As a service-based business owner, your “product” is a little different. Whether you’re running an electrical contracting company or own a salon, your services are your assets. But you could still be at risk for theft and other ethics violations, including some unique only to service-based companies like yours. And to protect your bottom line, your service employees, and your customers, you should be considering an ethics hotline. With an ethics hotline in place, these are key advantages your service business could be leveraging.
1. Enjoy a Cost-Effective Tool for Risk Mitigation
Regardless of your niche industry, service-based businesses are still at risk for ethics violations, including theft, harassment, discrimination, and compliance. With an ethics hotline in place, however, you could be leveraging a cost-effective tool for reducing those risks. When employees, customers, and vendors all have access to an anonymous reporting channel to call out concerns, they’ll use it. And you’ll be alerted to violations and issues immediately, allowing you to remedy situations before they become costly in fines or litigation.
2. Maintain Compliance in Your Service Industry
Most service-based businesses operate within certain industry or segment standards and compliance. These rules or guidelines set forth by licensing boards or government entities are there to ensure safety and fairness in operations. With an ethics hotline, you could be providing your teams with a means of reporting violations immediately. And catching those missteps before they become violations can save you thousands in potential fines or worse.
3. Promote and Maintain Safety Standards
Depending on your service offering, there may be safety guidelines required for operations. From slip hazards to managing dangerous equipment, safety risks can be anywhere in your business. Having an ethics hotline also means having the benefit of a reporting mechanism for others to call attention to emerging safety risks. Reporting faulty equipment, for instance, can alert you to potential danger before an accident takes place. And because, as a service business owner, you can’t be everywhere all the time, ethics hotlines can deputize everyone to help you stay ahead of injuries or safety issues.
4. Boost Company Culture and Workplace Equity
One of the most talked about and potentially significant advantages of incorporating an ethics hotline into your company policy are company culture. By providing your teams with a safe and anonymous line for reporting, you are prioritizing their concerns. You’re making them a contributor in protecting the workplace and allowing them to participate in enforcing equity, fairness, and safety. When employees feel they’re being heard and are contributing to the overall improvement of the company, they’ll be more loyal and collaborative. And a boost in company culture will allow you to continue to attract and retain your best staff members as your company grows and scales.
Don’t miss out on these benefits of ethics hotlines for your service-based business. Contact the Ethical Advocate team to learn more about establishing your hotline and all the additional advantages that come with it. Protect your teams. Protect your business. And start tapping into the countless benefits today!