You might presume that because you’re starting a brand-new small business, you already have enough on your plate to manage right now. Ethics risks aren’t necessarily top-of-mind when you’re launching a website, securing an office space, or juggling press releases. But they should be, and today, we’ll share just a few of the pivotal reasons why you need to consider an ethics hotline with your new startup enterprise.
1. It’s a Step in the Proactive Direction
In your small business, it may just be you and a few key workers among the ranks. This means you have minimal risk of ethics violations. But you should consider implementing an ethics hotline now as a proactive measure. Take the steps to put the right ethics reporting mechanisms in place now, before your business takes off, and you get busy. An ethics hotline can grow with your business as you experience success and begin scaling in size.
2. Elevated Company Culture Attracts Top Talent
Even if no calls and reports concerns with an ethics hotline, it still presents value to your new business. The existence of an ethics hotline alone sends a message to current or future employees that you prioritize your company culture and ethics in business. Just having an ethics policy and hotline in place can be an added benefit for applicants and attract top talent to your organization.
3. Reduce Turnover with Key Performers
Another reason every new startup should consider an ethics hotline is the retention factor. As your business grows and you hire great employees, you’ll want to do everything you can to retain them. Prioritizing ethics and providing an anonymous channel for reporting issues can be an added layer of benefits for your best team members. And when your business is in growth mode, any reduction in potential turnover is key.
4. Boost Your New Brand’s Reputation
People talk and share their experiences with others, especially today, with so many digital platforms available. And new businesses can see a boost in reputation when those encountering your brand spread the word about your robust ethics policies. Having an ethics hotline just sets the tone for what your company stresses as important – and it’s a good thing to support strong ethics.
5. Ethics Hotlines Extend to Vendors, Customers, and Partners
Even if you’re starting your own business with the intention of being a solopreneur for now, an ethics hotline is still an important consideration. Because anyone can use your hotline to report concerns, you can essentially delegate anyone you work with to help enforce ethical best practices. Your customers, vendors, company partners, and contractors can all present risks to your solopreneur business.
Let Ethical Advocate Answer Your Ethics Hotline Questions
Congratulations on starting a new business! And yes, your to-do list right now is probably hefty and complex. But add an ethics hotline to your list and connect with our team at Ethical Advocate. We can help you better understand all the benefits of an ethics hotline, answer all your questions, and set up your ethics hotline. Let us be your guide!