Join Bob McGannon for an in-depth discussion in this video Working with suppliers, part of Business Ethics.
- Of all the areas of business management,…the ethics of procurement and contracting…can attract the most significant focus.…This is because companies sometimes spend…substantial amounts of money responding to…procurement or tender requests,…and the potential revenue that can result…from being awarded a procurement contract…is even more significant.…People put sweat and tears into the procurement process,…and it's appropriate they be treated equitably.…Care must be taken during the procurement process…to ensure consistency, and that no bias…enters your decision-making.…
It's wise to consider that the level of ethical risk…associated with selecting a new vendor is proportional…to the complexity of the goods and services…you intend to procure.…Working with suppliers and employees in your business…that work with them,…especially for complex procurements,…is the key to ethical success in this area.…People should be reminded of the potential traps…that can create ethical issues in the procurement process.…Common traps include…
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