Success in business often comes down to dollars and cents, but what would happen to our workplaces if that wasn't the only measure?
The "benefit corporation" or B Corp, is already popular in the United States, and is now starting to take hold in Australia.
"The main goal is to encourage businesses to measure success differently. The idea is that business is not only responsible for delivering profit to shareholders, but also to create impact and successful relationships with their employees, community and the environment," says Alicia Darvall, chief executive of B Lab Australia and New Zealand, a not- for-profit thatmanages the B Corp community in our region.
"We believe business has a huge role to play in changing the way we all operate, and the potential for business to create good is extraordinary and essential," she says.
For employees, the pull of a B Corp can be compelling, especially, it seems, those of a younger ilk.
"It demonstrates to employees that the business walks its talk, and gives them tools to set goals for improvement. I speak happily for Gen Y in saying that we go to work because we want to change the world; we want to know our work is creating impact and making the world a better place, and that our time is based on more than just a wage," she says.
While there's no cookie-cutter method of getting the certification, increasing staff engagement will usually help.
"Much of it is about being able to stand proud behind the business you work for, knowing they are doing everything they can, and looking for ways of improving their impact," Darvall says.
With 25 companies already signed up in Australia since the program began less than two years ago, and Darvall speaking with another 20 or 30 companies a week, interest is strong.
Although the US boasts some large, internationally known B Corps (like Patagonia and Ben and Jerry's), local interest to date has mainly been from smaller operators. The largest, sustainability consultancy Net Balance, has 60 staff. It was one of the first here to seek certification.
"We had a strong focus from the start of our business about giving back, and have always looked to minimise our own impact as an organisation – we do all the things we do for our clients. So when B Corp certification came along we saw an immediate fit," says director of Net Balance, Terence Jeyaretnam.
There's already been a pay-off in terms of staffing.
"It definitely helps us find the best people; the people who are focused on good work and rewarding work," he says.
In fact, the arrangement can prove to be a win for both employer and employee.
"People who are engaged perform better and engage with their clients better, and therefore are more productive and more valuable to business. Lots of studies say that people engage well around purpose ... and in our business that's certainly meant we've recruited top talent and provided a good range of work for people that is engaging, [while] developing them as professionals in their chosen career," Jeyaretnam says.
B Corps don't necessarily look different from to the outside world but that may eventually change.
"In time, people will see the certification and recognise what it means, just like a Fairtrade logo would be if you were buying a chocolate bar," Jeyaretnam says.
