There are solid business reasons to adopt ethical strategies even if most company managers are not of strong moral character and personally committed to high ethical standards:
· Pursuing unethical strategies puts a company’s reputation at high risk and can do lasting damage
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· Rehabilitating a company’s shattered reputation is time consuming and costly
· Customers shun companies known for their shady behavior
· Companies with reputations for unethical conduct have considerable difficulty in recruiting and retaining talented employees
Conducting business in an ethical fashion is in a company’s enlightened self-interest.
Linking a Company’s Strategy to Its Ethical Principles and Core Values
Indeed, the litmus test of whether a company’s code of ethics and statement of core values are cosmetic is the extent to which they are embraced in crafting strategy and in operating the business on a day-to-day basis.
More attention is paid to linking strategy with ethical principles and core values in companies headed by moral executives and in companies where ethical principles and core values are a way of life.