The Triple Bottom Line: The People, The Planet, And The Profits

988 words - 4 pages

People: Ethical Leadership Considerations and Recommendations
One of the most overlooked components of the 3BL is the portion concerned with ethical decision-making and leadership within an organization. The ethics of a company are a direct reflection of the values and morals that are embodied in a company; a company cannot claim to be an employee-friendly organizations while its policies and procedures are designed to unfairly exploit the workforce. Ethical leadership is one way in which a company can change its entire character without having to invest in costly equipment or drastically change the company’s way of doing business.
The management team of any company must remain keenly ...view middle of the document...

Management can underscore the company’s commitment to ethics and make sound ethical principles a central part of the corporate structure by building ethical policies into the company’s regulations, policies, and procedures. Then, ethical decision-making will become a vital part of the company’s culture.
A company can also enhance its ethical profile by enforcing a preference to do business with ethical suppliers, vendors, and contractors. A company commitment should not only permeate the parent company, but also all the companies that the parent company directly or indirectly supports. When the suppliers and vendors are equally committed to ethical dealings with employees and customers, the full supply chain can claim the ethical high ground and tout this attribute to customers. For example, if a diamond retailer habitually sources its gold and diamonds from mining companies who are not committed to ethically sound practices, the diamond retailer is equally responsible for the unethical profile of the supplier’s business.
To ensure that the company does business with ethical suppliers, contractors, and vendors, the company must first ensure that they treat these companies with respect. That means that the company must not engage in unfair business practices with suppliers and it must offer fair prices for goods and services rendered by supplier companies. BBA must also create processes that engage the suppliers and vendors in ethical decision-making. In other words, BBA and its suppliers must come together to tackle ethical issues as a team, instead of one company imposing its policies on the other. Another recommendation for ensuring the ethical quality of the supply chain for the future would be for BBA Financial to demand that ethical policies and procedures be in place for a vendor company as a precondition for business. Therefore, companies looking to do business with BBA will be sure to make ethical policies a priority if they want to earn the patronage of this large corporation.
Another very important ethical consideration for BBA Financial is the ethical treatment of its customers and consumers. ...

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