A Hidden Cost of Crappy Business Ethics
Yesterday’s edition of Christopher Baauer’s Weekly Ethics Thought newsletter bore a startling statistic:
43.8% of the surveyed companies said they would not refer uncovered fraud to law enforcement due to fears of bad publicity.
Wow! So these companies are potentially throwing away millions of dollars because they’re too ashamed of the bad press they’d receive.
Like Bauer, I say avoid the problem in the first place by having strong ethics programs in place from the get-go.
Of course, in my award-winning sixth book, Principled Profit: Marketing That Puts People First, I make the case that strong ethics can actually be a profit center–but we’ll cut the bean-counters some slack and demonstrate that at least a culture of ethics has significant cost-control advantages.
His article isn’t on the Web, but here’s a link to Bauer’s site.
