Ethics Policies in 2023: What Today’s Companies Are Doing Differently
Today’s companies are facing new and emerging challenges with how they regulate and govern their operations and structure. Regardless of your industry, you’ll face unique roadblocks this year that could affect your company’s profitability. One way to ensure your brand continues to evolve effectively is with careful consideration and improvement of your current ethics policies and procedures. Here are a few things the most dynamic companies are doing differently to stay relevant.
Today’s Companies Recognize the Data and Privacy Milestones
If data security and privacy mattered before, it matters even more in 2023. Some sources are already spotting industry trends as companies are racing to change their frameworks to adapt to increasing regulatory complexities. The technology and data landscapes are still evolving, requiring brands to keep up with relevant tools. There is also a growing stakeholder awareness about the need for advanced governance in how companies engage customers, employees, and investors. Here are some of the trending milestones that are expected to impact how companies approach ethics in data, privacy, and security:
· Companies transitioning away from third-party cookies
· More robust requirements for cross-border data transferring
· The California Consumer Privacy Act (CCPA), effective 2023
Today’s Companies Are Turning to Ethics to Improve Company Culture
There is another shift in today’s business environment, and it involves how leaders attract, retain, and celebrate their best talent. Company culture is driving the workforce today. And if you’re not effectively laying in new strategies to improve your employees’ experiences, you could soon be facing “quiet quitting” movements and turnover. Today’s employees want to know they are valued and that their goals and preferences are prioritized. Having a strong and transparent ethics policy and supporting procedures can demonstrate your company’s support of these emerging employee requirements.
Show your teams you care about their workplace experience by expressing a zero-tolerance policy for:
· Sexual Harassment
· Theft or Fraud
· Data Breach and Privacy Violations
· Misappropriation of Assets or Information
Today’s Companies Are Widely Adoption Ethics Hotlines
Whether you’re leading a multi-state conglomerate of distribution centers or a small, private practice healthcare office, an ethics hotline is a viable resource for ethics policy enforcement. With an ethics hotline, you essentially provide a tool for all employees, vendors, guests, and customers to use should they spot unethical activities. Having an anonymous channel in place, you can empower others to keep an eye on your operations. Subsequently, the ethics hotline can help improve how you manage data and privacy, as well as demonstrate your fierce support of an ethically governed company culture. Whatever improvements you have planned for your ethics strategy in 2023, include the ethics hotline to leverage an even broader safety net of protection.
Consider these ethics policy trends happening now in preparation for the year ahead. And when you’re ready to join the movement to adopt an ethics hotline strategy to safeguard your policies, let Ethical Advocate be your guide! We can help you customize a better ethics strategy and roadmap that includes the countless advantages of an ethics hotline to reduce your risks in 2023 and continue to grow and scale.