Does It Pay to be Ethical? Essay examples
The problem being investigated is whether companies whose leaders operate in an ethical stewardship capacity, who have established high levels of trust with those they lead, are more competitively successful. Caldwell, Hayes and Long (2010) suggest a strong trust relationship between leader and subordinate, where the leader is concerned for the greater good of all stakeholders as opposed to personal self interest, is an essential competitive advantage in the global marketplace.
What is Leadership?
Chemer (as cited in Caldwell et al, 2010) believes in a three-pronged definition of leadership. Leaders must be able to develop relationships, effectively allocate resources, and establish and maintain a company …show more content…
Brand image Creating a brand image and a public reputaion that is representative of enterprises’s values and advertisied commitments falls to leadership (Caldwell, 2010). Building a brand image that is reflective fo both the company culture and external advertising can be an act of ethical stewardship. In October of 2011, Marc Pritchard, Global Marketing and Brand Building Officer at Procter & Gamble as key note speaker for the annual American Magazine conference suggested brands that look to serve a higher purpose will build greater sustainable business results (Pritchard, 2011). One key he shared was to build a brand that serves customers instead of merely selling products (Pritchard, 2011).
What is ethical stewardship?
Ethical stewardship happens when companies look to serve a greater good and are focused on long term outcomes and benefits to shareholders and stakeholders alike. In an interview, Robert Dotson, president and CEO of T-Mobile USA, a company recognized as one of the most ethical enterprises by the Ethisphere Institute shares:
Our employees know that getting great results is only part of the equation," he said. "We expect everyone to get the right results, the right way.