Consumers today are increasingly concerned about what image the brands and services they are associated with project to the community. Not only do they want something that works well, but want the peace of mind that they are supporting environmentally friendly initiatives and not a company embroiled in scandal. Consumers and investors want to know that they can be proud of the organisations they’re endorsing.
Since the concept of “triple bottom line” was first introduced in 1994 by John Elkington, many businesses have demonstrated a commitment to ethical standards by espousing a “people, planet, profit” approach to success. Here are just a few of the ways you can meet bottom line objectives with a clear conscience.
Lead by example
What better way to create a workplace environment of honesty and integrity than by ensuring company leaders exemplify these qualities? Studies show that ethical leadership tends to create higher morale and loyalty among employees. Implementing this approach will not only help an organisation avoid any legal complications, but will also attract investors looking for the stability that morally responsible leadership brings. This will enhance profitability as well as a stellar reputation in the community.
Value your employees
Professionals who enjoy an honest work environment guided by trustworthy supervisors tend to be more loyal to an organisation. They produce higher quality work, leading to greater productivity and profitability. Employees who clearly understand their organisation’s code of conduct can quickly make the right decisions, which improves efficiency and gives them a feeling of autonomy and trust. An organisation that rewards loyal, ethical hard workers will enjoy lower turnover rates and avoid the significant costs associated with hiring and training new employees.
Our community is increasingly aware of the way that some organisations use cheap labour from developing countries to boost their profits. An organisation that chooses to pay workers a fair wage to promote equality will earn the respect and long-term loyalty from consumers who care about the human impact of their purchases.
Consider the environment
The impact that a company has on the environment is also increasingly important to consumers. Organisations with a smaller environmental footprint are gaining more respect globally. Businesses that regularly use “green” products or create their own products in an environmentally responsible way may face a higher upfront cost, but will maintain a loyal following, which considers these issues to be of utmost importance.
An MBA from Excelsia College Online focuses on the importance of ethical business and values-based leadership. Discover how you can apply the knowledge gained from an online business qualification to your work immediately – with a clear conscience. Call 1300 917 916 to speak with a Student Enrolment Advisor today.