Sustainability Saturdays: ESG Health Chronicles

Section 1 – ESG Insights: The Importance of Diversity, Equity, and Inclusion (DEI) in Healthcare

Current State and Opportunity

According to the Business World MPW 2023 Report, Women have made significant strides in the healthcare sector, yet there remains considerable room for improvement in inclusivity for minority communities, people with disabilities, and the LGBTQ+ community. Raising awareness and revising recruitment practices are essential steps to mitigate biases among leaders. Prioritizing Diversity, Equity, and Inclusion (DEI) equips healthcare organizations to better serve diverse populations, enhance patient outcomes, and foster an inclusive workplace. This commitment not only meets Environmental, Social, and Governance (ESG) goals but also promotes sustainable and ethical practices in healthcare.

Key Benefits of DEI to Healthcare Companies & Leaders

1. Enhanced Innovation and Patient Care: Diverse teams foster creativity and innovation, leading to advanced solutions and improved healthcare outcomes.
2. Improved Patient Satisfaction and Outcomes: An inclusive workforce relates better to a diverse patient population, resulting in higher satisfaction and more effective, personalized care.
3. Attraction and Retention of Top Talent: Strong DEI initiatives attract top talent who value inclusivity, leading to reduced turnover and enhanced workforce stability.
4. Strengthened Reputation and Brand Loyalty: DEI commitment improves public perception, patient loyalty, community ties, and business opportunities.
5. Better Decision-Making and Performance: Diverse leadership teams bring varied perspectives, driving informed decisions and organizational success.

Key Components of DEI in Healthcare

Diversity in the Workforce

• Representation: Reflecting patient diversity through inclusive hiring practices.
• Leadership: Developing diverse leaders through mentoring and leadership programs.

Inclusive Practices

• Workplace Culture: Creating supportive environments with policies promoting work-life balance and inclusivity.
• Training and Education: Regular programs on unconscious bias, cultural competency, and inclusive healthcare practices.

Equity in Healthcare Access and Delivery

• Patient Care: Addressing social determinants of health to ensure equitable care for all patients.
• Community Engagement: Collaborating with diverse communities to design effective healthcare interventions.

Moving Forward: Strategies for Improvement

• Setting Clear Goals and Metrics: Establish measurable DEI goals across workforce diversity, patient care, and employee engagement.
• Leadership Commitment: Ensure leadership champions DEI initiatives, allocating resources and fostering accountability.
• Community Partnerships: Collaborate with community organizations to enhance healthcare access and address social health disparities.
• Continuous Improvement: Regularly review and update policies, practices, and training to meet evolving workforce and patient needs.

By embedding DEI into core business strategies and fostering a culture of inclusion, healthcare organizations can drive innovation, enhance patient care, and contribute to the well-being of the communities they serve.

Section 2 - ESG Case Study: Abbott's DEI Blueprint

Overview

Abbott, a global healthcare leader, prioritizes Diversity, Equity, and Inclusion (DEI) as a core business strategy to drive innovation and enhance patient care. Guided by its Executive Diversity Council, robust employee networks, and targeted programs, Abbott fosters an inclusive environment that supports professional development, pay equity, and community engagement.

Executive Diversity Council

Abbott's Executive Diversity Council, comprising senior leaders and corporate officers, guides the company's DEI strategy. Through sponsorship of employee networks and regular priority-setting meetings, the council ensures DEI remains a strategic priority at all levels.

Employee Networks

Abbott's employee networks are vital to its DEI efforts, creating a sense of community and belonging. With over 18,000 members globally, these networks support personal and professional growth, diversity, and inclusivity. Key networks include:

• Women Leaders of Abbott (WLA): Advancing women's careers since 2000.
• Asian Leadership and Cultural Network (ALCN): Promoting Asian culture and professional growth.
• Early Career Network (ECN): Empowering early-career employees.
• PRIDE Network: Supporting LGBTQ+ employees and their families.
• disABILITY Network: Enhancing inclusion and accessibility for employees with disabilities.

Training and Development

Abbott invests in DEI training, leadership development, and mentoring programs to equip employees for career advancement and foster an inclusive workplace. Programs include:

• DEI Training: Unconscious bias, cultural competency, and inclusive practices.
• Leadership Development: Cultivating diverse leaders.
• Mentoring and Coaching: Guidance from experienced colleagues.

Pay Equity

Abbott conducts regular pay equity reviews to ensure fair compensation, considering market rates, gender, race, ethnicity, job grade, and position levels. Adjustments are made to address disparities, reflecting Abbott's commitment to equitable pay.

Benefits and Support Programs

Abbott offers comprehensive benefits to support employee well-being and financial security, including:

• Freedom 2 Save: Assisting employees with student loans while saving for retirement, addressing the disproportionate impact on people of color and women.
• Health and Wellness Benefits: Extensive programs supporting employees and their families.

Community Engagement

Abbott extends DEI efforts to its communities, focusing on initiatives that support underrepresented groups. Key examples include:

• High School STEM Internship Program: Providing opportunities for students from under-resourced schools to work with engineers and scientists.
• Local Community Involvement: Employee volunteerism supporting people with disabilities.

Impact and Recognition

Abbott’s DEI initiatives have significantly impacted its workforce and communities, increasing representation in development, mentoring, and training programs. External recognition includes the "Fortune Change the World" list in 2023 for the Freedom 2 Save program and being named one of the Top 50 Companies for Diversity.

Conclusion

Abbott’s comprehensive DEI approach demonstrates a commitment to an inclusive, equitable workplace that drives innovation and enhances patient care. By embedding DEI into core strategies, Abbott not only supports its employees but also contributes to community well-being, setting a model for the healthcare industry

Section 3: Sustainable Memories: Lake Man Malligavad

Anand Malligavad's lake restoration projects in Bengaluru have created sustainable memories and a lasting impact on the community. Each lake revival is a testament to the power of collective action and environmental stewardship. By involving local communities, Anand not only restores water bodies but also educates and inspires future generations about the importance of conservation. His projects have brought back biodiversity, improved groundwater levels, and transformed polluted lakes into thriving ecosystems.

Anand’s journey from corporate success to full-time lake conservationist highlights his dedication and vision. His systematic, eco-friendly approach ensures that each lake restoration is tailored to the unique needs of the area, using natural materials and community participation. Over the past few years, Anand has restored 28 lakes, planted over one lakh native trees, and recharged thousands of borewells, benefiting thousands of households in Bangalore.

Healthcare providers can play a crucial role in this mission by taking up lake rejuvenation projects in their areas. This not only enhances community health but also demonstrates a commitment to corporate social responsibility. By supporting Anand’s #Mission45Lakes goal to revive 45 lakes by 2030, healthcare players can help create sustainable ecosystems and leave a lasting legacy for future generations. Anand's work proves that when communities come together, they can achieve remarkable transformations and secure a better future for all.

A Call to Action

It's your turn to make a difference.

How can your organization become more inclusive and sustainable?

Let's strategize together for a brighter future. This newsletter isn't just a gentle nudge—it's a rallying anthem for transforming healthcare sustainability. Are you ready to play your part?

Follow us on LinkedIn for more updates, and let's make every Saturday count for sustainability.

Join the conversation using #SustainabilitySaturdays. Together, we can create a healthier planet and a brighter future for all.

?

?

?