9 Reasons B Corporations Rock
- B Corps are committed to higher standards
B Corps care about their impact and feel an obligation to improve their standards. They commit to improving environmental and social performances, increasing transparency, and holding themselves accountable to the public they serve.
- They prove their commitment with a rigorous score card
Becoming a B Corp is hard work and doesn't happen overnight. Businesses undergo an extensive on site audit that focuses on:
- Company mission, structure, and transparency
- How well the company treats its employees, this includes benefits and perks offered, training, and compensation (including the pay gap between the CEO and the lowest paid employee)
- The impact the company has on the community, including how involved they are and their ability to create local jobs
- How the company affects the environment, both directly and indirectly
They gather all this information by financial audits, onsite inspections, and one on ones with employees. While becoming a B Corp may be strenuous, it is rewarding to earn the B Corp badge of approval, a very public reiteration that you are doing things right.
- They're committed to their values
B Corps possess values that they feel strongly about. For example, Jitasa is committed to being conscientious, disciplined, and gracious with our clients, our business model and each other. Being a B Corp is just one way we adhere to these values. Allowing an official third party to analyze your business provides an objective look at your commitment.
- They think about more than themselves
Many B Corps analyze their Social Return on Investment or SROI. The technical definition of SROI is "an approach to understanding and managing the value of the social, economic, and environmental outcomes created by an activity or organization." More simply, it is a business's ability to create measurable value in these arenas. Jitasa, for example, has a measureable SROI of roughly 20 million dollars.
- They put their money where their hearts are, and encourage employees to do the same
According to B Corps website, participating businesses are far more likely to do good. B Corps are 68 percent more likely to donate at least 10 percent of profits to charity.
In addition, a B Corp is 2.5x more likely to give employees at least 20 hours per year paid time off to volunteer. We here at Jitasa can attest to that. Employees are given 40 hours paid time off a year to help others, and since January have completed 227.86 hours supporting missions they are passionate about.
- They're evolving capitalism
Capitalism cares for little more than profit. Rosana Francescato points out that "We've seen capitalism widen the gap between rich and poor, ruin many in the middle class, and devastate our planet." B Corps seek to create a mature capitalism that cares about more than itself and the profit it derives.
- They attract bright new talent
Millennials will soon represent the largest population of the workforce. They have aspirations to change the world and care less about money and job security. In fact, according to Rob Asghar with Forbes magazine, "64% of them say it's a priority for them to make the world a better place" Due to these passions, it's no surprise that they want to work for B Corps that share their passions.
- They care about their employees
With perks like gym memberships, beer kegs, foosball, six week sabbaticals, company raft trips and hikes—b corps want their employees to be healthy and happy. They realize that life isn't all about work and encourage employees to embrace having one.
- Some rockstar companies are B corps
Jitasa is proud to be a part of the B Corp Family since October 2012. New Belgium Brewing Co., Brand Geek, Catchafire, Change.org, Dansko, Etsy, and GoLite are just a few of the 1,035 great companies that have become B Corporations. You can see a full list of B Corps at https://www.bcorporation.net/community/find-a-b-corp
Renata Poe Massie, Content Writer for Jitasa