Ethics
“Treat others as you would want to be treated,” the Golden Ruleis short, succinct and powerful.
Having been taught this age-old concept from the time we were young, most of recognize its place in our personal lives.
When it comes to the world of business, though, this rule isn’t applied nearly as fervently.
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I had the most incredible job out of college for a budding macroeconomist with a global lens. Creating markets in everything from natural gas to dark fiber to weather derivatives. At a Fortune 10 company. The darling of Wall Street. Until it wasn’t. And my bosses went to jail.
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Some ethical issues are extremely easy to understand: don’t steal, treat others with respect, and always put down the toilet seat for your lady friends. However, when it comes to the market, the concept of what is right and wrong is a bit blurrier. Of course you can’t exploit children for a lbaor force, but Is it a business’s right to price however they want? After all, if the number is too high or the marketing too egregious, then consumers won’t buy right?
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n a recent op-ed piece, I decried the state of ethics in today’s business community. The Volkswagen emissions fraud, the Peanut Corporation of American contamination cover-up, and Turing Pharmaceuticals’ 5,000% price increase for a particular drug all happened virtually simultaneously and threw me into a bit of a funk. Every day on Wall Street, it seems, an investment bank, hedge fund, or some other financial actor settled charges of wrongdoing by paying a few million dollars in shareholder money. This is depressing, as is the suggestion in a recent Poets & Quants column by Ethan Baron that perhaps MBAs, with their inadequate ethics education, may be responsible for these business fiascos. All this makes clear that those of us who are concerned with improving ethics education have our work cut out for us.
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From sponsoring the local Little League to developing environmentally-responsible technologies, US companies have long invested in philanthropy and corporate social responsibility. Today, they spend an estimated $2 billion in cause marketing and another $14 billion in corporate philanthropy (IEG, Giving USA). And for many leading companies, from Wal-Mart to JPMorgan Chase, that means investing literally hundreds of millions of dollars in sustainability and corporate social responsibility (CSR) initiatives.
In turn, American consumer are expressing a growing interest in the social impact that businesses can have on their lives, their families and their communities. And it’s not just consumers who are asking these questions.
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If you think business ethics is crucial in today’s scandal-ridden era, then just wait a few years. The reasons for running ethical businesses are only going to get more compelling—as well as more complex—over the coming decade, suggests a new global survey conducted by the Human Resource Institute (HRI) and commissioned by American Management Association (AMA).
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2018 felt like the first year where ethical living really went mainstream. Major fashion magazine Elle dedicated their most important issue of the year, the September Issue, to sustainable fashion, and issues from plastic pollution to palm oil have dominated the news headlines.
Last year I made my predictions for the ethical and sustainable trends to watch in 2018, including plastic pollution, the rise of veganism, major growth in ethical fashion and a bigger push against climate change.
After reviewing the data from 2018, it’s clear that significant progress was made in all of these areas, but these issues aren’t going away any time soon.
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While it may not rise to the level of being illegal, unethical behavior in the workplace can have serious consequences if unaddressed. And it can create a toxic work environment in which your employees and business ultimately suffer.
When the authors of Crucial Accountability gave an online survey to more than 900 working people in 2013, the three most common unethical workplace behaviors cited were taking credit for someone else’s work, indulging in extra long breaks and calling in sick when actually well. One-third of the respondents reported having witnessed at least one of these violations the week prior to participating the survey.
Moreover, with the 63 percent of the survey respondents who witnessed unethical behavior, only half of the time was the misdeed reported. When asked why this was the case, four main reasons were cited by survey participants: It might have damaged their career. It would have made the offender […]
Another interesting article received from Tony Timm from Kingswood College. THANK YOU for always sharing your great finds with all of us!
Some hire car outlets make more money from charging successive unwitting customers for the same ‘repairs’ than from hiring out vehicles, a whistleblower has told Fairfax Media.
The former employee of one of Australia’s largest rental groups, who has spoken out on the basis of anonymity, alleges these repairs were seldom undertaken unless the vehicle was about to be sold and that the amount deducted from customers’ credit cards was also commonly inflated.
“They have deals with the repair shops where they get damage quoted and if they go ahead with the repairs they will get up to a 20 per cent discount that is not passed on to the customer,” he claims.
“More often than not they don’t do the repairs at all but the rental company will use the quote […]
Mar 18 2018
Shrinkflation, an unpopular term among consumers, is the process of items shrinking in size or quantity while their prices remain the same. Manufacturers engage in this practice to make money. Angelique Ruzicka has some tips on how to beat them at their own game
Manufacturers often want to increase their prices, but don’t want to do so in an obscene way that may lead to them being labelled “the bad guys”. But if they are facing margin pressure, they have to find solutions. So, what do they do instead?
They reduce the size or the number of portions while keeping the packaging the same.
Alternatively, they use less of the more expensive ingredients and puff up the product with cheaper contents.
This results in manufacturers paying less to produce an item while the consumer pays the same price or more.
The payoff is that the consumer does not notice this shrinkage as the […]