The role of business in the cost of living crisis: our poll results
In August 2022 we asked UK businesses and members of the public about their expectations when it comes to managing the cost of living crisis.
How businesses see their future
Mission-led businesses (1) are more confident in their growth across the next 6 months with 60% of companies feeling fairly or very confident about growth, compared to 44% of their counterparts (2).
What the public expect (3)
- According to a YouGov survey, 69% of the UK public agreed that it was business leaders' responsibility to act to reduce the burden of the cost of living crisis for their employees, customers and/or suppliers.
- 60% of the UK public think businesses should reduce the financial pressure for employees (for example, by increasing salaries and subsidising travel costs) in response to the cost of living crisis).
- 44% of the UK public think businesses need to be focusing on environmental innovation (e.g. seeking new ways to power the business) in response to the cost of living crisis.
How businesses are responding to the cost of living crisis
- Research conducted by B Lab UK found that mission-led businesses (54%) are twice as likely to be establishing or maintaining good relationships with suppliers compared to 27% of a YouGov survey of British non mission-led businesses over the next 6 months.
- Mission-led businesses (24%) are 4x as likely to be providing additional support for underrepresented (4) groups than non mission-led businesses (6%).
- Mission-led businesses (65%) are 2.5x as likely to be mitigating financial challenges for workers than non mission-led businesses (25%)
- Mission-led businesses (53%) are over 3x as likely to provide non-monetary benefits for employees than non mission-led businesses (15%).
Throughout this report, we've defined 'mission-led businesses' as those that operate with principles of stakeholder governance, including Certified B Corporations, Social Enterprises, Community Interest Companies or businesses who have a legally embedded social purpose.
(1) Mission-led business data has been taken from a survey run by B Lab UK
(2) Non-mission-led business data has been taken from a B2B survey of British businesses run by YouGov
(3) Data has been taken from a YouGov survey of the UK public
(4) These include people of colour; people with disabilities; people from a lower socioeconomic status; people who are gay, lesbian, bisexual, and transgendered; people of a nondominant religion; and retirees (SAGE Research Methods)
About the Data
B Lab UK Methodology
This survey has been conducted using an online survey sent to our network including through the B Corp Community, Better Business Act Coalition, Social Enterprise UK and Unltd. Participating businesses were asked a gatekeeping question. Mission-led business data was drawn from companies that operate with principles of stakeholder governance who were either a Certified B Corporation, Social Enterprise, Community Interest Company or who have a legally embedded social purpose. 152 businesses took part in this survey, of which our sample of 77 ‘mission-led’ businesses was taken.
The survey was carried out online between Monday 15th August to Friday 26th August. For further information about the results in this spreadsheet, please contact B Lab UK on firstname.lastname@example.org.
This survey has been conducted using an online interview administered to members of the YouGov Plc UK panel of 800,000+ individuals who have agreed to take part in surveys. Emails are sent to panellists selected at random from the base sample. The email invites them to take part in a survey and provides a generic survey link. Once a panel member clicks on the link they are sent to the survey that they are most required for, according to the sample definition and quotas. (The sample definition could be "GB adult population" or a subset such as "GB adult females"). Invitations to surveys don’t expire and respondents can be sent to any available survey. The responding sample is weighted to the profile of the sample definition to provide a representative reporting sample. The profile is normally derived from census data or, if not available from the census, from industry accepted data.
YouGov Plc make every effort to provide representative information. All results are based on a sample and are therefore subject to statistical errors normally associated with sample-based information.
For UK Public Data, total sample size was 2104 adults. Fieldwork was undertaken between 17th–18th August 2022. The survey was carried out online. The figures have been weighted and are representative of UK Adults.
For non mission-led businesses, all figures, unless otherwise stated, are from YouGov Plc from a survey commissioned by B Lab UK. Total sample size was 531 Senior Decision Makers of which 492 were non mission-led businesses (excluding respondents who identified as being one of the mission-led business types in the above mentioned sample). Fieldwork was undertaken between 18th–23rd August 2022. The survey was carried out online. The overall sample and figures have been weighted and are representative of British business size.
For further information about the results in this spreadsheet, please contact YouGov Plc (+44)(0)207 012 6231 or email email@example.com quoting the survey details.