Join Bob McGannon for an in-depth discussion in this video Impacts of not establishing a business ethics framework, part of Business Ethics.
- Let me start this discussion with happy news.…Organizations globally are getting on board…with having a business ethics framework.…This is due to the increasing numbers…of public examples where organizations…have developed a reputation for a lack of ethics.…A reputation for being unethical…leads to significant impacts.…Let me share a few of the most prevalent impacts.…The most common impact is legal issues.…If your business fails to follow legislated guidelines,…it can face large fines and other penalties.…
In some isolated instances, larger companies…sometimes decide that breaking laws and paying the fines…is less costly than the financial impact of compliance.…However, consistently breaking laws…often lead to costly legal battles…that outweigh the initial gain.…The next impact is personal cost.…Any employee, from the mailroom…to senior leaders of businesses who break laws…and act unethically could find themselves…facing criminal charges, and even jail time.…
Given today's high pressure business world,…employees can become so concerned…
Bob also discusses ethics in relationship to specific business scenarios: working with suppliers and vendors, organizational decision making, and doing business internationally. He addresses how to handle business ethics violations and provides a checklist of items for staff to evaluate if something is ethical.
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- Understanding the purpose and intent of business ethics
- Practicing business ethics
- Working with suppliers
- Reporting ethical problems
- Messaging staff
- Leading by example
- Creating escalation procedures for ethical issues
- Handling a crisis