Three Signs Good Financials Have Gotten In The Way Of Ethical Business
In this guest post, Hotwire Australia managing director Mylan Vu discusses the three signs good financials have gotten in the way of ethical business.
Following the Banking Royal Commission, ethical business decisions are more at the forefront of Australians’ minds than ever. While most professionals are aware ‘cut-throat decisions’ and ‘tough calls’ often have to be made to drive profitability, there is a fine line between that and developing an unethical business.
Past and present entrepreneurs like Elon Musk, Steve Jobs, and Mark Zuckerberg are renowned for toeing this line every day, pushing their teams to the limit and then pushing further in the name of ‘changing the world’. Yet, many argue this in itself is going too far, and encouraging unhealthy workplace culture or mindsets leads to unhealthy staff, causing its own societal and behavioural challenges for the workforce.
So, how far is too far?
We’ll see just what lines are drawn by the banks and the government over the next few months following the Royal Commission, but here are three clear boundaries that should never be crossed regardless of your industry or state of business.
- The personal taking over the professional
Today’s workforce is increasingly encouraged to bring our whole selves to work, meaning we should start being more transparent about our stress levels, more open about what motivates us in our personal lives, and more embracing of work-life balance. However, the risk comes when personal decisions, opinions and motivators take precedent over those of the team or business.
For example, a CEO who loves hip hop may think that blasting it from 7am in the office is the best way to drive creativity and calm in the office. Whereas, for teams that thrive in quiet workplaces or who dislike hip hop, this exact environment could have the opposite anticipated impact – instead creating agitation and stress in the workplace. It may seem small, but it’s these types of actions that often lead employees to feel their boss’s personal interests are being prioritised over what’s right for the business as a whole.
More everyday examples include leaders hiring based on people they know on a personal level, but not professionally; or running team events based on personal interests rather than genuine team building outcomes.
When personal motivations significantly supersede the importance of business results, the vision, mission and values of a business become almost impossible to rally around.
- The team only associates the brand with money
Making money is of course what businesses are built to do, and there is barely a scenario where revenue and profitability should not be factored into a major business decision or strategy. Having said that, if this is the only metric by which success is measured within a business and the only association employees have with their employer, there’s something very wrong.
It’s important to be transparent about the numbers and the overall operations of the business. And it’s just as important to talk about team culture, the company’s reputation, training, client relationships, and the business’ contribution to the broader community. When someone asks an employee what they’re working on, it should be a mix of these things, all of which at some point are tied to driving revenue without revenue being the sole reason for their actions.
A company’s employees are its biggest advocates, and if you’re not a sales agency, they shouldn’t be out associating the brand primarily with money-making.
- What makes the business special has just been automated
Artificial intelligence (AI) and automation technologies are advancing rapidly, changing every industry. They’re transforming often administrative or repetitive jobs with machines that can complete the task faster, while improving outcomes over time.
The biggest challenges with AI and automation technologies comes with ethics and the human element of running the technology. Across all businesses, young and old, often what makes a business ‘tick’ and what brings it unique flare is its people. Would Uber be as special without the renowned service of its drivers? Would movies be as entertaining without the creativity of their scriptwriters? Would restaurants be as enjoyable without the smiles of their waiters and baristas? Probably not.
And yet, each of these aspects that make these businesses what they are today are likely to be automated within the next decade at a global scale. In media, we’re increasingly seeing journalists’ jobs being exchanged, despite most Australians seeing ethical issues with stories prepared by robots. It’s agreed by most in the industry this is detrimental to journalism, information sharing, and knowledge generation overall – replacing the human elements of an entire industry is possibly the clearest form of prioritising short-term financials over ethical practices.
The savviest business leaders will find a way to leverage the latest technologies to drive value for customers, without losing the most valuable part of their business and what makes them truly special – their people.
Latest News
The Mars Agency Announces Latest Findings Of Retail Media Report Card
The Mars Agency has developed a scorecard that assesses the capabilities of leading platforms across key criteria required to optimally plan, execute, and measure effective retail media programs. The scorecard aims To help brands efficiently evaluate their spending options across retail media networks in Australia (and New Zealand). With spending on retail media advertising in […]
‘It’s The Lesser Of Two Evils’ – NRL Eyes US Betting Market As Aussie Regulators Circle
US betting firms will be delighted by the circa 50,000 Americans who could soon watch the NRL on their favourite app.
A-League In Deep Discussions With New Partner To Keep Games On TV After Production Company Enters Administration
The A-League's insatiable appetite for scoring own goals continues.
TV Ratings (27/03/2024): Jungle Members At War Over Concealed Lipstick
A heated argument between two jungle members did the numbers for Ten last night, with I’m A Celeb obtaining a total national reach of 1,282,000. Fans were delighted as Candice Warner and influencer Skye Wheatley got into it over a stick of lipstick, leading Warner to dub the Instagram star “selfish.” Wheatley, best known for […]
Is The Australian Music Industry In Trouble? Inquiry Launched Following Splendour Cancellation
Earlier this week, an inquiry was launched into the challenges and opportunities currently facing the Australian live music industry in the wake of multiple festival cancellations. On 25 March 2024, the Minister for the Arts, the Hon. Tony Burke MP, asked the Committee on Communications and the Arts to inquire into and report on the […]
Liana Dubois, Leandro Perez, Aimee Buchanan & More Gather For Inaugural Compadres Leadership Event
Didn't get the invite? Perhaps you're not as important as you thought.
Cathay Captures The Unforgettable Thrill Of Cathay/HSBC Hong Kong Rugby Sevens, Via Publicis
Nobody does rugby like Hong Kong, apparently. Certainly nobody does it as badly as Australia.
Cocogun Nabs Christine Watts, Kirsty Reynolds & Shev Tan Bolstering Management & Creative Teams
Cocogun bolsters its team with new hires. Committed to purchasing a bigger sofa, too.
The Media Store’s Jacquie Alley & Sam Cousins Take The Plunge With Pro-Bono Work For Cure Cancer
B&T chats with The Media Store bosses about their great pro-bono work and sponsored swim.
Hawke’s Brewing Co. Taps Rocket Comms For PR Agency Following Competitive Pitch
We're expecting Rocket Comms productivity to crash in spectacular fashion following this win.
Spotlight On Sponsors: Patties Serves Up A Taste Of Home For Olympians & South Sydney Rabbitohs Recommit To Gambling Reform
While the Rabbitohs commits to gambling reform, B&T reckons the team should commit to a decent auto sponsor.
Google: “Inevitable” That Bad Actors Will Abuse Ads Platform As Advertiser Account Suspensions Double
Google maintains it's simply impossible for it to entirely stop bad people placing & paying for ads using its service.
Quantcast Expands APAC Sales Team With Appointment Of News Corp Account Manager
No pressure at all when you are appointed as a client success manager.
Publicis Sapient Tests Microsoft-Powered Gen AI Search Tool With Homes & Villas By Marriott Bonvoy
Given Gen AI's record for mangling stuff, B&T cannot see the problem with letting it decide your next holiday digs.
Volkswagen & DDB Group’s “Roo Badge” To Reduce Kangaroo Related Road Collisions
Watch out for RooBadge as Cannes Lions' most debated campaign this year.
Twilio Launches Unified Profiles & Agent Copilot Features To Boost Productivity & Engagement
Agent Copilot sounds like James Bond's less interesting cousin.
Reebok & Honda Among New Clients For onetwo agency
OneTwo finally lives up to its name with this double billing.
Ogilvy Report: Throw Out The Social Strategy Rule Book, The Rules Of The Past No Longer Apply
B&T was puzzled that all 'influencers' aren't, effectively, 'virtual', but here we are.
WhiteGREY & AKQA Merge In Australia, Lee Simpson Departs
Fortunately, the combined agencies aren't opting for a trite portmanteau for the new name.
Splendour In The Grass 2024 Music Festival Cancelled!
Music fans all over the country reportedly relieved they can pack away their rain coats and gumboots for another year.
TV Ratings (26/03/2024): “Fairy Bread, F***ing Disgusting”: Gordon Ramsay Slams Aussie Food In Food Stars Launch
Ramsay not one for mincing his words, even when it comes to minced meat pies.
Paramount+ International Boss Doubles Down On Aussie Content, Says Ad-Tier will Grow Audiences And Revenue
Good news as Paramount will not be binning I’m A Celebrity for re-runs of Frasier.
Brent Smart: Telstra Pushing For 50-50 Brand-Performance Split But Warns Numbers ‘Won’t Look Great’ Initially
The old brand vs performance debate continues. But here, Brent is firmly sitting on the fence.
Crowded House, Tones And I & Dom Dolla Win Big At The Shure Rolling Stone Music Awards
B&T staffer reports back with humdinger of a hangover & feeling seriously uncool after mixing with music types.
Opinion: Dyslexia “A Hidden Gem” For Brands & Agencies
Dyslexics offer underappreciated benefits in the corporate field, according to this op-ed.
David Jones Taps Criteo To Power Online Retail Media Arm
Want to see ads for things you probably can't afford? David Jones has got you covered with new retail media play.
oOh!media Sets Up Team To Target Business Audiences Across Airports & Offices
oOh! wants brands to harass you every minute of your next business trip.
QMS Launches Australian First DOOH & TV Partnership With Samba TV
Samba TV, of course, is not a channel dedicated to dancing. Much to our dismany.
Slew Of New Hires At Amplify
Four new faces join the Amplify offices. Team say desk scarcity becoming "acute".
Adobe Announces Content Authenticity Initiative Expansions To Counter Deep Fakes
Try as they might to enlighten them, we suspect Trump supporters will continue to watch and believe Fox News.
The PR Group Appoints TechCrunch Senior Reporter Catherine Shu As Director Of Content & Media
Catherine Shu makes the bold leap from journalism to PR. Says inevitable pay bump was "unrelated".
HERO Nabs Ebony Santin From AMPR
Rumours Santin cleared out the stationery cupboard before departing are as yet unconfirmed.
Karena Noble Checks Out Of EVT Hotels & Resorts To Launch Comms Consultancy
Noble still managed to squeezed in a continental breakfast before departing.
Canva Acquires Design Platform Affinity To Bring Professional Design Tools To Every Organisation
Canva & Adobe face off continues. We're not picking sides but keenly aware that Canva's office is next door to ours.
“Lean On Our Team To Help You Find An Audience”: Why Understanding Audience Engagement Is Essential In Journalism
Engaging the audience is critical to journos, apparently. We'd thought self-loathing & alcoholism were key.
Adobe Summit: Major Gen AI Developments, Data Concessions & Partnerships
What happens in Vegas stays there. Unless it's the Adobe Summit and then you get to read about in B&T.