March is B Corporation month and this year’s theme is #BehindTheB.
We live in a world where it’s increasingly common for people to distrust businesses. Anyone can talk a big talk, but hidden behind closed doors, it’s hard to distinguish truth from exaggeration. This is something the B Corp community is aiming to change—and we’re doing it by showing, rather than telling.
The idea for Behind the B is to open the doors on the B Corp community and invite people to step behind the scenes. You may have noticed the B logo on your pint of Ben & Jerry’s ice cream, on the tag of your Eileen Fisher pants, or on The Humphreys Group’s website, but what does it really mean? By going Behind the B, we are aiming to reveal how our community is making business a force for good, as well as what goes into the process to become a Certified B Corporation. The idea is to demonstrate that the B logo isn’t just for show.
What is a B Corporation?
The B Corp certification, which started in 2006, recognizes for-profit companies that use business as a force for good. B Corp companies use the power of business to solve our most pressing global challenges, such as wealth inequality, climate change, and social unrest. These companies are working toward reduced inequality, lower levels of poverty, a healthier environment, stronger communities, and the creation of more high-quality jobs with dignity and purpose.
To date, there are over 3,500 Certified B Corporations in 150 industries and 74 countries. Over 100,000 companies manage their impact with the B Impact Assessment and the SDG Action Manager. Total combined revenue of B Corps globally is 67 billion US dollars.
The B Corp Certification Process
Becoming a Certified B Corporation is a rigorous process. B Lab, the governing body of B Corp certification, reviews all business functions, from the merits of the product offering, employee benefits and broader HR policies, and financial management, to the company’s involvement in the community, environmental impact, and corporate governance. This certification process is meant to measure a company’s entire social and environmental impact to ensure that they are meeting high standards.
In order to achieve certification, a company must make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders rather than just shareholders, achieve benefit corporation status if available in their jurisdiction, exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website, and demonstrate high social and environmental performance by achieving a B Impact Assessment — a tool that helps to measure a company’s impact performance — score of 80 or above and passing a risk review. You can view our profile here.
What Being a B Corp Means to The Humphreys Group
Becoming a B Corp in 2020 was (and is) very exciting for us at The Humphreys Group. While earning the certification didn’t necessarily change how we function as a business, is did formalize what we already do and our commitment to it. Furthermore, being a part of the B Corp community is truly inspiring. Surrounded by like-minded organizations, we are even more motivated to live our values.
Since B Corp Month aligns with Women’s History Month, we also want to highlight how becoming a B Corp has expanded The Humphreys Group’s mission of helping women own their financial power. Being a B Corp is a way for us to demonstrate exactly what it means to align your values and your wallet, something we encourage our clients to do on a daily basis. We all have power in how we deploy our financial assets and this is a way to show just how powerful that can be. We are setting the example — leading by doing.
Do you have any questions about the B Corp community, or are you interested in learning more about the certification process? Reach out! We’d love to continue the conversation.
