This is a dangerous time for businesses and their employees. Many people are moving past worry and on to near panic and for good reason. Stocks are tumbling, unemployment rates rising, and the outlook is bleak for the rest of 2009. It’s enough to give even the savviest of businessperson pause. All that said, as businesses continue to cut, slash and downgrade in their attempts to survive, there will be opportunity to stand apart by demonstrating a commitment to good business ethics.
The nervousness that permeates today’s business runs from top to bottom. CEO’s are worried about their businesses ability to survive through the recession and employees are worried about maintaining their jobs, feeding their families, and continuing to make their mortgage. Nervousness breeds skepticism which in turn can make for bad decisions all the way around…..this is where ethical practices can act as a front to stop this cycle.
As times get tough we’re compelled to do one of two things. Duck and cover and look out for ourselves or take stock of what’s truly important and invest in our people and relationships. While taking the first approach might buy you some time, it’s almost a guaranteed lose over the long run. Just ask Bernard Madoff.
I believe the way business persons and company’s respond in these stressful times will demonstrate their true character and define how they are judged for years to come.
Honesty will be paramount as we continue to navigate through the challenges ahead. Even if news is bad, being upfront with our employees and customers builds trust, respect and a sense of partnership that can very well make the difference between success and failure.
We are not alone in our challenges. Those who share them with us are looking for islands of stability and hope in the sea of turmoil. When we demonstrate the characteristics that exemplify good business done with good ethics we become that island. We become that place of hope that they can and will invest in. We become stronger for our efforts and we gain the reputation that will be remembered long past our current challenges.
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