B Corp and the role of stakeholders in the future of work

As part of our series of discussions on benchmarks of the near future, we were joined by Faustine Mailleux, a senior sustainability manager and B Corp consultant to discuss two important topics in today's business world: the B Corp movement and the future of work.?

In this interview, Faustine discusses her participation in the B Corp movement, the importance of an “employer's brand”, and the difference between shareholders and stakeholders. She also explores the idea of growth beyond financial metrics and the need for stronger non-financial strategies. Faustine suggests that creating value for all stakeholders, including employees, should be considered as growth even if it doesn't result in financial growth.?

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What interested you about the B-Corp certification?

I was immediately drawn to the B Corp movement, which I consider to be more than just a certification - it's a journey that requires a long-term commitment. Once you start, you can not go back. It's something that becomes ingrained in your company culture and provides concrete ways for improvement. The B Corp certification is looking at the company as a whole, as all its stakeholders, and pushes them to go beyond the legal mandatory requirements.?

One thing that also really impressed me is that the B Corp tool is open source, which shows their strong commitment to improving things, even if B Corp doesn’t directly benefit from it.?

What is an “employer’s brand” and how will it evolve in the future??

An employer's brand is the image and reputation of the company as an employer. In the traditional way of working, work can be seen as a burden, and life as the enjoyable part. The so-called work-life balance aims to strike a balance between the burden and the things you enjoy.

Tomorrow, I feel it won't just be about ‘work-life balance’. It'll be about finding work that you're passionate about, work that you enjoy doing, and work that is a part of your life. That's the radical shift that's going to happen. It's not just about balancing work and life; it's about creating a career that aligns with your values.

What’s the difference between a shareholder and a stakeholder?

I would not call it a difference. The shareholders are one type of stakeholders. A stakeholder is a person or a group that has an interest, a relationship with a company they can affect or be affected by. It can be suppliers, customers, consumers or employees. The real difference that is happening is that we are moving away from a shareholder-only vision towards a stakeholder perspective. Aiming to only satisfy the investors, financially, is not sustainable anymore.?

In fact, especially in larger companies, there can be a critical distance and discrepancy with investors who are "only" conventional shareholders and have no connection to other stakeholders of the company, such as employees and consumers. This discrepancy can hinder the ability to make the right decisions. If they are - like most of the companies currently - the only one making the decision, it can result in a big disruption for the company and even risk its long-term existence.

How do companies change and adapt?

Companies evolved around this and the number of employee-owners in listed companies continues growing every year. New models of business are also increasing, like mission-driven companies, so-called “entreprise a mission” in France or cooperatives. This is very linked to the employer’s brand we talked about before, and the motivation for employees to work- or “live” - for such companies,

Another very radical proposition was done by Patagonia last September 2022 when they decided to “going purpose” instead of “going public”, as Yvon Chouinard. We are not done finding new ways for businesses to exist, I am very enthusiastic about it.

Does it still count as growth if you create more value for all stakeholders within a company without financially growing?

Financial versus non-financial, that is NOT (anymore) the question… In fact, this should be a mix of all, in decision-making, data-systems, mindsets or in reportings. Yet, most companies still consider it separately, featuring a financial vs a CSR/Sustainability/non-financial reporting for instance. My belief is that we need a radical change for the future. Companies need to create value overall, for profit, but also for people and for planet in order to leave long. Those 3 P’s should be part of a whole and be embedded in a value system, simultaneously considered for any decision-making. In fact, while you need to stay profitable to survive, isn’t creating value for people and planet also growth? I am hopeful this will be pushed (including through the EU commission Green Deal) in the future.??

Looking at insights from various agencies (i.e. Deloitte 2020 insights) sharing that “Purpose-driven companies witness higher market share gains and grow on average three times faster than their competitors, all the while achieving higher employee and customer satisfaction.”, I can only be optimistic.

What are your thoughts on certifications and the stakeholder economy? Let us know in the comments or shoot us an email at?[email protected]. Happy to chat!

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