Business as a Force for Good: B Corp Status and ESG Initiatives

In today's business landscape, making a positive impact extends far beyond profitability. Many companies are embracing initiatives like B Corp and ESG (Environmental, Social, Governance) to integrate social and environmental responsibility into their core strategies. In this article, we will delve into the world of B Corps, offering insights into what they are, why they matter, and how your business can become a part of this transformative movement.

What Is the ‘B’ in B Corp?

B Corps, or Benefit Corporations, represent a new kind of business entity that prioritises benefits for all people, communities, and the planet. These companies are committed to making a positive impact in addition to generating profits. To better understand B Corps, the video below is a great place to start.

Who Manages the B Corp Certification Process?

So, who decides if an organisation gets to claim B Corp status? The certification process is overseen by B Lab , the not-for-profit network transforming the global economy to benefit all people, communities, and the planet. Becoming a certified B Corp is a rigorous journey, involving a commitment to social and environmental impact. It requires demonstrating this commitment through an audit conducted by B Corp consultants. It's a process that demands dedication and effort from business leaders.

BlueRock's B Corp Journey

BlueRock, a pioneering professional services firm, became the first certified professional services B Corp in 2017. For BlueRock, it was the right thing to do, a move from sporadic giving to strategic giving, and a commitment to improving their impact and ethical operations through the recertification process, which occurs every three years.

The Five Pillars of B Corp Assessment

The B Corp Impact Assessment evaluates companies across five key ESG pillars:

1. Environment: Assessing practices related to air quality, climate, energy, carbon emissions, sustainable suppliers, paper usage, water management, and fleet sustainability.
2. Social - Workers: Focusing on hiring practices, employee engagement, and the well-being of staff.
3. Social - Community: Measuring contributions to charitable causes, diversity and inclusion efforts, and supply chain management.
4. Social - Customers: Evaluating data security and support for purpose-driven organisations.
5. Governance: Scrutinising entity setup, mission alignment, transparency, ethics of operations, and financial practices.

B Lab recommends focusing on areas of strength to pass the 80-point (out of 200) certification threshold. Beyond certification, the assessment provides a roadmap to continuous improvement. BlueRock achieved high scores in the Workers and Community pillars during the B Corp assessment. Here are some areas where BlueRock excelled:

BlueRock's Employees (BlueRockers)

• Engagement & Satisfaction: Conducting annual staff surveys and involving employees in selecting charitable causes they're passionate about.
• Leave Policies: Introducing a volunteer and pro bono leave policy for staff to dedicate two paid workdays to community service.
• Health and Wellness: Promoting wellness through fitness challenges, yoga/meditation sessions, and creating safe spaces in offices.
• Career Development: Supporting employee growth through training, subsidised education opportunities, and external professional development.

BlueRock's Community Initiatives

• Employee Resource Groups: Establishing diversity, equity, belonging, and inclusion committees such as Rainbow Rock and a broader Diversity, Equity, Belonging & Inclusion committee.
• Be BlueRock Foundation: Launching a formal charity to inspire philanthropy among employees and clients, increasing charitable contributions.
• Payroll Giving: Offering employees the option to contribute pre-tax income to the foundation for convenient and meaningful giving.
• Diversity in Clientele: Serving not-for-profit and B Corp clients across various professional services.

Get Help Turning Your Business into a Force for Good

"ESG" and "B Corp" aren’t just buzzwords. They represent a significant shift towards responsible and ethical business practices. BlueRock is a shining example of how businesses can use their influence to make a positive impact. By becoming a B Corp, or formalising a corporate giving strategy , your company can join this transformative movement, contributing to a better world for all. Get in touch with our philanthropy consultants to learn more about which pathway best suits your business.