Join Bob McGannon for an in-depth discussion in this video Shareholder considerations, part of Business Ethics.
- Let me share a story with you.…When I was a boy growing up…in the northeastern part of the U.S.,…I vividly remember our neighborhood was hit by a hurricane.…It was a very intense and exciting few hours.…And we suffered some damage to our house.…Water had leaked in through a window seal…and soaked carpeting and some furniture.…Reacting to this mini-crisis,…we quickly got out a vacuum that could soak up water…and we moved and dried out the damp furniture.…The problem with this was…while we were diligently inside,…a more serious problem was lurking outside.…
A lot of water had eroded the ground…around part of our house,…potentially weakening our home's foundation.…In the end, all turned out okay,…but it surfaces a very good lesson.…You don't want to just focus on…the internal problem you see.…You may need to address things…outside the organization as well.…So it goes with ethics issues.…You may react to fix things within your business,…but you also have to address your outside…or external stakeholders' needs as well.…
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