As a business owner, ethical standards are essential for a successful enterprise. But in reality, not all organizations practice ethics at their highest standards.
Recent statistics show that only 14% of employees around the world work in companies with strong ethical cultures and a mere 21% of U.S. employees are part of a workplace which actively promotes ethical values.
It’s clear there is still some way to go before all businesses support their employees in incorporating ethical behavior into their corporate environment and operations. Here are some of the business ethics statistics that you may find useful.
Business Ethics Statistics
- Research shows that 84% of consumers consider a business’ ethics and values before they make a purchase.
- 14% of employees worldwide worked in ethical companies.
- 21% of U.S. employees worked in workplaces with a strong ethical culture.
- According to Gallup, only 40% of employees who witness unethical behavior report it.
- 63% of customers want more ethical business practices.
Consumers Say They Care About Ethics
The netimperative research paints a clear picture: consumers care about ethics more than ever before. In fact, the data points to 84% of consumers actively considering a business’ values and standards before making a purchase.
This marks a huge shift in the consumer mindset and can be seen as an unequivocal statement for how businesses around the world should operate– taking into consideration their ethical responsibility not only to shareholders or customers, but also to those concerned with environmental sustainability, labor practices and other larger issues.
With ethical considerations at the forefront of consumer behavior, it now becomes increasingly important for businesses to ensure they are following the highest standards.
What Percentage Of Companies Have A Strong Ethical Culture?
According to the Global Business Ethics Survey, only 14% of employees worldwide work in companies that are strongly committed to ethically sound practices.
This number is alarmingly low, our world needs more businesses that promote a culture of ethical responsibility and decision-making.
Such companies demonstrate respect for labor rights and customer safety, providing better solutions for our globalized economy and creating a brighter future for generations to come. Now is the perfect time to advocate for this type of responsible initiation across industries.
21% of US Workers Said They Work In Ethical Businesses
A Global Business Ethics Survey recently revealed that only 21% of US workers feel as though they are working in an ethical business or organization.
It’s disappointing news, but it also sheds light on the need for legal and organizations officials to make a greater effort to ensure ethical standards within the workplace.
It’s imperative that corporate cultures prioritize compliance and profitability, so employees can have a strong sense of trust, ethics and justice in their job and workplace.
Greater communication between management and their employees will also be necessary in the future to sustain ethical working practices.
More Half of Employees Don’t Report Unethical Business Practices
The Gallup analysis shows that more than half of workers are seemingly turning a blind eye to unethical practices going on in their workplace.
Despite having knowledge of these wrongdoings, only 40% of employees actually choose to report it. This raises the question: why don’t more people come forward?
It could be that individuals are not aware of the action a company should take, or they may lack confidence in their ability to properly address it.
In any case, this data emphasizes the importance of corporations creating an open and safe environment where employees feel comfortable reporting inappropriate behavior.
Consumers Want Companies To Show More Social Responsibility
Accenture recently conducted a study and found out that 63% of the customers want companies to be more socially responsible.
A majority of consumers, who are at the receiving end of the products and services provided by companies, want them to show more commitment towards sustainability and ethical practices.
According to the Accenture Survey, this is accurate, showing the growing need for businesses to increase their efforts in preserving values such as trust, fairness, and social responsibility. Customers may instead choose an alternative entity that clearly represents these larger goals.
FAQs
Are businesses more ethical today than in the past?
Forbes reported that businesses are increasingly more ethical today than they were in the past. Increased media visibility and advancements in technology have allowed greater scrutiny to be placed upon companies, encouraging them to take their responsibilities towards employees and the environment into account.
Many employers now recognize they need to do more than simply pursue profits and actively promote workplace diversity as well as sustainability initiatives if they want to attract high-level talent.
Businesses who take this ethical approach have the potential to adopt procedures that will help them stand out from the competition.
