Ethical Dilemmas: How Scandals Damage Companies

Author: N/A

Publisher: Western Governors University

Publication Year: 2021

Summary: The following article discusses how companies with higher ethical standards have been shown to perform better than companies who fail to consider the ethics of their practice. “73% of professionals say they take an organization’s values into account.” It is important for employees in deciding where to work if the company has values that align with theirs. Another quote from the article reads “43% of consumers have stopped buying from brands they find unethical and 71% say they carefully consider corporate values when making a purchase.” This highlights the importance of having an ethical company and the relationship it has with the success of that company. While this should not be the sole motive, it is notable that companies will start adopting more ethical values. A company called Equifax had an ethical scandal where more than 148 million consumers had their data stolen due to an older version of Equifax being used. The ethical problem in this situation was the fact that they did not inform the users that their data was stolen until 2 months later. It is important for companies to uphold data privacy protocols but it is equally as important to be transparent with users about any breaches with their data. This article also covers some great examples on how to personally deal with ethical dilemmas in the workplace.