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I am your Special Host Richard Wray
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My very special guest today is Tim Jones ...
This episode discusses B Corp certification, which independently verifies a company's social and environmental performance. It assesses how a company treats workers, its community impact, environmental footprint, and customer model. Becoming certified requires documenting policies and undergoing an audit. Tim Jones explains how his company helps others achieve certification. He presents data showing that certified B Corps often have higher revenue growth, lower staff turnover, and were more likely to secure investments compared to non-certified companies. The certification can also benefit companies by strengthening stakeholder relationships and building team engagement. Bringing employees into the certification process allows them to suggest new benefits. One company discussed significantly grew its client base and hired more people after achieving certification.
Key Moments:
- B Corp is a certification that independently verifies a company's social and environmental performance across governance, workers, community, environment, and customers. It provides proof that a company is doing good.
- Getting B Corp certified typically takes much less time with help from consultants like Tim Jones' company Grow Good compared to doing it alone.
- Maintaining the certification requires submitting to independent audits and providing evidence to back up social/environmental claims. Whistleblowers can report non-compliance.
- Data shows that B Corps on average significantly outperform non-B Corps on metrics like revenue growth, staff retention, and securing investment, especially during economic downturns.
- Employees are more engaged when they understand and connect with the greater social good their company provides beyond just the product/service.
- Customers, suppliers, and investors increasingly want to work with companies that can prove their positive impact.
- The certification highlights areas for companies to improve and brings the whole team along on the sustainability journey.
- Examples of improved employee policies include flexible working, sabbaticals, training/development funds.
- Case studies show companies growing rapidly and hiring more after achieving B Corp status.
- The takeaway message is that businesses should focus on how to "do more good" as it leads to better performance and outcomes for all.
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