Business and ethics have forever been intertwined.
Having a strong moral code at the centre of your business is no longer a USP, but a prerequisite if your business is to flourish. And by placing value in a strong ethical brand, businesses are allowed to organically expand and grow, both financially and morally.
Here are three ways you can improve the ethics of your business in 2017:
Commit to the Living Wage
A Living Wage would breed positivity throughout your internal and external business structure. Lush, the cosmetics retailer, recently announced that it is to pay all its staff a living wage, increasing from £7.40/hour to £8.45/hour.
Following in the footsteps of Lush would, for one, benefit your business’s brand through positive PR. But the moral consequences of having employees that place further value and respect into your business knows no boundaries. It would give employees a reason to fulfil their job role to a higher ethical standard, as they know their labour is being valued significantly.
Communicate with your employees
Your employees are not robots, and like all of us, benefit from strong communication with our colleagues.
So a good line of communication with your staff is vital to creating a harmonious workplace. This could be through the likes of a weekly newsletter or reoccurring one-to-one meetings with employees.
Having a safe place where concerns or serious issues can be confidentially raised with management is vital, as any malpractice within your business structure must be stamped out as quick as possible.
Team up a charitable cause
By teaming up with a charity, not only can you bring extremely useful positive PR to your businesses brand, you can do a whole lot of good whilst doing so.
The partnership between High Street bookmaker Coral and Macmillan Cancer Support from 2012 to 2014 raised over £750,000 for Macmillan; £250,000 over their initial fundraising target. The partnership helped forge a bridge between the business and human side of enterprise, with Coral providing cancer information within its shops and to its employees, helping Macmillan to reach even more people affected by cancer.
Such partnerships and/or charity sponsored events or products can help bring a unique hook to your brand and produce positive effects financially, both internally for your business and externally for your partnered charity.