B Lab Certification
A B Lab Certification is a business certification given to profit businesses, which are privately owned. This certification is issued by B Lab, which is a global nonprofit organization. To be granted this unique certification companies need to have a minimum score on a ‘test’. This “test” looks at the "social and environmental performance" of the company. This certification needs to be renewed after three years.
Companies that have the B Lab certification are companies that focus not only on increasing revenue but also on having a purpose. These companies are required to make decisions that will also benefit their customers, stakeholders, shareholders, community, suppliers, and the environment. B Lab certification improves the overall image of any company. Companies in this category can be described as businesses operating for the common good of society as a whole.
Most talents in the global workforce seek employments in companies that have the B Lab Certification. Not to mention a B Lab certification is an attractive feature on a company's portfolio when seeking possible investors. By April 2020, there were 3,300 certified B Corporations in 71 countries, across 150 industries.