Helen Hay, group culture and sustainability director at Ampa, which is attending Anthropy 23, explores what it means to be a B Corporation and the benefits it can bring to businesses.
In today’s rapidly-changing business landscape, the role of purpose in driving commercial success cannot be overstated.
Historically, businesses primarily aimed to maximise shareholder value. However, a profound shift in values has occurred, emphasising the importance of considering the impact of business decisions on people, communities and the environment.
This transformation has given rise to B Corporations – a movement redefining success in business and using companies as a force for good.
Transparency and accountability
B Corporations are legally required to consider the impact of their actions on various stakeholders, including people, customers, suppliers, communities and the planet.
This commitment to transparency, along with the rigorous auditing process, ensures businesses are held accountable for their actions.
For Ampa, achieving B Corporation status demonstrates our dedication to living up to societal standards and understanding the impact of our decisions.
Attracting top talent
In today’s competitive job market, the younger workforce seeks more than just a pay cheque. They desire meaning and purpose in their careers.
B Corporation status serves as a powerful indicator of a company’s intent to improve society, making it an attractive choice for applicants who want to work for organisations with a strong sense of purpose.
This can help businesses build a robust culture, boost employee engagement and retain top talent.
Contrary to the misconception that businesses must choose between profitability and doing good, B Corporations demonstrate that both objectives can coexist.
Purpose-driven practices are now integral to a sustainable, long-term business strategy. As more stakeholders demand social and environmental responsibility, B Corporation certification aligns your business with these expectations, ensuring you remain competitive in a changing world.
Becoming a B Corporation involves identifying areas for improvement compared to industry peers. Benchmarking performance accelerates positive change, leading to a more responsible and ethical business. This commitment to continuous improvement not only benefits society and the environment but also enhances your brand’s reputation.
Becoming a B Corporation is not just a social or environmental commitment; it’s a strategic business decision with clear commercial benefits. It aligns your business with changing societal values, attracts top talent, promotes sustainable growth, and fosters a culture of continuous improvement.
The pandemic has underscored the need for businesses to be purposeful and profitable, and B Corporation status is a pathway to achieving this balance.