{"id":23342,"date":"2022-06-17T09:02:51","date_gmt":"2022-06-17T09:02:51","guid":{"rendered":"https:\/\/work.life\/?p=23342"},"modified":"2025-03-11T11:07:45","modified_gmt":"2025-03-11T11:07:45","slug":"ethics-in-business","status":"publish","type":"post","link":"https:\/\/work.life\/blog\/ethics-in-business\/","title":{"rendered":"Ethics In Business: Why Ethical Businesses Are More Profitable"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Quick Links<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/work.life\/blog\/ethics-in-business\/#i\" >\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/work.life\/blog\/ethics-in-business\/#Consumer_behaviour_shapes_brand_behaviour_four_in_five_people_wont_buy_from_unethical_brands\" >Consumer behaviour shapes brand behaviour: four in five people won\u2019t buy from unethical brands<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/work.life\/blog\/ethics-in-business\/#Nine_in_ten_employees_would_leave_a_job_if_their_values_didnt_align_with_the_companys\" >Nine in ten employees would leave a job if their values didn\u2019t align with the company\u2019s<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/work.life\/blog\/ethics-in-business\/#An_ethical_business_model_is_key_to_securing_investments_and_brand_partnerships\" >An ethical business model is key to securing investments and brand partnerships<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/work.life\/blog\/ethics-in-business\/#Why_should_a_business_be_ethical_Not_just_for_profit_%E2%80%94_ethics_in_business_is_essential_for_society_communities_and_the_planet\" >Why should a business be ethical? Not just for profit \u2014 ethics in business is essential for society, communities and the planet<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>From hiring Environment Directors to running charity fundraisers, small businesses and major brands alike are doing more to give back to the planet and society. But can a business be ethical and profitable? \u2018Business ethics\u2019 may sound like an oxymoron, but the data shows that ethical businesses actually grow faster than those focused purely on profit.<\/strong><\/p>\n<p><a href=\"https:\/\/www.bcorporation.net\/en-us\" target=\"_blank\" rel=\"noopener\">B Corp<\/a> certified businesses are a shining example of this. To achieve B Corp status, a company must meet various criteria proving high standards of transparency, accountability, and social and environmental responsibility throughout their policies and practices \u2014 an overall high and consistent focus on business ethics from the supply chain through to employees and stakeholders. On average, <a href=\"https:\/\/grantify.io\/b-corp-certification\/#:~:text=With%20B%20Corp%20certification%2C%20you,ONS)%20It's%20also%20great%20business\" target=\"_blank\" rel=\"noopener\">B Corps grow 28 times faster than the average business<\/a>. The top-performing B Corps see consumer demand multiplying as much as 14 times over a 5-year period:<\/p>\n<table style=\"height: 300px;\" width=\"638\">\n<tbody>\n<tr>\n<td width=\"273\"><strong>B Corp Company<\/strong><\/td>\n<td width=\"139\"><strong>Average Consumer Demand in 2017 (Google Trends Score)<\/strong><\/td>\n<td width=\"123\"><strong>Average Consumer Demand in 2022 (Google Trends Score)<\/strong><\/td>\n<td width=\"64\"><strong>5-Year % Growth<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"273\"><strong>Patients Know Best<\/strong><\/td>\n<td width=\"139\">3.9<\/td>\n<td width=\"123\">58.1<\/td>\n<td width=\"64\">1390%<\/td>\n<\/tr>\n<tr>\n<td width=\"273\"><strong>House of Baukjen<\/strong><\/td>\n<td width=\"139\">0.8<\/td>\n<td width=\"123\">8.1<\/td>\n<td width=\"64\">913%<\/td>\n<\/tr>\n<tr>\n<td width=\"273\"><strong>Matchable<\/strong><\/td>\n<td width=\"139\">3.2<\/td>\n<td width=\"123\">25.4<\/td>\n<td width=\"64\">694%<\/td>\n<\/tr>\n<tr>\n<td width=\"273\"><strong>HelloFresh<\/strong><\/td>\n<td width=\"139\">15.4<\/td>\n<td width=\"123\">75.5<\/td>\n<td width=\"64\">390%<\/td>\n<\/tr>\n<tr>\n<td width=\"273\"><strong>Wholegrain Digital<\/strong><\/td>\n<td width=\"139\">5.2<\/td>\n<td width=\"123\">18.8<\/td>\n<td width=\"64\">262%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source: <a href=\"https:\/\/trends.google.com\/trends\/?geo=GB\" target=\"_blank\" rel=\"noopener\">https:\/\/trends.google.com\/trends\/?geo=GB<\/a><\/em><\/p>\n<p>Ethical businesses are more profitable \u2014 but why? From consumer behaviour to employee retention, we used online research and an in-house survey to discover the different forces at play in the ethical business movement.<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-23426\" src=\"https:\/\/work.life\/wp-content\/uploads\/2022\/06\/Worklife_Ethical_Businesses_Graphic_V4-01-1-scaled.jpg\" alt=\"Ethics in business and why ethical businesses are more profitable including B Corps\" width=\"1006\" height=\"2560\" srcset=\"https:\/\/work.life\/wp-content\/uploads\/2022\/06\/Worklife_Ethical_Businesses_Graphic_V4-01-1-scaled.jpg 1006w, https:\/\/work.life\/wp-content\/uploads\/2022\/06\/Worklife_Ethical_Businesses_Graphic_V4-01-1-118x300.jpg 118w, https:\/\/work.life\/wp-content\/uploads\/2022\/06\/Worklife_Ethical_Businesses_Graphic_V4-01-1-402x1024.jpg 402w, https:\/\/work.life\/wp-content\/uploads\/2022\/06\/Worklife_Ethical_Businesses_Graphic_V4-01-1-768x1955.jpg 768w\" sizes=\"(max-width: 1006px) 100vw, 1006px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Consumer_behaviour_shapes_brand_behaviour_four_in_five_people_wont_buy_from_unethical_brands\"><\/span>Consumer behaviour shapes brand behaviour: four in five people won\u2019t buy from unethical brands<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Raised awareness of social and environmental issues has shifted the consumer mindset towards more responsible shopping habits. With greater access to information via the web and through apps like <a href=\"https:\/\/goodonyou.eco\/\" target=\"_blank\" rel=\"noopener\">Good On You<\/a>, shoppers are doing their research to check that the brands they buy from operate in an ethical way \u2014 and those that don\u2019t get the chop.<\/p>\n<p>Our survey results show 70% of people now actively seek sustainable brands to buy from, and 82% would stop buying from an unethical brand completely. We\u2019re currently seeing this in real-time with the <a href=\"https:\/\/www.retaildive.com\/news\/fast-fashion-faces-steep-declines-in-the-next-decade-or-sooner-ubs-warns\/598215\/\" target=\"_blank\" rel=\"noopener\">fall of fast fashion brands<\/a> like Missguided.<\/p>\n<p>The most important factor for respondents was how brands treat their staff: 40% said this is the most important thing they expect from brands they buy from, making it more important than vegan\/cruelty free products (24%), recyclable materials (20%) and green energy usage (14%).<\/p>\n<p>Achieving B Corp status is important too. <a href=\"https:\/\/www.statista.com\/statistics\/1257610\/importance-of-b-corporation-certification-for-purchases-uk\/\" target=\"_blank\" rel=\"noopener\">A survey<\/a> conducted in July 2021 found almost 70% of UK respondents would be more likely to buy from a B Corp brand. Since then, interest in B Corps has increased significantly. Our survey shows three in four people have heard of a B Corp, and of these, 84% are more likely to buy from a B Corp brand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Nine_in_ten_employees_would_leave_a_job_if_their_values_didnt_align_with_the_companys\"><\/span>Nine in ten employees would leave a job if their values didn\u2019t align with the company\u2019s<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Employees are doing their research, too. With access to company information through the internet, LinkedIn and review websites like Glassdoor, employees can make informed choices about the companies they choose to work for. As a result, businesses with the most extensive employee benefits and social responsibility policies magnetise the best candidates and have the highest staff retention: 91% said they\u2019d leave a company if their values didn\u2019t align.<\/p>\n<p>Our survey results show what employees research about a company before they apply for a role:<br \/>\n1. Glassdoor reviews \u2014 80%<br \/>\n2. Diversity policy \u2014 60%<br \/>\n3. Environmental policy \u2014 40%<br \/>\n4. Charity initiatives \u2014 30%<\/p>\n<p>When asked what the most important company policy is, only 5% said the environment, making it the lowest priority after:<br \/>\n1. Culture and diversity: 39%<br \/>\n2. Transparency: 29%<br \/>\n3. Employee rights: 27%<\/p>\n<h2><span class=\"ez-toc-section\" id=\"An_ethical_business_model_is_key_to_securing_investments_and_brand_partnerships\"><\/span>An ethical business model is key to securing investments and brand partnerships<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors also take ethical decision-making and policies into account before backing a business. <a href=\"https:\/\/grantify.io\/b-corp-certification\/#:~:text=With%20B%20Corp%20certification%2C%20you,ONS)%20It's%20also%20great%20business\" target=\"_blank\" rel=\"noopener\">82% of investors<\/a> state they\u2019re looking to increase their socially responsible investments, and 72% say they always screen investments for ethical or sustainability risks. As a result, the companies with the most socially responsible practices see the best chances of investment and growth.<\/p>\n<p>Meanwhile, those not prioritising having a positive social impact are quickly dropped by business partners, investors and other potentially lucrative deals. Most recently, style-setting reality show Love Island dropped their partnership with fast fashion brand I Saw It First in favour of eBay to promote sustainability and recycling in the fashion industry. It\u2019s clear that modern companies want to collaborate with those working hard to have a positive impact on both people and the planet, and distance themselves from unethical practices and brands.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_should_a_business_be_ethical_Not_just_for_profit_%E2%80%94_ethics_in_business_is_essential_for_society_communities_and_the_planet\"><\/span>Why should a business be ethical? Not just for profit \u2014 ethics in business is essential for society, communities and the planet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are so many reasons why ethical business operations are a must. Creating an inclusive workplace where employees are treated fairly supports staff retention and helps you attract the best talent. Green business operations and a strong environmental policy will attract consumers and investors alike. Ethical business operations go hand in hand with business profit, success and growth. But more importantly, ethics in business helps create a greener, happier world.<\/p>\n<p>At Work.Life, we\u2019re proud to be a B Corp certified business providing sustainable, socially responsible office spaces in London, Manchester and Reading. <a href=\"https:\/\/work.life\/sustainability\/\" target=\"_blank\" rel=\"noopener\">You can read all about our B Corp status and how we give back to the planet and people here<\/a>.<\/p>\n<p><a href=\"https:\/\/work.life\/office-space\/\" target=\"_blank\" rel=\"noopener\">Or click here to view our flexible office options for your business.<\/a><\/p>\n<p><strong>Method<\/strong><br \/>\nSurvey results were collected through <a href=\"https:\/\/www.instagram.com\/workdotlife\/\" target=\"_blank\" rel=\"noopener\">Work.Life\u2019s Instagram<\/a> using the story poll sticker. 1,650 results were collected in total.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From hiring Environment Directors to running charity fundraisers, small businesses and major brands alike are doing more to give back&#8230;<\/p>\n","protected":false},"author":84,"featured_media":23395,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","content-type":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[243],"tags":[],"post_type_category":[],"authors":[143],"class_list":["post-23342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-better-your-business","authors-elliot-gold"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Ethical Businesses Are More Profitable | Work.Life<\/title>\n<meta name=\"description\" content=\"&#039;Business ethics&#039; may sound like an oxymoron, but data shows ethical brands are more profitable. 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