Ethics: and your Company’s Reputation?
There is so much media coverage today about lack of transparency and unethical behavior by employees, corporations, and governmental agencies. Many times we focus on the hard cost of the unethical behavior. This includes jury awards, legal fees, settlements, fines, etc.
What about the very real hard-dollar costs of a bad reputation? These are sometimes difficult numbers to formulate and calculate with pen and paper. But they are very real dollars none-the-less, as well as very large dollars.
Think about Toyota. At this point I am referring only to their reputational loss because it has not been proven that they have broken the law or worked outside of ethical behavior. At the end of the investigation it likely will not matter what the legal and regulatory systems show they have or have not done with regard to ethics.
Their reputation is already at stake and is faltering. Regardless of financial sanctions that may be levied against them, very real and very hard reputational dollars are already at stake.
The Toyota dilemma shows just how important a company’s reputation is. A bad reputation can be very costly! A company’s reputation comes from individual and composite snapshots of the behavior of people employed by the company. Think about the ramifications of unethical behavior and decisions. Can you afford not to keep Ethics at the forefront of your business?
Let us show you how effective policies can be implemented and enforced in your company. We would love to assist you. For more information call 901-757-4434.