Competitors are more than just competition.
Ethics form one of the most important foundational aspects of any organisation. Rather than pushing it towards the side lines, every employee of an organisation must actively engage with workplace ethics as a crucial part of achieving excellence. Ethics cover a vast area of application, which range from internal functioning to any of the external activities carried out by an organisation.
The competitors of your organisation are worth looking at in order to understand ethics in business. Here are some values that you can learn from competitors and incorporate in your own organisation:
- Honesty and loyalty: These aren’t just the morals of children’s stories, but also virtues that any organisation must adopt. Honesty must be practised amongst employees as well as towards people outside of the organisation, by not exaggerating or misrepresenting any of the facts or achievements of the organisation. At the same time, loyalty should be inculcated through good business practices, good treatment, and the empowerment of employees, rather than expecting it by default. Observe how competitors treat their employees in order to make them stay, and their customers in order to ensure they keep coming back.
- Leadership:A strong leader can change the world, and this holds true for an organisation as well. Consider your competitors and their figure heads. A charismatic and powerful leader not only motivates other employees to work better, but is also the face of the organisation.
- Reputation:A good reputation is crucial for the long-term success of an organisation. Every leading organisation has a public reputation that they strive to maintain. Your successful competitors adopt many strategies in order to ensure that they are well regarded amongst business partners, consumers, and their own employees. Knowing these methods can boost your organisation’s repute.
- Sensitivity towards others:An organisation that commits itself to social responsibility will be more positively regarded. Observe the social problems and issues addressed by your competitors and you will see how it links to the public perception of the organisation, as well as the willingness of employees and business partners to work with them.
- Implementing changes:Out with the old, and in with the new, as they say. The success of an organisation lies in its ability to allow for change while also sticking to its core values. Successful competitors adapt to the needs of the times and are not afraid to make use of innovative technology and ideas.
- Keeping the long term in mind: It is sometimes tempting to use legally questionable means or compromise on quality to get work done quicker. But an organisation must always keep its long term interests in mind, and work towards maintaining its repute as a law-abiding and reliable entity.
- Learning from mistakes:Competitors that are not successful or are going through a tough time must also be taken into account when understanding ethics. Learn about where your competitors have gone wrong, and how that has impacted their functioning as well as their public reputation.