There’s no doubt about it – 2020 has been a tough year.
COVID-19 has upended our sense of normalcy and capsized hundreds of thousands of businesses and millions of jobs. Seeing unarmed black men killed at the hands of police has forced us to engage in necessary, but uncomfortable, conversations about race in this country. Our politics are polarized and the future is uncertain.
To say otherwise wouldn’t be a fair assessment of the past year. But that doesn’t mean there aren’t opportunities to rise to the occasion. Crisis can tear a group apart or bring it together. I’ve seen more of the latter.
From resourceful small business owners who have found new ways to generate revenue to everyday people helping where they can, there’s a lot to be proud of this year. And that do-good ethos is thanks to the abundance mindset.
The abundance mindset refers to the belief that no matter the circumstances we find ourselves in, there are still opportunities to find wealth and share it with others. This is distinguished from the scarcity mindset, which posits that our opportunities for success are limited.
Effective corporate social responsibility provides a great example of the abundance mindset in action. And it proves that, even in difficult times, it’s still possible to “do well and do good.” And what better time to implement corporate models that put employees and the community above the Friedman-esque ideology emphasizing shareholder primacy?
The companies rising to the occasion in 2020 are those that have advocated for employee safety, economic equality, and social reforms. These are the organizations that have continued to support nonprofits that are providing vital food, shelter and healthcare to low-income individuals. These are the organizations emphasizing the well-being of employees, mentally and physically, instead of solely looking at productivity and profit.
It’s easy to talk the talk when it comes to corporate social responsibility. But 2020 has separated the talkers from the organizations that have continued to abide by their mission-driven policies, notwithstanding the hardship this year has brought to the bottom line.
In August of 2019, the Business Roundtable released a statement redefining the purpose of the corporation. The statement emphasized standing up for all stakeholders, not just shareholders. We need to embrace that statement more than ever this year.
Luckily, one group of mission-driven companies has been supporting all stakeholders long before the Business Roundtable’s announcement. B Corporations “are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.”
B Corporations must be re-certified every three years, which forces them to continually showcase their dedication to more than just the bottom line. This can come in many different forms. Maybe it’s an annual donation to charitable organizations; maybe it’s an increased push for transparency within an organization; it could also be a focus on volunteering.
Whatever the case, B Corporations and others that emphasize their corporate values, and not just revenues, are a breath of fresh air in 2020. They’re proof that it’s possible to have an abundance mindset, despite less-than-ideal circumstances.
My hope is that the B Corporation ethos continues to gain traction. I think it will, thanks in large part to the renewed focus COVID-19 has put on how we treat our workers and communities. That’s a positive takeaway from a difficult year.
