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."
APPENDIX – G7 Business for Inclusive Growth pillars
1/ Pledge ensuring benefits of economic growth are shared more widely
The Business Pledge Against Inequalities commits CareCentrix to advance human rights throughout their production chains, fight child and forced labour and respect freedom of association. Signatories agree to build equitable and inclusive working environments, including by providing decent wages, promoting gender equality and helping prepare employees for the future of work through training and upskilling programs. The companies also pledge to tackling inequalities of opportunity such as those caused by regional disadvantages by supporting community development programs, strengthening inclusive sourcing and expanding access and affordability of basic services.
Among the B4IG coalition, CareCentrix will commit specifically to a three-year programme aimed at advancing the ambitions laid out in the Business Pledge. Underpinning the Pledge is the view that such engagement is not just good corporate citizenship but rather the future of successful business. Business benefits from more inclusive growth models through a more educated and engaged workforce; a larger middle class of consumers with greater purchasing power; more stable operating environments; and a high level of trust from employees, customers and stakeholders.
2/ Business for Inclusive Growth (B4IG) Incubator: a platform where companies can incubate, share, scale-up and replicate new inclusive business approaches.
The B4IG incubator will act as a laboratory to test, scale and replicate social innovation projects. It aims to ensure micro-economic action can inform macro-economic policies at the G7 level and beyond.
B4IG members have already earmarked over 50 projects to the platform, mobilizing more than one billion USD in private finance and benefiting 100 million people to date. Through B4IG, they will look to build on these projects to strengthen their collective social impact worldwide.
Certain projects will be accelerated, scaled or replicated through the B4IG incubator, leveraging collaboration with other coalition members, philanthropic organisations and the public sector. In addition, companies will share learnings from projects that are already underway and that can serve as inclusive business models to be emulated or replicated. Among the projects earmarked are schemes to tackle homelessness, help the unemployed back into work and improve access to basic services such as finance, insurance and transport in deprived and remote regions in G7 countries.
3/ An Inclusive Growth Financing Forum to bring synergies between financing streams
B4IG members will also establish an Inclusive Growth Financing Forum to catalyse innovative, hybrid financing for social impact, and to assess how to build greater synergies between private, public and philanthropic funding streams. The Forum will look at how to leverage promising financing mechanisms such as results-based financing, including through the B4IG incubator.
CareCentrix is architecting the future of care at home. With more than 20 years of experience working with payors and providers to create programs that improve quality and lower costs, CareCentrix allows patients to heal or age where they want to be: at home. CareCentrix currently manages care for more than 26 million members through over 8,000 provider locations. Through advanced analytics, CareCentrix helps determine the appropriate site for post-acute care, and provides support and coordination for patients and their families throughout care transitions, including to and from Skilled Nursing Facilities (SNFs) and through Home Health, Home DME, Home Infusion, Home Sleep services, and Palliative Illness Management. For more information, please visit http://www.CareCentrix.com.
Business for Inclusive Growth (B4IG) is a global coalition, powered by the OECD, which aims to pool and strengthen efforts by private companies to reduce inequalities linked to opportunity, gender and territories, and to build greater synergies with government-led efforts. Current members include: Accenture, Agropur, AXA, BASF, BNP Paribas, Groupe BPCE, CareCentrix, Cogeco, Crédit Agricole., Danone, Edelman, Engie, GINgroup, Goldman Sachs, Henkel, Ingka Group | IKEA Retail business, JPMorgan Chase, JAB, Keurig Dr Pepper, Johnson & Johnson, Kering, Legal & General, L'Oréal, Mars Incorporated, Groupe Renault, Ricoh, Schneider Electric, Sodexo, Suez, TIAA, Unilever, Veolia, Virgin and Ylva.
About the OECD
The OECD is an international organisation that works to build better policies for better lives. Together with governments and civil society, it establishes standards and seeks evidence-based solutions to a range of social, economic and environmental challenges. The OECD website provides further information on the B4IG initiative and on its work on inequality and inclusive growth. Additional enquiries on OECD work on inclusive growth and for the G7 should be addressed to [email protected], to [email protected] or to the OECD's Media Office.