The importance of ethics training in business

Sadly there are an increasing number of stories in the press that highlight growing problems with corporate values and ethics. Companies who don’t have clear guidelines in place for governance may suffer reputational damage which could pose a a real threat to their business.

Problems in the City of London

In March, the Financial Conduct Authority (FCA) announced that it was to investigate the insurance market over claims of the misselling of endowments and pensions. Later that day, the FCA itself came under the spotlight over the way in which it had released the news and against this backdrop, insurance chiefs, the Association of British Insurers (ABI) joined the conversation, claiming that they: ‘take their Treating Customers Fairly obligations very seriously.’ Stories like this shatter consumer confidence and highlight the need for corporate ethics training.

Training can help a business

It’s one thing for a company to have statutory regulations in place; it’s another entirely to ensure that every member of a corporation understands their own individual role in delivering ethical working practice. Using a drama based methodology for values and ethics training  is one way of ensuring that ethical behaviours are nurtured and encouraged within the team – and that individuals are aware of how to build an ethical working culture within their organisation.

How does training help?

Training workshops mimic real life scenarios and provide a safe environment to question corporate ethos. A company that engages with this type of training will be sending a valuable message to its workforce – demonstrating that open, honest debate on the topic of workplace ethics can and will improve corporate practice.

A 2012 survey highlighted that 35% of people believe that they are asked to perform duties at work that conflict with their own sense of fairness or ethics... No one enjoys working in an environment where they are afraid to comment on company practice they believe to be unethical.  Critically, you must cultivate a ‘speak up’ culture – where individuals are encouraged to share their concerns and discuss them without fear of reprisal.

Embrace ethical change

It’s not enough to simply have a company mission statement promoting ethical values. Every member of the company has to understand that their individual behaviour reflects on the company as a whole. Through ethics training, individuals will understand their own role in supporting the creation of an ethical culture and develop a greater understanding of how they can demonstrate corporate values in their everyday behaviour.