Gender Executive Parity
BMS achieved gender parity in the overall workforce population in 2015 and has achieved near gender parity at the executive levels as of December 2022.
Aspirational Workforce Representation Goals for Executives
BMS remains steadfast in its commitment to creating an inclusive and welcoming work environment for all BMS employees globally. Following the progress made on executive representation since 2020, BMS extended the workforce representation aspirational goals to year-end 2025 and expanded the scope to include Executive Directors and above to strengthen our internal pipeline for the next generation of BMS leadership. To help build even stronger employee engagement and to progress the aspirational goals, in 2024 BMS will enhance leadership capabilities by educating leaders on inclusive talent practices and engagement.
Health Equity Commitments
In addition, to advance our health equity commitments, we announced an additional investment of 10 million in grant funding during 2023 to 17 U.S. organizations focused on addressing social determinants of health, including healthcare access and literacy to help close gaps and increase access to healthcare. We are proud of the journey and progress made to date on our inclusion & diversity aspirational goals and health equity commitments, and we are conscious that we still have more to do and are committed to further transparency and continued sharing of our progress.
Employee Engagement
Our eight People and Business Resource Groups (“PBRGs”) represent a key strategic lever we use to support the business objectives, career advancement and development needs of our employees. Each PBRG is focused on a specific dimension of diversity. Our more than 14,500 PBRG members who span over 200 chapters in 41 countries as of December 2023, have applied their perspectives and experiences to drive our patient-focused mission within BMS and in the communities where we live and work. Approximately 41% of BMS employees are members of one or more PBRG.
Our PBRGs are sponsored by members of our executive leadership team and are led by a full-time dedicated global leader who reports directly to a member of the executive leadership team. Our PBRGs include the Black Organization for Leadership and Development, the Bristol Myers Squibb Network of Women, the Cultivating Leadership and Innovation and Multigenerational Belonging, the Disability Advancement Workplace Network, the PRIDE Alliance, the Organization for Latino Achievement, the Pan Asian Network and the Veterans Community Network.
We also routinely conduct confidential surveys of our global workforce, which provide feedback on employee satisfaction and engagement and cover a variety of topics such as company culture and values, execution of our strategy, inclusion, and individual development, among other topics. Survey results are reviewed by our executive officers and Board of Directors, who analyze areas of progress or opportunity both at a company level as well as at a function level. Individual managers use survey results to implement actions and activities intended to increase the engagement and wellbeing of our employees. We believe that our employee engagement initiatives, competitive pay, benefit programs and career growth and development opportunities help increase employee satisfaction, tenure and reduce voluntary turnover. The average global tenure of our employees is approximately seven years. Given the criticality of an engaged and motivated workforce, select employee engagement goals are incorporated in our annual bonus program metrics for our most senior executives.
Compensation, Wellbeing, Employee Health and Safety
We provide highly competitive benefits, compensation and work-life offerings that reflect a comprehensive rewards and well-being strategy to enable our workforce to deliver on our business strategy and transform patients' lives through science.
Compensation: Our compensation programs include market competitive base salaries, annual incentives that recognize and reward company performance as well as individual results that are aligned with our BMS Values (defined below), and long-term equity incentives that focus employees on long-term value creation. We also offer sales-based incentives, special allowances, and peer-to-peer individual recognition. With respect to executives, a substantial proportion of their pay is variable and at-risk based on our financial and operational results, and delivered in the form of equity. This supports the alignment of our executive compensation plan with the creation of long-term value for our shareholders.
Wellbeing: We are committed to prioritizing the wellbeing of our workforce through Living Life Better, our strategy for encouraging the physical, emotional, work life, and financial wellbeing of our employees. To ensure global consistency, local relevance, and competitiveness under Living Life Better, we've established a framework with a global set of standards concentrated on five key areas: inclusive benefits, mental health, family care, people with disabilities and caregivers, and all gender preventive care. This framework enhances employee experience, removes barriers to access, and improves health outcomes. Living Life Better is grounded in science and emphasizes flexibility and inclusion, ensuring our employees have the support that best meets their individual needs at the right moment. Our signature Living Life Better programs include physical, emotional, work life, and financial programs that are summarized below.