Archive for December, 2010

World’s Most Ethical Companies

Posted in Reviews on December 9, 2010 by wesleywilliam

In my last post, I briefly mentioned some companies that have shown very poor examples of ethics in past business relations.

Just today, I came across an Ethisphere Institute report that instead, detailed the acknowledgment of companies who were the most ethical in 2010. The World’s Most Ethical (WME) companies were awarded because they demonstrated real and sustained ethical leadership within their field. There are no set maximum or minimum awards to be given out each year, but instead the award is just given to the top companies who are leading the way in terms of ethics and compliance programs.

The selection process was lead by a methodology committee, which reviewed over the course of the year, many possible candidates. They eventually narrowed the selection down to a semi-finalist stage, where then the companies would have to answer in-depth questionnaires. After further refinement, from viewing surveys, documents and other information, the resulting award winners were chosen because they scored the highest in the committees’ calculations.

The awarded companies were broken down by each industry. Here are a few of the companies who were awarded World’s Most Ethical:

Apparel: Nike, Patagonia and Comme Il Faut

Automotive: Cummins, Ford Motor Company and Johnson Controls

Banking: Rabobank, Standard Chartered Bank and Westpac Banking Corporation

Consumer Electronics: Ricoh and Xerox

Consumer Products: Henkel, Kao, L’ORÉAL and Mattel

Environmental Services: Waste Management

Food & Beverage: Campbell Soup Company, General Mills, PepsiCo and Solae

Food Stores: Trader Joe’s, Wegmans and Whole Food Market

Internet: Google and Zappos

Specialty Retail: Best Buy, Gap, Ikea, Target and Ten Thousand Villages

There were a few more companies also awarded, but these were some in more popular industry markets.

The Ethisphere Institution also made a chart, which shows that it is beneficial for companies to focus on ethics.

This chart compares the World’s Most Ethical awarded companies against the S&P 500 and FTSE since the year 2005. This clearly shows that the continued practice of ethics is not only good for relations, but for increasing profit in the company as well.

Very interesting things to consider!

The full report can be viewed here World’s Most Ethical Award


Evaluation of Ethics

Posted in Other, Reviews on December 7, 2010 by wesleywilliam

We have to learn from the mistakes of our past. In looking back in history, we are witnesses to the destructive effects of unethical leadership from companies like Enron, Tyco, WorldCom and various banks. These companies not only brought a mess to their own businesses but to our whole country as well.

So how did this happen? And what can we do?

Well what we have to do is be more ethical. This basically means just doing the right thing.

In a business sense, the notion of ethics is primarily put on the standard of conduct by the individual business workers, not the business as a whole.

This is what went wrong in those companies. The leaders put too much emphasis on being profitable that they undercut many basic fundamentals of business relations.

So where we have to start is with the individual workers. The best way to teach ethics is by being a personal example. It is not as simple as just telling someone what to do. The way individuals handle themselves when dealing with others is aroused from a lifetime of behavior. Human beings are creatures of habit. We must turn this habit into being ethically sound to others.

There are many benefits that occur when individuals understand this true importance of ethics in our world. Bosses who treat their workers with more dignity and respect will only be gifted with individuals who are more loyal, honest and hardworking. Same goes for business relations between companies. If these relationships are improved to acknowledge the significance of ethics then business relations will only become more concrete and successful.

It’s a win-win for everyone when individuals begin treating others the way they want to be treated.

I mean that’s the golden rule after all isn’t it?

We must head into the new year of 2011 with a new profound sense of compassion and moral ethical principles.

Importance of Ethics in Business

Behaviors of Successful Business Owners

Posted in Other, Reviews on December 3, 2010 by wesleywilliam

In this video, Ron Finklestein discuses how to create a profitable business and avoiding common mistakes.

-Common issues every business faces:
1) Making more money
2) Having more free time
3) Having productive employees

Ron relates a 3 level process for achieving success in those areas.
This process is essentially attitude, strategy and discipline.
Really a simple strategy but effective! Check out his speech.