What Does It Mean to be a Certified B Corporation®?
As ShoppingGives (the company behind The Impact Exchange) rejoices in the excitement of becoming a Certified B Corporation® (insert jumping high-five!) we wanted to share some insights on what it means to become a B Corp™, why this certification matters, and why the strenuous process is worth the honor of this designation.
But first, check out this video to learn more about the importance of Certified B Corporations.
So, what does it mean if a company is socially responsible and how is it different from being a B Corp? Let’s start with the basics:
Both are great things, but companies that are B Corps have taken their desire to be a socially responsible company to the next level. Certified B Corporations are devoted to using business as a force of good; to help change the way that businesses interact with employees, customers, local communities, and each other.
“A company that is a Certified B Corporation is held to a higher standard to fulfill these obligations and to continue to do good in the business community.” — Certified B Corporation
How do you become a Certified B Corporation?
A company must first go through a rigorous assessment process (this took us 9-months) to determine a company’s impact on its workers, customers, community, and environment. This assessment is the only certification that measures a company’s entire social and environmental performance. Businesses that are B Corps must also amend their legal governing documents to require that their Board of Directors will work to balance profit and purpose. After our assessment for B Corp status, ShoppingGives scored an overall impact score of 89.3 against an average of 80!
Becoming a B Corp means so much to us because our entire company is based on the idea of using business as a force for good. We wanted to empower consumers to easily make positive change happen each and every day and we are proud to hold ourselves to a higher standard to ensure that everything we do is centered around our mission.
By becoming a B Corp, we are not only showing the world that we care about corporate social responsibility, but we are joining a global movement of community leaders that use business as a force for good. B Corps can build better relationships with their customers on the shared values that they have and use that momentum of support from others to help make a real difference.
Why are Certified B Corporations relevant?
The shared passions around sustainability, inclusivity, and ethics have created a movement of people who are invested in changing the way that companies interact with society. Employees are being paid fair wages, businesses are switching to using more eco-friendly products, and people are actively looking for ways to donate to charities or get involved first-hand by volunteering.
Research has shown that 87% of consumers will purchase a product because a company advocated for an issue they cared about, 88% of Millennials would be more loyal to a company who gives back (2017 Cone Communications CSR Study), and 66% of consumers would switch from a product they typically buy, to a new product from a purpose-driven company (2018 Cone/Porter Novelli Purpose Study). It is no longer enough to do the bare minimum for society. Consumers are expecting so much more today, rightfully so. Businesses who step up gain loyal customers and reep intrinsical rewards of being a purpose-driven company.
What does the future look like for Certified B Corporations?
The bottom line here is that this movement of positive change is not going anywhere but up, and consumers hold the power to choose what brands they support, where they shop, and where their money goes. With the consumers holding the upper-hand, we stand behind Certified B Corporation’s mission and we believe in the power to change how corporations interact with society. We are proud to have been given the honor of becoming a Certified B Corp and we are excited to continue enacting positive change. As believers in contributing to the giving economy, ShoppingGives is dedicated to empowering consumers to make charitable giving personal.
If you have more questions or want to learn more about what it means to be a Certified B Corporation, click here.