Do the Right Thing
- Topics:
- Business Ethics
- Source:
- Harvard Knowledgebase
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Overview: A question, which often arises, is what does it mean to run a company with strong values? How does a commitment to "do the right thing" as it is applied to employees, customers, and other stakeholders affect an organization's daily decision making? Developing and living with a set of principles, that guide decision-making throughout an organization is no simple task. It involves the kind of soul-searching that not all firms are prepared to engage in, but for some companies, it has proven a potentially powerful and unifying attribute. But even when a commitment to values comes at great immediate cost—not only to management but to a firm's shareholders—there are leaders who argue that this is solid business because an articulated set of values that focuses on doing good by employees and customers creates a stronger company that rewards shareholders over the long term. If the company has a well-communicated vision that encompasses its core values, management and employees can better answer the above questions. Driving values throughout the company is one continuous communication. Thus, there needs to be transparency. Investors need to know what they are buying. Although, one cannot legislate good morals [or] good values.
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Format: HTML | Date: Sep 2003 | Pages: 1
