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30th Apr 2024

Blog

Our commitment to becoming a certified B Corporation represents a significant leap towards ethical and sustainable business practices in the shared living sector incorporating – Purpose-Built Student Accommodation (PBSA), Co-Living, BTR and Later Living. This initiative places us in a pioneering position, aligning with the environmental and social consciousness of our primary audience—students and young professionals. 

Given to companies that meet high standards of social and environmental impact, accountability, and transparency, the B Corp certification is about using business as a force for good, balancing profit with purpose. Certified companies work towards positive change in governance, workers’ rights, community support, environmental protection, and customer care. The certification is managed by the nonprofit B Lab. 

Why B Corp Certification? 

Our motivation to pursue B Corp certification stems from a desire to do, better. This ambition involves collaborating with various stakeholders, including our residents and the local community, to drive positive change. By joining the B Corp community, we are demonstrating a commitment to balancing profit with purpose.   

As a student housing provider, achieving B Corp certification is particularly relevant as it aligns with the values and expectations of our primary stakeholders—students—who are increasingly conscious of environmental and social issues. It signals to them that we are committed to not only providing quality living spaces but also to operating in a manner that is responsible, sustainable, and community-oriented.  

 This certification assures students and their families that their living environment is managed by a company that prioritises ethical practices and contributes positively to society and the planet, thereby enhancing the attractiveness of mys accommodation in a competitive market. 

 

Industry Significance 

The B Corp certification is particularly significant for the PBSA sector, as there are currently no B Corp registered entities within the industry. This places us in a unique position to lead and inspire change, reflecting our company’s values and the expectations of our environmentally and socially aware audience. 

 

Aligning B Corp Impact Areas with mys Values 

We closely align our values with the B Corp impact areas, emphasising our commitment to a business model that equally prioritises social and environmental responsibilities. A prime example of this alignment is our value of “Family,” which we actively integrate by providing our employees with comprehensive support to balance work and family life. This support is manifested through various benefits and flexible options that cater to the diverse needs of our staff, ensuring that family remains a priority. This alignment not only reflects our holistic approach to business but also leverages the B Corp accreditation’s recognition among our customers.  

As there is currently a notable absence of PBSA providers with B Corp certification, we have a unique opportunity to lead the sector in ethical and sustainable practices. The B Corp framework offers an invaluable blueprint for building our business from the ground up, guiding us to embed these principles deeply into our operations and corporate culture, thereby distinguishing ourselves in the market and setting a new standard for the industry. 

 

The Journey and Assessment Process 

As a B Corp Pending entity, we have 12 months to meet the full certification criteria. The process involves a comprehensive review of the company’s policies and practices, focusing on mys’ long-term goals of building a shared-living developer and operator focused on the planet and profit.  

 

Changes and Improvements 

To meet B Corp standards, we’ve updated our legal framework, emphasising responsibility to all stakeholders. We’ve woven B Corp principles into every decision-making process, ensuring a consistent approach to ethical business practices. Additionally, we’ve embraced becoming a Living Wage employer and a Carbon Literate organisation, including the implementation of comprehensive Carbon Literacy training for all new employees. This training is integral to our commitment, ensuring our team is well-versed in sustainable practices and can contribute effectively to our environmental goals.  

Furthering our commitment, we’ve transformed our website into an eco-friendly platform, adopting energy-saving designs and smart content strategies to significantly reduce our digital carbon footprint, mirroring our dedication to sustainability and setting a new standard in digital environmental responsibility. 

 

Impact on Team and Business Practices 

Incorporating B Corp standards has profoundly influenced the mys team, cultivating a mindset where sustainable and ethical considerations are paramount in all business decisions. This approach extends beyond B Corp requirements, permeating our company ethos. 

 

Involvement of Stakeholders 

We recognise the importance of engaging students and local communities in its B Corp journey. Future initiatives will provide opportunities for these groups to contribute actively to mys’s sustainable and ethical practices.  

 

Staying True to B Corp Principles 

Our commitment to B Corp principles involves accountability and transparency, which reflects our ethos of continual learning and aspiration to always do, better. Every three years, the company will undergo a rigorous assessment to ensure adherence to our pledges and continued progress in being a force for good.  

Our journey towards B Corp certification reflects a profound commitment to redefining the role of businesses in society. By aligning our values with B Corp’s impact areas and engaging with the community, we’re hoping to set a new standard for the PBSA industry and for businesses striving to make a positive impact. 

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