Remote-First Company/SAN FRANCISCO—Oyster®, the employment platform to hire, pay, and care for global teams, today announced its certification as a B Corporation™ (B Corp™). Oyster has the distinction of being one of only 20 B Corp Unicorns in the world, a milestone achieved just three years after the company’s launch.
To highlight the transformative effects its platform has made in the lives of knowledge workers in emerging markets, Oyster published its second annual Impact Report, with the majority of workers reporting increased income and ability to support their families, in addition to improved quality of life.
Becoming a B Corp
B Corp Certification designates that a business meets the highest standards of verified social and environmental performance, accountability, and transparency. Specifically, Oyster was recognized for its commitment to impact through a business model that binds the mission into the company’s bylaws, as well as for providing training and employment opportunities to underserved communities as a way to promote diversity, inclusion, and economic mobility.
“We’re deeply gratified by this milestone and hope that Oyster will inspire more entrepreneurs to create companies that embed impact into their business models,” said Oyster co-founder and Impact Officer, Jack Mardack. “Becoming a B Corp and a Unicorn in three years proves companies that do good can also do well, and gives us our best chance to meaningfully redress our most pressing global-scale issues.”
Oyster’s Annual Impact Report
On the heels of Oyster’s B Corp certification, the company also published its second annual Impact Report. The inaugural report demonstrated the different ways that distributed work benefits people, their families, and their communities—from greater access to opportunity regardless of location, improved work-life balance, and reduced environmental footprint. Oyster’s impact reporting focuses on those living in emerging economies, where these benefits are often accentuated and can be transformational from a quality-of-life perspective. In December 2022, Oyster achieved and exceeded its goal to reach annual payments of $50M into emerging markets by EOY (sending $53.6M in 2022), and to date has reached a historical high of 28% of users in emerging countries.
Going a step further, the company conducted an analysis in partnership with Salesforce Ventures and social impact research firm 60 Decibels, and for the first time, gained insight into the impact its global employment platform has had on the lives of knowledge workers in emerging markets. Highlights show:
- Income: 74% of individuals report an increase in income
- Family: 64% say their ability to support their family “very much increased”
- Impact on life:60% report improved quality of life—a figure that rises to 74% for women
- Access: 60% report job access to foreign employers improved
Finally, Oyster believes that distributed work benefits both employees and an organization’s entire workforce. To test this, the company surveyed customers to get a sense for how distributed work was affecting their people, teams, and culture. The results strengthen the conviction behind Oyster’s thesis, with customers reporting the following workplace aspects as “somewhat or greatly improved:” Culture/Moral (59%); Diversity (58%); and Engagement (45%).
“Oyster exists to try to create a fairer world and, in the process, to demonstrate a better way of doing business. Emerging economies shouldn’t have to remain emerging, and we’re dedicated to creating a world of career opportunities for global communities while simultaneously increasing employee-centricity and reducing inequality,” said Oyster co-founder and CEO, Tony Jamous. “While our direct impact will affect millions of people, we have an even more ambitious vision—one where the entire employment system pivots to a model of distributed working that benefits hundreds of millions of people.”
To read Oyster’s annual Impact Report in full, visit: https://www.oysterhr.com/resources/annual-impact-report-2023.