Evaluating Successful Biotechnology Management Through the COVID-19 Lens: A Case Study in Financial Performance, Employee Engagement, and Attrition

Abstract

In the United States in March 2020 the outbreak of novel coronavirus SARS-CoV-2 created a public health crisis. As workers in an essential industry, biotechnology employees were required to continue gathering in labs and offices despite the COVID-19 pandemic, or asked to work remotely and navigate the unique challenges posed by suddenly working from home. Taking mid-sized biotechnology company “Biocorp” (name changed) as a case study, the aim of this thesis was to determine best practices for biotech management in the context of this crisis. Biocorp’s management successfully prevented employee-employee transmission of the virus, and generated record-breaking profit margins in the timeframe analyzed (July 2020 to October 2021). However, attrition over this timeframe increased by 140% despite high employee engagement scores. Using mixed methods, the Utrecht Work Engagement Survey (UWES), and grounded theory, analysis determines a disconnect between management and frontline employees to be primarily driving attrition, a disconnect due to communication breakdown in this company. Concluding that remote work will be “the new normal”, best practices for biotech companies to retain an engaged workforce include: improving communication channels between management and the frontline through anonymous employee surveys, enabling remote work and flexible schedules, setting aggressive revenue goals without overextending employees, and preempting any rise in attrition by cross-training and talent pipeline development. This analysis will be valuable for informing decision-making in various challenging scenarios biotech companies and managers will face in the future.