To continue bringing their best, authentic selves to work each day, our employees must be confident that they are equitably valued and acknowledged by our company. Only then can our workforce feel empowered to contribute their pioneering ideas toward solving complex biomedical challenges and developing life-changing therapies for the people we serve.
Full Pay Equity Among U.S. Employees
BioMarin is an industry leader in pay equity, championing fair and equitable compensation for our employees. We have a longstanding history of conducting consistent and comprehensive pay practice reviews at key stages in the employee experience, including at the time of hire and during annual merit and promotion cycles. Since 2018, all of our reviews have received rigorous external analysis in addition to our extensive internal validation processes, and we have continued to earmark funds in our annual budget to address identified discrepancies.
Our sustained focus has resulted in the highest pay equity standards for our employees. Since 2019, we have had equitable pay across total compensation between female and male employees in the U.S., and beginning in 2021, we achieved full pay equity for all of our U.S. employees, regardless of gender or ethnicity. In addition, we apply our proven pay practices in our other global regions, striving to ensure that all BioMarin employees around the world are compensated fairly and equitably.
Strategies: Increasing Pay Equity to Fullest Extent Globally
We are increasing pay equity even more at BioMarin by utilizing all available data to ensure equity in each global region to the fullest extent possible. U.S. data rules allow us to collect demographics on the gender and ethnicity of our U.S. employees, which we have used to achieve full pay equity among all of these employees. Data rules in other BioMarin regions, including Europe, Latin America, and Asia Pacific, allow for the collection of employee demographics on gender and not ethnicity. We have made great strides toward achieving full pay equity across gender in our other BioMarin regions, and we are implementing several strategies and best practices to ultimately reach full pay equity regardless of gender:
- Pay benchmarked regularly, using reputable salary survey information and market comparators representing biotech/pharma companies, with these analyses accounting for all compensation components including base salary, bonus, and equity awards
- Internally equitable pay practices, such as job families/leveling and pay structures/grades, with regular analyses to identify outliers
- Compensation programs tied to performance (e.g., bonus, equity), and department calibration meetings to review talent and performance