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
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.
The Fred Hollows Foundation Appoints Ardent For PR
Yes, we all like to have a joke at PR's expense. But sometimes it does important work, like this.
AI, eCommerce & Marketing Specialists Are In Increased Demand By Businesses, New Data From Fiverr Shows
Has your philosophy & anthropology degree left you with nothing but a huge HECS debt? Here's what you should've studied.
Perth’s First 3D Anamorphic Billboard Arrives Courtesy Of oOh!media
Do you love a buzzword? Now you can add anamorphic to the list as it relates to billboards, not a colleague's ears.
MasterChef Australia & Crown Resorts Launch Unique Dining Experience With ALUMNI
A pop-up restaurant staffed by MasterChef contestants! That's fine dining prices for first-year apprentice chef cuisine!
Amanda Laing Announces Resignation From Foxtel Group
Foxtel's chief commercial & content officer heads for the exits. Read nice things the bosses said about her right here.
The Lost Letters From Our Diggers: News Corp Unveils ANZAC Day Special
It's nice when brands respectfully acknowledge ANZAC Day.
Howatson+Company Acquires Akkomplice
Large indie acquires a slightly smaller indie. Much like a shark eating a tuna, just with less thrashing and blood.
Google Delays Third-Party Cookie Deprecation Again
In good news for the sale of picture library biscuit photos, Google continues to tease over the end of cookies.
Education A Low Priority For Aussies More Concerned With Cost Of Living Forethought Study Reveals
Study finds Aussies cutting back on education due to cost of living. Booze & Uber Eats sales remain largely unaffected.
“I’m Still The Same Person That I Was”: Rikki Stern Says “Fucc It” To Cancer Stereotypes
B&T always happy to promote the anti-cancer cause. Even brands that massively overdo it with the hot pink.
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.