The B Corp revolution inspires Business Roundtable CEOs to do better.
Why are some many businesses striving to become B Corps? B Corps genuinely want to make a difference and be a part of the larger movement of change.
B Corps make it their goals to change in the way they conduct business to specifically address the value, needs, and health of consumers, employees, suppliers, and communities and to also redefine what it means to be successful in business. And Corporate America is paying more attention to B Corps and their missions.
The B Corp Movement: Changing the Business Roundtable
Some of the biggest brands today, such as IBM, Boeing, Apple, and Morgan Stanley shared with the world their intentions to shift their primary focus of satisfying shareholders (aka “the 1%”) to include all Americans.
In a statement released on Mon 18 August 2019, the Business Roundtable (a nonprofit association exclusively made up of CEOs from major U.S. companies), made a short, sweet yet very important announcement and commitment to:
- Meet or exceed product and service expectations by increasing the value that consumers receive
- Invest in employees and provide opportunities to grow within a company (such as providing fair compensation, on-the-job training, and education grants)
- Embrace fair and ethical business practices with suppliers
- Build stronger communities by protecting the environment and adopting sustainable business initiatives
- Become more transparent and encourage shareholders to support companies that create long-term value by investing in their employees
Why Was This So Important?
There is a growing urgency to hold CEOs accountable.
So, why was this announcement so important? The Business Roundtable is finally recognizing that people want to support the businesses that go above and beyond just making money. People want to buy from and work with businesses they believe in.
The Business Roundtable’s intentions and calls to action are a great start, but there is still a lot of work to be done…
CEOs must demonstrate how they plan to follow through and show the public that they are serious about changing the way they run their businesses.
B Corp Benefits
B Corps are on a mission to “use business as a force of good”, and are doing this by improving the way they interact and impact their:
- communities, as well as,
- the environment and society as a whole without sacrificing profitability.
How Many B Corps Are There?
Believe it or not, out of the millions of companies in the world, there are only a little over 3,000 Certified B Corporations to date. And this number also spans across more than 64 countries…
Certified B Corps must complete a rigorous assessment to successfully prove that their business models impact real change local and global change.
Although it isn’t necessarily easy to earn the prestigious B Corp certification, it is one that many businesses strive for and are inspired by.
Giving Assistant Example
At Giving Assistant, we take being a B Corp seriously (if we didn’t mention that already!) We have been a B Corp since 2017, and we firmly believe in the power of doing good, positively impacting our community, and making a difference in the world.
So, we made it part of our mission to adopt business practices that improve the lives of our shoppers, nonprofits, and employees.
How exactly do we do this? One way that we are particularly proud of is the company’s participation in B Lab’s Inclusive Economy Challenge, which is focused on creating opportunities for everyone, regardless of background, qualifications, experience or education.
“Since early 2019 we have been sharpening our focus on transforming everyday shopping into charitable giving. We hope to see a significant increase in shoppers who give and increase the flow of donations to nonprofits doing amazing work!”Raquel Romero: People & Business Operations Manager at Giving Assistant
Furthermore, Giving Assistant has always encouraged others to lead if they want to lead; inspire, if they want to inspire; and help, if they want to help. This means that the biggest, most powerful businesses out there have the greatest ability, and the biggest responsibility to help, to inspire, and to lead.
As our CEO James Gray says, “One day, the best businesses in the world will be the best businesses for the world.”
Giving Assistant’s mission has helped raise over $5,650,000 in donations for many nonprofit organizations, including Pencils of Promise, Zidisha, Leukemia & Lymphoma Society, and Team Rubicon International. This figure grows every day, bringing us one step closer to fulfilling our ambitious commitment to raising $17 million by 2020.