B3 The costs and benefits of seeking recognition from external bodies
The Fairtrade Foundation is an organisation that aims to ensure that farmers and workers are given fair treatment and payment for their part in the supply chain. An advantage of selling Fairtrade products is that brand image can be improved.
FTSE4Good in an index of firms on the stock market who are engaged in ethical activities. Examples of firms that would appear on this index are those which are engaged in clean energy provision and those with a strong CSR focus. An advantage of this recognition is that it may attract investment.
Investors in People is a government organisation that can offer accreditations to organisations who make efforts to develop their workforce. Investors in People may conduct an audit into the HR practices of an organisation and offer suggestions to improve further. Firms advertise this accreditation which may have a beneficial impact on their brand which can attract more staff, motivate existing staff and appeal to customers.
Business in the Community is an organisation set up by HRH The Prince of Wales as an advisory service to people in business. Business members can receive support on starting up, devising long term strategies, leadership of staff and how to be more ethical in their operations. An advantage of being part of this community is seeking expert advice.
