differences that I have noted between men and women in orthopedics, in particular.
NOTE #1: These are general observations, not specific to any person.
NOTE #2: I can as I don’t have an employer or employees.
1/ Representation
Representation is one of the most significant differences between men and women in device companies. While women make up a significant portion of the healthcare industry, they are still underrepresented at the leadership levels in ortho device companies. According to a report by McKinsey & Company, women make up only 26% of executive teams and 18% of board members in medical device companies. This underrepresentation can lead to a lack of diversity in decision-making and can limit the perspectives and experiences that are brought to the table.
2/ Compensation
Compensation is another area where men and women in device companies differ. According to a report by MedtechDive, women in the medical device industry earn an average of 11% less than their male counterparts. This pay gap is particularly significant for women in leadership positions, where the gap can widen to as much as 35%. This difference in compensation can be attributed to a variety of factors, including bias in performance evaluations and negotiation, as well as the fact that women are more likely to take time off from work to care for family members.
3/ Work-Life Balance
Work-life balance is another area where men and women in device companies differ. Women are more likely to face challenges in balancing their work and family responsibilities. According to a report by the Pew Research Center, women are more likely than men to say that being a working parent makes it more difficult to advance in their careers. Additionally, women are more likely to report feeling burned out at work than men.
4/ Leadership Styles
Leadership styles are also a significant area of difference between men and women in device companies. While there is some evidence to suggest that women tend to use a more collaborative and inclusive leadership style, men may be more likely to use a command-and-control approach. However, it’s important to note that there is a lot of individual variation within genders, and it’s possible to find both collaborative and command-and-control leaders of any gender.
In conclusion, the medical device industry is an industry where gender disparities are still prevalent. Women are underrepresented at the leadership levels, earn less than their male counterparts, face challenges in balancing work and family responsibilities, and may have different leadership styles than men. While these differences are significant, it’s important to note that they are not necessarily due to inherent differences between men and women. Rather, they are the result of societal expectations and biases that can be changed with intentional effort. By recognizing and addressing these disparities, we can create a more diverse, equitable, and inclusive industry for everyone.
