Pat Caldwell is Chief Operating Officer at FundApps. FundApps is a bootstrapped SaaS scaleup with offices in London, New York and Singapore and remote employees spread across the globe. FundApps helps investment managers comply with worldwide regulations and monitors over $14 trillion in assets under management every day.
In 2018, FundApps became a Certified B Corporation, and in 2019 were recognised as a B Corp ‘Best for the World’ Honoree – highlighting their commitment to doing good by our people, the environment and the community..
As part of the Culturevist event held to help our community learn from peers on the journey, Pat kindly shared some of what they did, and learned, becoming a B Corp. You can see the video of their story above. Here are a few of the highlights:
- The B Corp effort is led by Andrew, the founder, as a business-wide way of operating, rather than only an HR initiative.
- Their vision in 20 years is that B Corp is the minimum standard that every business needs to operate.
- B Corp journeys are so individual to the context of the business. We needed to genuinely hold up the mirror to our own operations.
- Let’s look at the areas that are fundamental to our growth and also aligned to the B Corp philosophy.
- A few examples of the many:
- Financial transparency: every 6 months standing up in front of the entire company and presenting an open book of our financial performance. So people can know how we make our money, how we spend it, etc. This encouraged ownership. The more transparency you give on this, the more transparency you get back in terms of decision-making and how aligned that is to your performance.
- To help enable people to invest in their wellbeing, rather than paying the the national minimum or living wage, we created a FundApps living wage. In the UK that is every one is paid at least £32k, including our interns.
- For parental leave, we asked parents what good parental leave looks like. It was designed based on the team and lived experience. They came back with something that looked different to UK and US governmental statutory standards: one 6 month full-pay parental policy, gender-blind, flexible within two years, available to anyone across the globe, and has no tenure requirements.
- 3 things we learned:
- A cultural upheaval which needs a clear “why”. Becoming a B Corp is pretty intensive, they are very deliberate in what they ask for. You need to treat it as a bit of an upheaval, get rid of some of the baggage that exists in a business, hold up a mirror, and you need a clear “why” that goes beyond just becoming a B Corp.
- Being a force for good is contextual. While companies like Patagonia and Ben & Jerry’s have done amazing work in their businesses, the trick is for us to learn what does being a force for good look like within our business?
- B Corp needs to represent more than just certification. It’s an operating model for the business. It guides how we approach and respond to many issues, such as: the pandemic, and family and domestic violence. It’s not just a certification every three years!
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