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
TV Ratings (18/04/2024): I’m A Celebrity Wins Prime Time And Key Demos
Aussie viewers can be a harsh lot at times. Only days after Ellie Cole bled her heart out, she has been sent packing.
Effie&co Launches New ConnectAsia Division To Help Aussie Brands Market To Asian Consumers Overseas & At Home
Not provided is advice on using chopsticks and not spilling ramen down your shirt.
Cashrewards Sets Out Stall For New CMO
Thinking of applying for the Cashrewards CMO gig? Here are some insider tips that, yes, are tantamount to cheating.
‘I Ask For The TV Industry To Stand Up And Defend Itself’ – Seven Boss James Warburton Steps Down
The Seven supremo heads for the exits after five years. Here's hoping the Spotlight team organised the farewell bash.
Poh! Jamie! Adriano! Paramount ANZ reveals its tasty plans for this year’s MasterChef
It's your fan's guide to this year's MasterChef! Although no tips on how to pronounce crudités or use a un fait-tout.
Dentsu’s iProspect Partners With MOOD Tea Ahead Of May Campaign Launch
We love a Mood Tea here at B&T. Although we do store old screws and nails in the International Roast caterer's tin.
Opinion: When Culture Starts Eating Itself: Navigating The Age Of Self-eating Nostalgia
Born boss David Coupland asks is adland going through a nostalgia period? But please, no repeats of Best Of Red Faces.
Who’s Going To Cannes?! The TikTok Young Lions Winners!
It's Aussie adland's next gen! They're off to Cannes with high hopes of bringing back a Lion & a foot-long Toblerone.
Adobe Launches Express Mobile App With Firefly AI
Want to be the coolest kid at Friday staff drinks but forgot your retro Nikes? This new Adobe wizardry may do the trick.
ThinkNewsBrands & IMAA Extend News Publishing Education In Brisbane
Industry duo takes its publishing roadshow to Brisbane. Was disappointed no male attendees were wearing walk socks.
B&T Chats With Wavemaker’s Provocative Pioneers On Their Cross-Pacific Sojourn
B&T TV heads to Wavemaker's Sydney digs to interview two staffers from its New York & LA digs. If that makes sense?
HoMie & Champion Launch “Give One. Get One” Campaign Supporting Youth Homelessness Via Town Square
Much like the fête's prized chutney wears a blue winners sash, so too should this top initiative from HoMie & Champion.
Thinkerbell Takes Us Back To Summer In Latest Work For XXXX
This beer ad wants to take you back to summer! Just minus any chance of a shark attack on your morning bus commute.
Cannes Lions Unveils 2024 Programme Featuring Queen Latifah, Jay Shetty & P&G’s Mark Pritchard
Are you one of the lucky ducks heading to Cannes in June? Check out the headliner acts you'll be queueing hours to see.
Scroll Media Recruits Costa Panagos From Twitch
Costa Panagos set to bring South American flair to the Scroll offices. Assuming that he is, indeed, South American.
Year13, Microsoft & KPMG Australia Launch AI Course For Gen Zs
Born around the 2000s? Need to amp up your AI creds? This guide's for you (although it's not really that age specific).
General Motors Snares Heath Walker From Scania
Do you rage about oversized American cars on our roads? You need to bail up Heath Walker at parties & industry events.
VML Launches New “Envoyage” Brand For Flight Centre
VML unveils new brand for travel operator Flight Centre. Alas, no sign of those paid actors pretending to be pilots.
Subaru Places Media Account Up For Review
Subaru puts media up for review, as adland journos get set for mandatory "agency drives off with..." headline.
TV Ratings (17/04/2024): Contestants Faced With Harsh Realities As Alone Australia Heats Up (Or Cools Down)
Alone still doing the business for SBS. Overly long train journeys not doing the business, but they persist anyway.
Ben Fordham Loses Number One Spot As Ray Hadley Celebrates 156th Ratings Win
The radio numbers are in! Discover who's off for a boozy lunch today & who's waiting for the dreaded HR death knock.
Gourmet Ice Cream Brand Connoisseur Launches New “Thrill Your Senses” Iteration, Via SICKDOGWOLFMAN
Rattling the old "truth in advertising" adage comes this ice-cream spot full of noticeably thin people.
Paramount’s Global Sales Boss: ‘Australia’s Converged Model Is A Blueprint For How I’d Like All Of Our Markets To Be’
Paramount's global sales boss gives local sales ops the thumbs up. Didn't weigh-in on the Lisa Wilkinson debacle.
TikTok Starts Testing Its Instagram Rival In Australia
In exciting news for piano playing cats & brattish pranks in shopping centres, TikTok unveils its Insta rival plans.
Man Wrongly Named By Seven As Bondi Killer Hires Lawyers
Struggling to save for a house deposit? Why not get wrongly identified by Sunrise!
Smartsheet Appoints Indie Agency Sandbox Media To Its Media Account
Can't stand your colleagues? Like to dob them in when they miss a deadline? These work management platforms are ideal.
Boss Not Letting You Come To Cannes In Cairns? Use This Business Case To Convince Them!
Stingy boss won't spring for a ticket to Cairns? Add this to your persuasive argument repertoire. Or grovel.
Alt/shift/ Brisbane Builds Portfolio With Ausbuild Creative, PR, Content & Social Account Win
The Brisbane comms/PR agency lands constructor Ausbuild. Also hoping for a discount on its new glass conservatory.
Young Guns Versus The Old Guard: Who Adds More Value to Our Industry?
Cannes In Cairns poking this hornet's nest in a lively debate. Just so long as the oldies can get up the stairs.
70% Of Aussies Don’t Have Green Power Plans ENGIE Says In Major Brand Campaign Via HERO
Are you the notorious "light leaver on-er" in your flatshare? Quell any infighting with this green energy news.
PrettyGood Launches Offering Brand & Media Solutions For Australasian SMEs
B&T applauds the charitable nature of this new agency. Although we'd hate to see it impact any Chrissie present sends.
A Blunt End: Dolphins Medicinal Cannabis Sponsorship At Risk
Yes, it's another NRL drug story. Yet, thankfully it doesn't involve coke in Kuta during the off-season.
Slew Of New Creative Hires At Leo Burnett Australia
Ahhh, all black! The outfit of choice for agency creatives, David Jones staff and everyone in Melbourne.
Under Armour Unveils Local “Live in UA” Campaign
American apparel brand set for yet another tilt at the Aussie market, as Nike declares "we'll see about that".
Pepsi Launches New Look, Refreshing Classic Fashion Staples Via Special PR
Are you always the bridesmaid, never the bride, as the old saying goes? How do you think Pepsi feels?
Pure Blonde Returns To A Place Purer Than Yours In New Campaign Via The Monkeys
B&T's always been a huge fan of the 'drink yourself thinner' diet plan. So big thanks to Pure blonde, vodka & tequila.