Companies joining forces are investing a combined total of over 1 billion USD in more than 50 current and future initiatives, benefiting 100 million people to date
HARTFORD, Conn., Aug. 23, 2019 /PRNewswire/ — In recognition of record-high levels of inequality, CareCentrix, among a coalition of 34 leading international companies, has committed to step up business action to advance human rights throughout their value chains, build inclusive workplaces and strengthen inclusion in their internal and external business ecosystems. In doing so, they will advance G7 government-led efforts to strengthen equality of opportunity, tackle regional disadvantages and fight gender discrimination.
B4IG members have a global footprint, cover a broad range of sectors, employ more than 3.5 million people around the world and have combined annual revenues of over 1 trillion USD. The B4IG coalition is the first business-led initiative of its kind, thanks to its 360° approach to tackling inequality, international dimension, and multi-stakeholder approach focused on building synergies between companies, governments and philanthropic organizations. The coalition’s strategy rests on three pillars:
– A business pledge against inequalities to advance human rights, workplace inclusion & diversity and value chain inclusiveness;
– An incubator to design or expand new inclusive business models, piloting social innovation and private-public collaboration at the micro-economic level; and
– An inclusive growth financing forum to promote innovative financing mechanisms between business, governments and philanthropic actors.
Four CareCentrix projects are within the B4IG incubator (more details below) to provide a blueprint for companies to cultivate an environment of inclusive growth:
- Fair pay for fair work – minimum wage increase: 20 CareCentrix executives agreed to salary reductions to fund raises up to 100 percent for hundreds of employees. The company also expanded profit sharing to all staff;
- Gender equality – Women’s Network: an employee resource group (not limited by gender, job function or location) aimed at promoting the advancement and inclusion of women within the CareCentrix workforce that includes wide-randing educational and networking opportunities;
- Community-building – CareCentrix Cares: a program funded by employees to help their peers in times of need. Employees can voluntarily contribute from their paycheck to a pool of funds managed by a third-party for financial assistance;
- Employee engagement – Voice of the Employee (VOE): The VOE team, chosen through an annual application process, helps transform the culture of the company through employee-led internal and external programs.
Following the implementation of these projects, CareCentrix executives reported higher employee satisfaction and retention, and a tripling of revenues.
“If we do not make capitalism work for everyone – eventually it will not work for anyone,” said John Driscoll, CEO of CareCentrix. “We are proud to stand by the likeminded companies in the B4IG coalition as we commit to lead by example and promote inclusive growth opportunities.”
The G7 B4IG coalition will be coordinated by the OECD, whose work has shown that inequalities hamper growth and social mobility. The coalition will benefit from OECD economic and social evaluation expertise as it advances on this agenda over the next three years. Progress and lessons learned will be shared during an annual board meeting, with CEOs and key figures from public and civil society sectors, including the International Labour Organisation and the Bill & Melinda Gates Foundation. B4IG results will be shared with the Business 7 and Labour 7 to help inform their preparation and contributions to G7, with a view to foster more inclusive macro-economic growth policies.
B4IG will be presented to President Emmanuel Macron at the Elysée Palace on Friday, August 23, ahead of the G7 Leaders’ Summit in Biarritz.
Gabriela Ramos, OECD Chief of Staff and G7 Sherpa, said: “Growing inequality is one of the biggest social challenges in the world today. It is perpetuating poverty, undermining social cohesion and trust. Sustainable economic growth means inclusive economic growth. It means giving every individual the opportunity to fulfil her or his potential, the chance not only to contribute to a nation’s growth but to benefit from it, regardless of their background or origins. The OECD welcomes this initiative by France to involve some of the world’s most important companies to work hand-in-hand with governments and the OECD to tackle inequalities. For our part, we will continue to lead the way in its policy analysis, research and expertise.”