How important is creating a positive impact to you? Certified B Corporations, or B Corps, are companies that dedicate a portion of their business model to make a positive change to the world. Often recognised as a global movement, there is now a growing community of more than 2,300 Certified B Corps globally.
What does it take?
Applying to be a B Corp is no walk in the park. Companies gain their certifications by completing the B Impact Assessment. Powered by B Lab, applicants are required to score at least 80 out of 200 in order to be certified.
The assessment measures a company’s governance, transparency as well as social and environmental impact. Successful companies must also declare that they will consider all stakeholders.
What are the benefits of being a B Corp?
The biggest perk is no doubt getting behind a great movement and being recognised for the efforts put into making a global difference. Consumers are now progressively more inclined to support brands that show commitment in helping people and the environment.
Since the beginning of 2018, it was also reported that B Corps have an average yearly growth rate of 14%. Additionally, FMCG (fast-moving consumer goods) brands like Unilever are growing at an average rate of 21%. Research shows that the growth is due to a surge of customers who are motivated to shop ethically.
From a marketing perspective, being a B Corp is great for branding. Consumers are likely to gravitate toward brands that stand by what they believe in and show genuine care for the health of the global community.
B Corps that People Grown to Love
Ben & Jerry’s - B Impact Score at 89
- Creating better work-life balance
- Donating a portion of pre-tax profits to corporate philanthropy
- Conducting a recycling program in their factory
Patagonia - B Impact Score at 107
- Environmental considerations while conducting business
- Donating to a wide variety of environmental non-profits
- Inspiring others to help solve the environmental crisis
Etsy - B Impact Score at 105
- Introduced daily breaks and fun activities to improve work culture
- Updated volunteer leave policy and program
- Implemented female-driven learning and developing workshops