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How Ethical Practices Can Add Value To Your Business Model

Company ethics is the practice of encouraging and rewarding fair and moral behaviour in the business environment. It's important to consider how ethical practices can add value to your business model as this can boost morale amongst employees and raise standards in the industry.
Ethical behaviour in the workplace is hard to recognise and isn't always the highest priority for leaders. However, if good practices are successfully implemented they can add significant value to a company culture and in turn boost company profits.

Our key thoughts on ethical practices are:

  • Displaying a caring and sustainable approach to clients can help you naturally outpace the competition.
  • Authenticity is a more attractive proposition for clients. Ethically-savvy employees are often perceived as team players rather than individuals just out for themselves. This gives their interactions with clients a more genuine feel, as well as making them more likely to represent a strong corporate philosophy.
  • Ethical practices can encourage employees to stay, and therefore may reduce labour turnover and increase productivity.
  • A company that is proudly ethical, with a demonstrable commitment to recognising, encouraging, and rewarding ethical behaviour, will attract employees that want to work for the business. Not only does this drive down employment costs and training investment, it also makes it more likely that the people you're attracting will be a good fit with the personality of your brand.
  • Without ethical standards a business risks making uninformed, poorly thought out, or misguided decisions that can cause harm to individuals as well as the company.

At Off Limits events we make a concerted effort to focus on maintaining the standards outlined by the HBAA (The Events and Hospitality Association). This organisation, of which we are a member, champions best practice and ethical working standards for clients in the events and hospitality industry. The HBAA also encourages greater innovation, supports professional development, and is the primary source of expertise for corporate and travel professionals. Our membership is the mark of quality assurance for this sector and shows clients they're getting the best standards from the event industry. We're also members of the MIA (Meeting Industry Association), and our Director Martin Stephens is an MIA development board member. The MIA ensures its members achieve the highest standards of facilities and service through achievement of AIM-the industry standard of quality and excellence.

Ethics is profitable: emotionally, financially, and in terms of client confidence. To be concerned with the right thing, with creating a sense of dignity and prosperity for all stakeholders, is to be concerned with driving your business forward and creating enlarged opportunities for the people and organisations with whom you work. Our membership of these trade associations is about our commitment to growing ethically and responsibly. And our dedication to ethical practices includes promoting them to others, as well as following them ourselves.

Have you introduced ethical practices into your business model? Has this had a positive effect on your employees, your client relations, and your future plans?

Written by Jenna Halford

24th Tuesday May 2016