All about the Social Capital Index
Thanks to our article Everything You Need to Know About B Corp Certification, you are probably all set to get started with your certification process... or are you? If you’re still hesitating because of a lack of clarity on the benefits, here’s an article summarizing the specific advantages B Corp certification will bring to your business.
First and foremost, becoming a B Corp company means giving yourself the possibility of evaluating and improving your environmental and social impact, The first step in the process is to perform an initial self-evaluation of your organization’s current impact in terms of governance, workers, the community, the environment and your customers, known as the B Impact Assessment.
Achieving this certification doesn’t merely prove your company is outperforming today, but that you are committed to continuing your mission in the long term. Once the self-evaluation is complete, companies can establish clear goals and a plan to improve their environmental and social performance. This may include establishing programs to reduce waste, improve their employees’ quality of life or support local communities.
It’s important to track your performance over time to ensure you achieve your objectives, then adapt your goals accordingly for continuous improvement. This could be accomplished by using key indicators to measure your progress and by regularly performing self-evaluations to help identify opportunities for improvement.
Being part of a global community of B Corp leaders is another key advantage of being a certified B Corp company. By connecting with this community, companies can create links with other organizations that share the same values and goals in terms of environmental and social impact. This gives companies an opportunity to share experiences, successes and challenges and fosters mutual support for continual improvement processes.
An online platform called the B Hive is for the exclusive use of the B Corp community. Employees of companies involved in the certification process can use the platform to connect and discuss best practices, effective strategies and challenges related to improving their environmental and social impact. This platform also offers a professional development space for B Corp employees so they can learn more through online resources and training.
In addition, B Corp companies can take part in the annual B Corp Leadership Development (BLD) event, which provides a space for industry leaders to connect, share knowledge and develop new ideas to strengthen the positive impacts of their companies.
By adopting a responsible approach in terms of environmental and social impact, companies can differentiate themselves from their competitors and position themselves as leaders in their sector.
Obtaining B Corp status shows consumers, investors and business partners that the company is committed to fulfilling their social and ethical responsibilities. It may also help attract a new customer base and increase the loyalty of existing customers who are aware of the importance of supporting businesses that have a positive effect on society and the environment. Such is the case with Republik, which in addition to being the first B Corp-certified agency in Quebec, took on the commitment in 2018 to work exclusively with other responsible businesses.
We all know that employees today are increasingly aware of the importance of working for a company that has a positive social and environmental impact, and obtaining B Corp certification can help every organization to attract talented, motivated and passionate team members.
By working for a B Corp company, employees can feel proud of being associated with a business devoted to social and environmental responsibility and the creation of a sustainable future, which in turn strengthens their commitment, sense of belonging and motivation to do their best to help achieve the company’s goals. According to data collected as part of the B Impact Assessment and a Gallup study of engagement trends from 2000 to 2020, 65 percent of B Corp employees are engaged with their work, as opposed to 32 percent of employees at traditional firms.
By adopting a socially and environmentally responsible approach, companies can improve their reputations amongst current and future professionals. Potential job candidates will be more likely to apply for positions with a company devoted to the same causes they are and who endeavour to make a positive difference in the world.
Finally, B Corp certification can be used to strengthen a company’s brand and reputation among stakeholders, particularly consumers, investors, industry professionals and business partners.
Using a blog, social media posts, ads in the media or specific marketing campaigns, B Corp companies can broadcast their commitments, efforts and results when it comes to sustainability and social responsibility.
And don’t forget that certification, and especially the process leading up to it, constitutes an excellent starting point for establishing accountability and publishing an ESG report. It basically allows you to identify key performance indicators and establish an initial analysis of the company’s ESG performance.
There are over 7,000 certified B Corp companies worldwide, of which close to 90 are in Quebec. And the movement keeps growing! These companies have decided to take a different approach by joining the fight against climate change and social inequality. They have set their goals and become the best for the sake of the world, not just to be the best in the world.
If you would like to learn more about how Republik can help you in your certification or recertification process, come and talk to us.