With the speed at which technology is evolving, companies have a moral obligation to serve society rather than exploit it. But even if you have good intentions, it is very difficult to manage a company that runs only on charity. Therefore, the best way to stick to your company’s ethics is to create a perfect balance between profit and giving value to your society. Your company does not have to suffer financially for being charitable.

Some of the largest companies in the world like Amazon, Microsoft, TATA, DELL, IBM, etc., are hugely successful and are known for their great ethics. In fact, according to Ethisphere, historically, the world’s most ethical companies have out-performed others financially, showing the connection between good ethical practices that’s valued in the marketplace. Stakeholders also view those on this list favorably.

But what are ethics and morality? Philosophers have argued over it for centuries. As far as business is concerned, when you are faced with difficult choices you can run into an ethical dilemma. To successfully incorporate ethics into your organization’s culture.

Here are some points which can help you.

Set an example: As a leader, there are people around who look up to you. Every decision you make, the way you communicate and handle problems, sets an example for how your employees should act. You should practice the values that you want to see in your organization and make sure everyone under you understands the meaning and importance of it. These values must reflect what your company stands for.

Be rational: It is a harsh reality that you cannot make everyone happy. It is very difficult to come up with a decision that leads to maximum gains with limited losses, especially ethical issues. Do not make big claims when you do not know the ground reality of it. Avoid making false promises and assurances, as it can be bad for your company’s future.

Be transparent: Finally, be transparent. Naturally, employees will be concerned for their jobs right now. Economic worries and slowdown are in the news and one cannot stop this concern about job losses and salary cuts. Like with any crisis, leaders should be transparent with their team members. Sometimes it is better to be open about the fact that one does not have all the answers, rather than giving them false hopes or trying to beat around the bush, which can quickly lead to a loss of trust. Giving them a timeline by when some information might be available can be a useful way of calming the nerves of employees.

Reference link:

https://hbr.org/2020/10/a-framework-for-leaders-facing-difficult-decisions
https://www.industryweek.com/leadership/companies-executives/article/22027217/being-ethical-has-its-perks-worlds-most-ethical-companies