Ten Most Significant Risks and Costs of Unethical Behavior in Business, According To Your Strategic Thinking Business Coach
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group
The business world has been shocked and rocked by major corporate scandals involving unethical behavior. The real poster companies of ethics violations include: Enron, Tyco International, WorldCom, Global Crossing and Adelphia. The risks and costs associated with these examples of unethical behavior are astronomical in dollars, but also extremely high in other non-quantified costs and risks. These other significant risks and costs from unethical behavior include:
#1: increased risk of doing business and the possibility of bankruptcy and severely damaged company brand and image.
#2: decreased productivity.
#3: increased misconduct and conflict internally.
#4: decreased performance levels of employees.
#5: increased employee turnover and more challenging employee recruitment.
#6: decreased productivity.
#7: increased absenteeism and presenteeism..
#8: decreased probability of reporting misconduct and unethical behavior of others.
#9: increased dysfunctional behaviors such as not paying attention to details, scapegoating, withholding information, under delivering & over promising, not giving credit to others, lowering goals, misrepresenting results, etc.
#10: decreased value of the company.
If you want to learn more about the high risk and costs of unethical behavior and would like to discuss what you and your business can do to avoid and/or minimize those risks through a solid commitment to ethics in your business, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at firstname.lastname@example.org