While delivering a business ethics keynote speech I recently overheard an audience member say, “Business Ethics? You’ve got to be kidding!” As a business ethics keynote speaker, consultant and book author, the comment was nothing new – and not even offensive. To be honest, I’ve heard a lot worse; many four-letter words worse.
And as someone who stands for corporate social responsibility and ethical accountability, I can’t blame the jaded comments. According to the Federal Trade Commission (FTC), 2021 alone, there were 5.7 million total fraud reports filed with 2.8 million specific to business fraud. Even more mind boggling is that consumers lost “more than $5.8 billion to fraud in 2021, an increase in reported losses of more than 70% over 2020.”
The numbers above do not even start to include healthcare fraud, B2B fraud, PPP fraud, manufacturing fraud, and many more. As a business ethics keynote speaker, author and business ethics consultant, I understand the frustration.
In an interesting piece Bank Midwest on June 9, 2022, they identify six different kinds of fraud, and they included payroll fraud, asset misappropriation, financial statement mis-statements, ID theft, tax fraud and the general area of “corruption.” The important point to remember is that “fraud” and “unethical business ethics” cut across all segments of the population. Remember that many Boomers have already retired. They are an easy target, but largely blameless for newer waves of fraud. Primarily, business fraud stemming from poor business ethics is occurring due to unethical behaviors by Gen-X, Millennials and Zoomers, despite a lot of self-congratulatory rhetoric.
Business Ethics? You’ve got to be kidding…right?
However, there is good news we should not lose sight of in this conversation. A key study, albeit dated, goes back to a 2016 study by Cone Communications. It was found that:
- 75 percent of millennials would take a pay cut to work for a socially responsible company.
- 76 percent of millennials consider a company’s social and environmental commitments before deciding where to work.
- 64 percent of millennials won’t take a job if a potential employer doesn’t have strong corporate responsibility practices.
Business writer Peggy Pelosi wrote in a related piece (February 20, 2018):
“Corporate social values become more important to millennials when choosing an employer once their basic needs, like adequate pay and working conditions, are met…’millennials want their work to have a purpose, to contribute something to the world and they want to be proud of their employer.’”
If anything, when the COVID-19 virus swept across the business landscape and the result was what was ultimately called “The Great Resignation,” the workplace – hybrid or in-person – is more committed than ever to meaningful workplaces.
So, to answer the question, you’ve got to be kidding…right? The answer is “I’m not kidding.” In delivering business ethics speeches, or in ethical consultations, more and more workers are placing high value on working for ethically-driven companies. Interestingly, with the demand for qualified workers across the board, all generations want to know they are working for organizations that care. Even Boomers coming out of retirement to work are seeking companies that are committed to good ethics and social change.
The issues drive the commitment
Business ethics and its “twin” corporate social responsibility represent the now and the future of business. Employees deeply care about change, social justice, gender equality and the future of the planet. These ethically-based issues are not about to go away. No kidding, but this commitment may well help to save the world.
LEAVE YOUR COMMENTS!
