Championing Equity at LYB

Rhea-AI Summary

LyondellBasell (LYB) is reinforcing its commitment to diversity, equity, and inclusion through its People and Culture Equity Committee. Established in 2023, this committee drives equity projects across the company. Key initiatives include:

1. Introducing an Equity Champion role in performance management
2. Conducting a comprehensive review of U.S. benefits programs through a DEI lens
3. Enhancing U.S. benefits offerings for 2024
4. Addressing equity issues in hiring, workplace flexibility, pay, and performance

LYB aims to create a culture where diversity, equity, and inclusion are as deeply embedded as safety. The company believes this approach fosters growth, collaboration, and innovation, ultimately contributing to its collective success.

Positive

• Establishment of a dedicated People and Culture Equity Committee to drive equity initiatives
• Introduction of an Equity Champion role in the performance management process
• Comprehensive review of U.S. benefits programs through a DEI lens
• Significant enhancements to U.S. benefits offerings for 2024
• Plans to explore similar in-depth benefit reviews in other countries of operation

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / September 16, 2024 / At LyondellBasell (LYB), we champion people by putting them at the heart of everything we do and by embracing a diverse, equitable and inclusive culture. One of the ways we reinforce our dedication to this LYB value is through our People and Culture Equity Committee. Equity is about providing everyone with the resources they need to succeed and ensuring that employees are treated fairly.

The role of the Equity Committee

In 2023, we established an Equity Committee comprised of all key functional groups in the People and Culture (P&C) function with the intention of leveraging the interconnectivity to create a path to greater equity and improve the understanding and impression of fairness among employees.

The committee was instrumental in driving the completion of the equity projects detailed in the 2023 Sustainability Report. For example, committee representatives from the Talent/Performance team introduced an Equity Champion role into the year-end performance management process to listen for equitable discussions on performance and help identify potential biases.

Also, committee representatives from our benefits team (Total Rewards) engaged an external consultant in 2023 to provide a holistic review of our U.S. benefits programs through a DEI lens. This provided an in-depth look at our U.S. healthcare, retirement, risk protection, time off, financial resilience, well-being perquisites, worksite resources and policies. We assessed benefit participation and affordability based on cohorts of interest (age, gender, race, location) and identified vulnerable populations to inform benefits review and opportunity prioritization. Following this review, LYB made a significant number of enhancements to our U.S. benefits offerings for 2024, and we are exploring options to conduct similar in-depth benefit reviews in other countries where we operate.

From hiring to workplace flexibility to pay and performance, this committee identifies and addresses equity issues by utilizing cross-collaborative expertise from all aspects of People & Culture, leadership and other business functions.

Why equity matters at LYB

Our vision for the future is that LYB is a place where there is genuine equal opportunity for all and diversity, equity and inclusion are embedded within our culture as deeply as safety. Our goals and strategies for creating a diverse, equitable and inclusive culture are intertwined. Developing such a culture fosters the growth of others, creating a harmonious environment that benefits everyone. Equitable practices level the playing field for all employees and establish a sense of fairness. This, in turn, creates an inclusive environment where everyone feels valued and encouraged to contribute to the company's collective success. An environment like this can boost collaboration, innovative thinking and allow for talent to be recruited, retained and advanced. The People and Culture Equity Committee's continuous effort to monitor and improve our systems ensures that equity is a living, evolving practice within LYB, which underscores our commitment to making our vision become our reality.

If you want to be a part of our cultural transformation, please visit the LYB careers page to find the opportunity that best fits you.

View additional multimedia and more ESG storytelling from LyondellBasell on 3blmedia.com.

Contact Info:
Spokesperson: LyondellBasell
Website: https://www.3blmedia.com/profiles/lyondellbasell
Email: info@3blmedia.com

SOURCE: LyondellBasell

View the original press release on accesswire.com

FAQ

What is LyondellBasell's (LYB) People and Culture Equity Committee?

LyondellBasell's People and Culture Equity Committee, established in 2023, is a group comprised of key functional groups in the People and Culture function. It aims to create a path to greater equity and improve fairness among employees by addressing equity issues in areas such as hiring, workplace flexibility, pay, and performance.

What initiatives has LyondellBasell (LYB) implemented to promote equity?

LyondellBasell has implemented several initiatives to promote equity, including introducing an Equity Champion role in the performance management process, conducting a comprehensive review of U.S. benefits programs through a DEI lens, enhancing U.S. benefits offerings for 2024, and planning to explore similar benefit reviews in other countries of operation.

How does LyondellBasell (LYB) view the importance of equity in its corporate culture?

LyondellBasell views equity as important to its corporate culture. The company aims to create an environment where diversity, equity, and inclusion are as deeply embedded as safety. LYB believes this approach fosters growth, collaboration, and innovation, contributing to the company's collective success and helping to recruit, retain, and advance talent.