Ethics in Business

Business Ethics Video

Ethics in Business

 

Host: Hi, and welcome to the Small Business, Big Advice video series. Today we are with Lynn Flinn with The Rowland Group to talk about business ethics. So why does making your business more ethical increase your chances for success?

Lynn: Well, a couple of reasons. One, is related to hiring. More employees will go to work for ethical companies than they will for non-ethical companies. So they are more likely to work for a little less money to work for an ethical company than for one that is not rated so well. Having an ethical culture is a really great idea to have and attract the best employees at your company. 

Host: Awesome! 

Lynn: And another thing, is on profitability. It has also been proven that the stock prices are higher for companies that are rated ethically. And also, companies that are more profitable are usually ethical companies. 

Host: Really? That is impressive. So what is a first step in setting ethics as a priority for your place of work? 

Lynn: I think the biggest thing is first starting off and asking, “What are our core values?” and “What type of culture do we want to have in our organization?” Once you’ve established that, then it’s {important} to get the team to all buy in to know what that looks like in your organization and setting up ethical practices that will mirror that. I think it’s been proven that, and Enron is a great example, but having a written code of conduct can be great, but if you don’t follow the policies then it doesn’t mean anything. 

Host: Yeah. Benchmark those behaviors. So how can businesses stay up to date on business ethics and best practices? 

Lynn: I think one great way that you can stay up to date is by getting involved in OKEthics. It’s an organization that I helped found here in Tulsa, and also in Oklahoma City, and we have speakers that come in once a month and they will talk on various topics. It can be national or local speakers, but it will also center around ethical behaviors, ethical leadership, and ways that you can stay plugged in with other people that have like-minded beliefs and want to run an ethical business. 

Host: That’s wonderful. So where can people find out more about this? 

Lynn: We have a website, www.okethics.org. You can find out upcoming speakers and more how you can create ethical culture as well. 

Host: Wonderful! Thank you so much for being with us today and thank you. We’ll see you at the next video.