A few years ago, I was in a meeting with a high-ranking executive of the company in which I was working at the time as a senior executive, and as we were discussing a topic I said to him “… you know Paul, but the plan we were discussing I think is not effective enough, moreover it is not fair in terms of business ethics”

Then, surprised, Paul looked at me and said … “well, you know Giannis, here we don’t do ethics, we do business”.

But then, I dared to respond and complete his sentence by saying …”we do business within a specific framework of ethics”.

Personally, I remember myself from the first steps I took in business these topics of values and business ethics, being all areas that attracted me.

Along the way, and as I progressed in my career, truly lucky within large corporate organizations that are also considered best examples in the global community in relation to their practices in the relevant topics, I understood that the integration of ethics were an integral part of their organizational DNA, and this was extended impacting their general strategy and business practices of these companies.

These companies all have one common characteristic: their long lifespan, i.e. they are companies with a business history of decades or even centuries.

I finally came to the conclusion that integrity, values, codes of conduct and business ethics, all these are integral elements of the success of these companies and their longevity.

This doesn’t mean that even these companies do not face challenges and problems of various forms over time. However, they have the ability to use these codes of conduct as lighthouses to navigate within difficult situations and conditions, checking their course and taking corrective action in time.

But what exactly are Business Ethics?

One of the definitions that I like comes from Investopedia which states: “Business ethics is the moral principles, policies, and values that govern the way companies and individuals engage in business activity. It goes beyond legal requirements to establish a code of conduct that drives employee behavior at all levels and helps build trust between a business and its customers.”

Why are they so important, especially nowadays?

Βusiness ethics have always been important throughout the years, but nowadays they are gaining particular importance due to major global changes and crisis, such as climate change, economic crisis, geopolitical changes, changes in the way of working models, social inequality and, by extension, the need for equality and inclusion in the workplace as well, the entry of new generations into work space, these are some of the most important ones.

How can we develop this culture in a practical way in the workplace?

Βelow I mention a practical method of application:

1. Start from the top of the leadership ladder. Understand the necessity of this culture.

2. Identify the principles and values you want to govern the operation of your business.

3. Connect these values with specific behaviors and create a specific Code of Conduct across operations.

4. Connect the Values with the company’s Vision, Mission, Purpose and the Strategic Plan.

5. Share the “Journey” (1-4) first with the key people (angels of change), and then expand to the whole company.

6. Link values with employee evaluation, set specific metrics and run periodic surveys to see the progress of the work culture.

Αs we can understand, the above approach is not an easy job. It takes time, it needs good planning step by step, it is extremely important to connect the values with the vision, strategy and everyday life in business, it is also important to constantly monitor its evolution, and above all to believe in it and adopt it. And here is the important role to be played in all this by the top management team together with key people.

Below are some examples of basic questions that a coherent code of conduct answers:

1. What do we believe (and by extension how do we treat them) about our people and the role they play in our company’s results?

2. What do we believe about our consumers, customers and partners, and how do we treat them?

3. What is our role and our attitude towards the societies in which we operate, and by extension how do we behave in order to contribute to the general good?

In conclusion, the integration of business ethics into the core of an organization’s operations is not just a moral imperative but a strategic advantage. The companies that prioritize integrity, values, and ethical conduct tend to enjoy long-term success and resilience. In today’s rapidly changing world, where challenges like climate change, economic instability, and social inequality are ever-present, a strong ethical foundation is more crucial than ever. By embedding ethical principles into their vision, mission, and daily practices, businesses can build trust, foster a positive work culture, and ensure sustainable growth. Ultimately, the commitment to business ethics is a commitment to a better, more equitable future for all stakeholders.