Hitting profit plans, growing relative to prior years, and achieving revenue targets—these are the most common goals for every corporate business. Every company aims to deliver results based on their plans, but not every company aims to put company ethics at the heart of their business. Corporate ethics is the core of every successful business, as this serves as the foundation for their reputation as a strong and dependable company. The key to establishing a good relationship with customers and stakeholders is by giving them confidence in the company, best anchored by the company’s business ethics.
The company’s stance on ethics is usually stated in its code of business conduct, which is made public to its customers and stakeholders. This serves as the beginning of a commitment to stay true to a promise of delivering results while staying honest to stakeholders.
Thriving and Surviving, By Hook or By Crook
While in the midst of highly competitive industry and a volatile market, the pressure for companies to deliver results and to give what is due to its stakeholders has grown high. This pressure has caused a number of companies to do business “by hook or by crook”, which means by whatever means necessary whether the means are fair or foul.
Doing business by hook or by crook can give the company incremental and positive results that are helpful short term, but will surely taint the company’s integrity. Compromising the ethics of the business can also signify compromising the relationship with clients and stakeholders.
When companies abide by the established code of ethics it strengthens their relationship with their stakeholders. While getting business done by hook or by crook may sound tempting because it can help the company rise above competition, just when things get tough in the business, it can actually be detrimental in the long run.
The company’s employees can see this type of solution and they, too, can apply unethical company behavior in their own job. The company management should always consider that their decisions impact the way that everyone works. When the management does not follow the established code, even in the short term, employees can expect that it’s appropriate in the long term.
Incidents of fraud and inconsistencies will always be a hindrance for the company to further progress as it has already compromised its integrity and its relationship with its stakeholders. Racing to being the top player in the industry is never easy, but doing anything, by hook or by crook, just to get to the top, should make every person think: Is it worth it?