Creating an Ethical Decision Making Framework
Corporations are being challenged these days for their failure to act in a socially responsible way. Some reasons are that CEOs are paid, on average 278 times the average worker. We continue to learn about irresponsible actions: faulty automobiles (Toyota's unexpected acceleration and Takata airbags); tinkering with auto systems (VW's defeat device); opening unwanted bank accounts for customers (Wells Fargo); asbestos tainted products (J&J baby powder); and pushing dangerous opioids on the public, to name a few. Today's guest blog provides excellent advice in dealing with these issues.
The following information was provided by Embroker, a company that deals with insurance services and a variety of corporate governance issues.
Ethics and morals are the building blocks of society and any good business, yet “ethical” is one of those terms that’s defined and interpreted in so many colors and flavors that it can be difficult to pin down exactly what it means, especially in the context of business practice.
It’s also easy to make the mistake of thinking that business ethics is only a responsibility of large corporations, but that couldn’t be farther from the truth. No matter the size of your company, an ethical framework should be sewn into the fabric of your business from the get-go — we’re specifically talking about startups. Knowing how to make ethical decisions when handling internal conflicts is just as important as how you deal with external challenges that will inevitably arise.
To help startup founders, entrepreneurs and business leaders understand how to integrate business ethics and social responsibility at the startup stage, Embroker put together a comprehensive guide that compares business ethics and startup CSR. They also highlight real world examples showing why each are important and how to give back as a business when you’re just getting off the ground.
For example: the guide highlights a common question “why do business ethics and social responsibility matter for startups?”
In a nutshell business leaders need to implement these things to recruit top talent, have better employee engagement, gain a competitive edge and even build your name as a brand.
These and more important topics are discussed in detail in their full business ethics guide.
Posted by Steven Mintz, aka Ethics Sage, on January 23, 2020. Dr. Mintz is an award-winning blogger. Steve's Workplace Ethics Advice blog was included in a list of the 30 Exceptional blogs on CSR by Market Inspector (https://www.market-inspector.co.uk/blog/2015/09/30-exceptional-csr-blogs). He recently published a book Beyond Happiness and Meaning: Transforming Your Life Through Ethical Behavior that is available on Amazon. You can sign up for his newsletter and learn more about his activities on his website: https://www.stevenmintzethics.com/. Follow him on Facebook at: https://www.facebook.com/StevenMintzEthics.