I had the pleasure of sitting in on a lecture about “Ethics in Big Business”, by Todd Carver, Vice President, Deputy General Counsel & Chief Ethics, Compliance & Privacy Officer, with Teradata. Carver spoke about the fundamentals in business, applying “Ethics by Design”, communicating aspects of a functional and ethical system that could be broken down into a successful business model. A successful business will depend on the entire business to operate under the same core value-based principles and rules.
Part of the foundation to building ethics into a business is by “engaging a meaningful workforce”, stated Carver, at the University of Colorado Denver Business School. “Business ethics include several areas in Corporate Social Responsibility, like: “relationships, environmental impact, communities, and workforce”, (Carver). Ethics in business must be reinforced. A business must operate by law, it must hold value and consistency, ethics and compliance. A business must know and address their risks. There must be a code of conduct put into place. Rules and policies protect the business and the people. There’s a responsibility each business has in order to protect and secure data and information. Technology is rapidly advancing and the concepts of frameworks is being built into curriculum, and taught. Ethics in education help the younger generation consider the core fundamentals in the beginning, and these rising individuals are building business with professional responsibility. People are utilizing networks and connecting with experts.
Learning from past failures has given us the information we need, and new entrepreneurs and CEOs are gaining an edge at expansion, growth, and continuity across the entire workforce. From the back of a business all the way to the front, to the product, and the service, businesses are now taking ethics into the hiring process and the selection of candidates. “One lapse can lead a business to the exit ramp, or on a major detour”, stated Carver. Businesses need to practice transparency, which happens to be one of the key note rules behind ethics in business.
The list includes; Integrity—to act honestly in all that you do. It’s key to, Build Trust in all stakeholder relationships. Accountability—accept responsibility for all decisions, Transparency—maintain open and truthful communication, Fairness—engage in fair competition, create equitable and just relationships. We must also, Respect—honor the rights, freedoms, views, and prosperity of others. Remember the Rule of Law—comply with the spirit and intent of laws and regulations, and Viability—create long-term value for all relevant stakeholders.
The above is the framework for success in business by uniting the workforce by educating top to the bottom, inside and out, the foundation principles and rules for the business. Success comes by complying and cooperating with company values and Ethics in Big Business. The framework is designed to act as a structure for operations, providing consistency and regulations, sustainability and longevity. Reinforcement is the key to making these ethics stick. Without action, the rest will not stay tightly fit. There must be other systems in place that help to reinforce and check in on function across the board. Accountability is key, A business must represent all that it claims to be doing, and it must be held accountable if and when something is not being met. The more honest a business can be from the start the more successful it can be. Ethics is about building a non-toxic culture. When you build a business with value built into the core fundamentals, the rules, the policies, and the procedures, you’re building an ethical business model which the rest of the business can stem off of.