Phastar is now a B Corp™ - what, how, and why?
We are absolutely delighted that Phastar is now a certified B Corporation®, effective from June 2023. We are proud to be a part of this community (covering 6,800 global companies) and to reaffirm our objective to lead the CRO industry in corporate social responsibility!
What does it actually mean to be a B Corp™?
B Corps™ are organisations that uphold the highest social and environmental standards, underpinned by a dedication to remain sustainable, transparent, and accountable. B Corps™ are both profit and purpose driven and consider the impact of the decisions across a multitude of areas both internally and externally.
Attaining this certification asserts our commitment to leading in the global movement for an inclusive, equitable and regenerative economy. It is our declaration to use our business as ‘a force for good’ by creating tangible value for our workforce, the communities we serve and society as a whole.
Why did we want to be a B Corp™?
As a purpose-driven organisation, our commitment to patient well-being and employee satisfaction naturally aligns with the principles of sustainability and social responsibility. We understand that our success goes beyond financial metrics and encompasses our impact on the environment, the communities we operate in, and the stakeholders we serve. Therefore, becoming a certified B Corporation was a logical step for us to hold ourselves accountable and transparently demonstrate our dedication to these principles.
When our journey began in 2007, our purpose was twofold: to contribute by bringing lifesaving and life-changing treatments to patients, and to become the premier biometrics provider to work with and work for.
From the beginning, our organisation has been committed to developing innovative biometric solutions that enhance the accuracy, speed, and reliability of clinical trials, medical research, and patient care. We understand that by leveraging cutting-edge technology and data-driven insights, we can streamline processes, accelerate the development of new treatments, and ultimately improve the quality of life for patients around the world.
In addition to our dedication to advancing healthcare, we recognise the importance of creating a workplace that attracts and retains top talent. We aim to be an organisation where individuals can thrive, feel valued, and make a meaningful impact. By fostering a culture of innovation, collaboration, and personal growth, we strive to ensure that our employees have fulfilling careers and opportunities to contribute to the greater good.
How did we become a certified B Corporation®?
The process to achieve and maintain certification is rigorous and requires engaging teams and departments across the company. Following a stringent 12-month review by B Lab our business practices and performance were assessed across five categories: governance, workers, customers, community, and the environment.
The minimum threshold is 80 points, with the median score being 55 points. Our score was 91.4 points. Therefore, to have scored above the minimum threshold is a huge achievement in itself and something we are incredibly proud of. Below are just a few of our ESG initiatives we have put in place which helped us to obtain certification:
- Providing extensive pro-bono services to a number of charities (some of which include Great Ormand Street Hospital, Prostate Cancer Research and Education for Health) to enable access to our biometrics experts at no cost.
- Tracking workforce diversity and implementing inclusive hiring practices such as our commitment to diversity and inclusion in all job listings.
- Implementing polices to encourage purchasing from suppliers with diverse ownership and/or local suppliers.
- Updating our code of ethics and anti-corruption practices.
- Paying 100% of our FTEs the living wage.
- Continuously monitoring employee wellbeing and taking proactive steps to improve it and provide further support.
- Engaging all our landlords to implement sustainability measures in the office and are monitoring our carbon emissions to internationally recognised standards.
- Implemented recycling policies across all of our locations.
- Implemented tree planting initiatives in Scotland and Kenya
What’s next for us?
Whilst we are thrilled with our score and certification, we know that we must now turn our attention to our future strategy and goals. Some of our current action planning involves work around the following areas:
- Signing up to the Net Zero pledge in the coming 12 months
- Conducting our first social impact assessment
- Developing our Employee Value Proposition (EVP)
We hope that our journey as a certified B Corporation® serves as an inspiration and catalyst for change. We believe that by working together, we can build a more sustainable, inclusive, and responsible business landscape for the benefit of all.
For more information please visit phastar.com/about-us/certified-b-corporation.