Skip to content
THE TIMES USA
Menu
  • ABOUT
  • CONTACT
  • LIFESTYLE
  • NATIONAL NEWS
  • BUSINESS
  • INTERNATIONAL NEWS
  • TECHNOLOGY
  • PRICE OF BUSINESS SHOW AUDIOS
Menu

To B or not to B

Posted on November 21, 2018November 21, 2018 by admin

By Marion McGovern, Special for The Times USA

I am proud to be part of the leadership team of the Myers-Briggs Company that made the effort to become a Certified B Corporation. Not only did we do all of the necessary work to become certified by B Labs in a way that makes us accountable for metrics beyond traditional financial measures, we are the oldest company in North America to do so. The choice was natural for us, since we have always operated with all stakeholders in mind. As such, developing metrics reflecting our commitments to our employees, community and the planet was just an extension of our business practices.  

So here I am, the Chair of the Board, beaming with pride at this accomplishment, and it turned out to be a bit anti-climactic. What was incredibly surprising to me, was how so few people seemed to know or appreciate what it means to be a Certified B Corp. Even though we join the ranks of over 1700 companies in 50 countries, many colleagues had no idea what that meant. Given that, I thought I’d share some highlights.

What is a Certified Benefit Corporation?

A Benefit Corporation is a legal structure that allows for profit companies to align their corporate mission with the interests of all stakeholders, especially around environmental and social issues that affect employees and their communities. Some pundits view it as a natural outgrowth of the “triple bottom line” construct in corporate governance, which has led to the growth in Corporate Social Responsibility Programs. (CSR). Whereas many goals stemming from CSR initiatives are elective, the goals set by are certified B Corporations are intended to be measured and met. To be certified, B Corporations must go through a rigorous evaluation by B Labs and must be recertified every two years.

A very common misconception about being a B Corporation is that it is a structure for non-profits. Choosing to become a B Corporation does not change the C Corp election. Many well know companies, like Patagonia, Etsy and Ben & Jerry’s are B Corporations. Large international profitable firms like Dannon have been B Corporations for years.

Why Become a Certified Benefit Corporation?

There are many reasons that companies are choosing to become certified B corporations and similarly, many reasons why investors are applauding the move.

  • Sustainability improves Performance – 80% of the studies on sustainability demonstrate that strong practices have led to enhanced performance. (http://benefitcorp.net/investors/who-investing-benefit-corps
  • Companies want to demonstrate authentic concern for stakeholder interests– A recent study by 2 business school professors concluded that the rise of CSR programs within large companies was often done for the firms to appear to be “green” and socially responsible. In the face of this, many smaller firms wanted to demonstrate their commitment to these principles by not just measuring a certain practice but being held accountable for it.
  • It provides a recruiting advantage – It is no secret that millennials are a powerful cohort in the labor market and will become 75% of the workforce by 2025. They are often very purpose driven, and working for a company with a higher purpose tp the community and the planet can be a differentiating factor and help a company become an employer of choice.
  • It can create tremendous engagement with employees – At The Myers-Briggs Company, we launched a bottoms-up employee led initiative to establish the metrics by which we would be measured. Employees from every office worldwide across disciplines and rank came together to develop the right set of measures. The buy-in and excitement this created was tremendous.
  • Liability can be reduced – The B corporation structure offers legal protections to balance the financial and non-financial interest involved in key corporate decisions

For the Myers-Briggs Company, all of these reasons applied. Moreover, we also realized that serving all stakeholders was just part of our DNA. We were already doing many of the things that were measured in the B Labs assessment. For us there was no anguish or indecision – to become a Certified B Corp – to B – was never the question, but rather the right answer.

You Might Also Like...

  • Welcome to THE TIMES USA

    The Times USA is the latest addition of news sites in partnership with the Price…

  • Prevent Enterprise Lawsuits Before They Even Start!

    By the Price of Business Show, Hosted by Kevin Price.  The Price of Business is a media…

  • Are You Owner #1 or Owner #2?

    By the Price of Business Show, Hosted by Kevin Price.  The Price of Business is a media…

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

VIDEO: This Week’s Best of our Network

https://www.thetimesusa.com/wp-content/uploads/2023/01/Why-the-Democrats-First-Primary-Move-to-South-Carolina-Matters.mp4

GDPR Compliance

USABR does not collect data on its visitors.  For more information visit: https://www.usabusinessradio.com/contact-us/

Contact

Contact articles@usabusinessradio.net for more information on articles on this site. BMuyco@usabusinessradio.net for all other information.

Recent Articles

  • Whose Voice Do You Listen To?
  • The Controversies Surrounding George Santos Committee Assignments
  • Read This Before You Start A Security Agency
  • Points of Leadership: Transformational Leadership
  • Confidence Slayers: Sparking Sensibilities

The Secret to Making New Rich Books Work

The Secret to Making New Rich Books Work

Also in TTUSA

  • Jim West’s Contributions to Improve Tourism in Pittsburgh
  • Leading Economist Discusses Dangers of Recent COVID Stimulus
  • Small Business Is Big Business
  • Trump’s Syria Policy Shows US Politician Hypocrisy Transcends Parties
  • 3 Simple Ways for Turning Adversity Into Breakthroughs

RSS The Daily Blaze

  • How Hypnosis Can Help for Successful Weight Management
  • How to Guide the Behaviour of the Little Ones in The Child Care Industry
  • Will the FTC Move on Non Competes Hurt the Economy?
  • Republican Governors War on Big Tech or Free Speech?
  • How to Prepare a London Property for the Short-Term Rental Market

The Leader in Business News

The Leader in Business News

RSS USA Business Radio

  • Starting the New Year Out Right Financially
  • Former White House Budget Director’s Dire Warning on the Economy
  • Cody Willard on the Trial of Elon Musk
  • What’s Up with New Crypto Efforts?
  • Former Vice President Pence Joins Trump and Biden with Confidential Document Issues

RSS USA Daily Times

  • Earth’s Inner Core Seems to Be Slowing Its Spin
  • The Original Series at The Times USA
  • How To Invest Passively in Real Estate
  • Fan of Yellowstone and 1923? You Need To Hear This.
  • Music Podcast Hosted by James Cox Who Has Cerebral Palsy

RSS USA Daily Chronicles.

  • The Original Series at The Times USA
  • Make the Customer Feel Comfortable
  • Illustrator Eric M. Strong Discusses the Power of Underestimating Yourself
  • Dr. Cassandra McBride-Smith’s Commentary Feature on Price of Business Digital Network
  • Does Your Face Hurt?

RSS Price of Business

  • How Hypnosis Can Help for Successful Weight Management
  • Starting the New Year Out Right Financially
  • Former White House Budget Director’s Dire Warning on the Economy
  • Is Your Child’s 529 Plan in Danger?
  • Will the FTC Move on Non Competes Hurt the Economy?

RSS US Daily Review

  • Dr. Ann Hester’s Commentary Feature on the Price of Business Digital Network
  • The Most Common Online Degrees You Can Get
  • Investigating the Potential of Ethereum Gambling as a Mainstream Entertainment Choice
  • Everest Business Funding Lists Effective Ways to Measure Business Performance
  • The Original Series at The Times USA

PoB Digital Network

US Daily Review

USA Business Radio

USA Daily Chronicles

USA Daily Times

The Daily Blaze

The Times USA

Price of Business

© 2023 THE TIMES USA | Powered by Superbs Personal Blog theme