Harvard Case - Laureate Education, Inc. & the B Corp Certification: Always meant to "B"?
"Laureate Education, Inc. & the B Corp Certification: Always meant to "B"?" Harvard business case study is written by Maria Ballesteros-Sola, Elizabeth Ontaneda. It deals with the challenges in the field of General Management. The case study is 21 page(s) long and it was first published on : Sep 1, 2019
At Fern Fort University, we recommend Laureate Education, Inc. (Laureate) pursue B Corp certification as a strategic initiative to enhance its brand image, attract talent, and solidify its commitment to social responsibility. This decision should be driven by a comprehensive internal assessment of Laureate's current practices against B Corp standards, followed by a phased implementation plan focused on achieving certification within a defined timeframe.
2. Background
Laureate Education, Inc. is a global education provider with a network of over 70 universities and higher education institutions across 25 countries. The company faces increasing pressure from stakeholders to demonstrate its commitment to social responsibility and sustainability. B Corp certification is a globally recognized standard that assesses a company's social and environmental performance, accountability, and transparency.
The case study highlights Laureate's internal debate regarding B Corp certification. Some executives believe it would be a valuable differentiator, while others express concerns about the cost and potential impact on operations.
3. Analysis of the Case Study
Strategic Framework:
This case study can be analyzed through the lens of Porter's Five Forces framework, highlighting the competitive landscape and opportunities for differentiation. The education industry is characterized by:
- High threat of new entrants: The rise of online learning platforms and alternative education providers creates competition.
- High bargaining power of buyers: Students are increasingly price-sensitive and have access to diverse options.
- Moderate bargaining power of suppliers: Universities and institutions have some leverage but are subject to market pressures.
- Moderate threat of substitutes: Alternative learning pathways and professional development programs exist.
- High rivalry among existing competitors: Intense competition exists within specific segments and geographies.
SWOT Analysis:
- Strengths: Global reach, diverse portfolio of institutions, established brand recognition, commitment to access and affordability.
- Weaknesses: Potential perception of profit-driven approach, limited transparency on social and environmental impact, potential for inconsistent practices across institutions.
- Opportunities: B Corp certification as a differentiator, increased student engagement through social responsibility initiatives, attracting talent with a strong ethical compass.
- Threats: Regulatory changes in education, increasing competition from non-traditional providers, negative publicity related to social and environmental performance.
Key Considerations:
- Brand image and reputation: B Corp certification can enhance Laureate's brand image as a socially responsible and ethical organization, attracting students and investors.
- Talent acquisition and retention: Millennials and Gen Z are increasingly drawn to companies with strong social and environmental values. B Corp certification can be a powerful tool for attracting and retaining top talent.
- Stakeholder engagement: B Corp certification demonstrates Laureate's commitment to transparency and accountability, fostering stronger relationships with stakeholders.
- Operational impact: Achieving B Corp certification requires significant internal changes and investments, including data collection, policy development, and operational adjustments.
4. Recommendations
- Conduct a comprehensive internal assessment: Laureate should undertake a thorough review of its current practices against B Corp standards. This assessment should involve all relevant departments and stakeholders, including faculty, staff, students, and external partners.
- Develop a phased implementation plan: Based on the assessment, Laureate should develop a phased implementation plan outlining specific actions, timelines, and resources required to achieve B Corp certification.
- Establish a dedicated team: A dedicated team should be formed to oversee the implementation process, coordinate with different departments, and ensure alignment with B Corp requirements.
- Communicate clearly and transparently: Laureate should communicate its commitment to B Corp certification to all stakeholders, highlighting the benefits and the expected impact on operations.
- Continuously monitor and improve: After achieving certification, Laureate should continuously monitor its performance against B Corp standards, identify areas for improvement, and adapt its practices accordingly.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: B Corp certification aligns with Laureate's mission of providing quality education and promoting social mobility.
- External customers and internal clients: B Corp certification will appeal to students seeking a socially responsible education and attract talent who value ethical workplaces.
- Competitors: B Corp certification differentiates Laureate from competitors and positions it as a leader in the industry.
- Attractiveness ' quantitative measures: While quantifying the exact return on investment is challenging, B Corp certification is expected to enhance brand value, attract talent, and improve stakeholder engagement, ultimately contributing to long-term growth and profitability.
6. Conclusion
Laureate Education, Inc. has a significant opportunity to leverage B Corp certification to enhance its brand image, attract talent, and solidify its commitment to social responsibility. By undertaking a comprehensive internal assessment, developing a phased implementation plan, and communicating its commitment transparently, Laureate can achieve B Corp certification and position itself as a leader in the global education landscape.
7. Discussion
Alternatives:
- Maintaining the status quo: Laureate could choose to focus on other initiatives and not pursue B Corp certification. However, this would risk falling behind competitors and potentially alienating stakeholders.
- Developing a customized social responsibility program: Laureate could develop its own social responsibility program without seeking B Corp certification. However, this might lack the credibility and recognition of a globally recognized standard.
Risks:
- Cost and resources: Achieving B Corp certification requires significant investment in time, resources, and operational changes.
- Potential for negative publicity: If Laureate's practices do not meet B Corp standards, it could face negative publicity and damage its reputation.
- Resistance to change: Some employees and stakeholders may resist the changes required to achieve B Corp certification.
Key Assumptions:
- Laureate is committed to achieving B Corp certification and is willing to invest the necessary resources.
- Laureate's practices align with B Corp standards and can be improved to meet the requirements.
- Stakeholders will perceive B Corp certification as a positive development and will support Laureate's efforts.
8. Next Steps
- Form a dedicated B Corp implementation team within 3 months.
- Complete the internal assessment of current practices against B Corp standards within 6 months.
- Develop a phased implementation plan with specific actions, timelines, and resource allocation within 9 months.
- Communicate the commitment to B Corp certification to all stakeholders within 12 months.
- Begin the formal B Corp certification process within 18 months.
By following these steps, Laureate can achieve B Corp certification and solidify its position as a leader in the global education landscape, demonstrating its commitment to social responsibility and sustainability.
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Case Description
In 2014 Laureate Education, Inc. (Laureate) was the largest for-profit post-secondary education company in the world, with almost one million students enrolled in more than 50 institutions across 20+ countries. During that year, this multinational corporation (MNC) was considering modifying its legal status to become a Public Benefit Corporation (PBC) in Delaware (U.S.) and completing the certification process to become a certified benefit corporation (B Corp). They had also decided to file an initial public offering (IPO). The IPO was planned for late 2015, so Laureate could potentially become the largest PBC and the first one to go public in the world. The case presents Laureate's founder and CEO, Doug Becker, in late 2014, evaluating the long-term value of the B Corp certification. To evaluate the decision, students must first understand what the B Corp certification and PBC legal status are and assess if they are helping the organization to fulfill its mission and to manage stakeholders' interests within the context of soon to be a publicly traded company. To do so, the case describes Becker's entrepreneurial background, Laureate's history, and critical developments up to 2014. The case highlights key points in the evolution of the for-profit higher education industry from the late nineties through 2014, as well as an introduction to the B Corp certification and its B Impact Assessment (BIA). The case also clarifies the difference between the B Corp certification and the legal statute of the same name adopted in 27 states by the end of 2014.
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