Certified B Corps stand as a force for good in a world where we all to often see bad corporate actors, unfair business practices, employees without rights, and an environment that is destroyed in the name of profits.
Yes,B Corps matter. And they’re mattering more and more every day. When over 2,200 businesses across the globe, including major brands such as Ben & Jerry’s, Patagonia, Method, and Seventh Generation, are operating under Certified B-Corps charters, one can see that a true business revolution is happening right in front of us.
Certified B Corporations are companies that have met rigorous standards in transparency and accountability as well as in social and environmental practices. All certified B-Corps operate under the belief that the success of a company rests on the well being of all of its stakeholders, including management, employees, shareholders, suppliers, the community and the environment.
B-corps matter because they are helping to transition the traditional business model emphasizing short-term profits to a progressive model focusing on shared and long-lasting prosperity. In fact, studies conducted by such well-known institutions as Harvard Business School, Goldman Sachs, McKinsey & Company, and PricewaterhouseCoopers, prove that B Corps are good for business. This is partly a result of a dramatic difference in priorities in both the workplace and the marketplace between older generations who tend to focus on financial gain, and younger generations more likely to be concerned with social responsibility and work-life balance.
According to Goldman Sachs, consumers passed up lower price, superior quality, easily available products, and high product prestige to identify “being socially responsible” as the factor most likely to influence brand loyalty. Goldman also reported that 52 percent of US consumes claim that they actively seek information about a particular company’s corporate social responsibility record either ‘all of the time’ or ‘sometimes.’
B Corp certification solidifies the ambiguous concepts of good corporate citizenship and environmental stewardship into something tangible, measurable, and transparent that customers can easily identify, trust and support. B Corps status helps businesses stand out in a crowded market, attract the best talent, and turn customers into loyal evangelists.