Ethics in the Consulting Industry: Reality or Illusion?

  • April 3, 2019

In the years following 2008 recession, businesses are regaining their momentum, and the economy has begun flourishing again. In the wake of the very ferocious financial earthquake of the final 80 years, society continues to feel its tremors. Is this an indicator of evolvement and growth? Or is it a warning of an even more catastrophic phenomenon on the horizon? Unemployment is down and a lot of economists are optimistic about the future. Organizations are expanding globally, and leaders are striving to add their names with their companies’successes. But is this enough? Is success and welfare the only measures of success? Do leaders of organizations decide in favor of the well-being of their enterprises, or do they follow their particular narrow ambitions? The pursuit of personal interests is the initiator of a capitalist economy, but that does not justify actions that harm organizations, the people they serve, or society as a whole. And so the “do no harm” business ethics debate rages on, expanding and infecting the “trusted advisers” of the consulting industry
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Consultants Should Do No Harm

In management consulting, executives and consultants are primarily in charge of creating value and safeguarding the interests of the clients, however they ought to also protect society by pursuing their goals in a moral manner. Of course, they focus on the clients’businesses making sound profit, shareholder equity and continuous growth, but it can be their responsibility to align the interests of these clients with the general good.

They’ve an obligation to identify there are multiple stakeholders, customers, employees, society and the environment, not just shareholders and management. They ought to act with the most integrity, and serve the higher good, by having an enhanced sense of joint accountability. It is critical to appreciate that their actions have profound consequences for everybody, inside and outside the corporation, now and in the long run. Consulting companies, should focus more on ethical guidance, while they hold significant influence over many companies’strategy and plans.

Consulting companies (strategy, management, accounting, etc.) have an obligation to advise their clients on the best way to build their successful enterprises on a great foundations, and to simply help them achieve sustainable economic, social, and environmental prosperity. It is their responsibility not to distort or hide the reality behind facts, but to explain the truth and promote transparency. They must also demonstrate to their client’s ethical ways to attain their goals. But is this what is happening today?

Double-dealing, Fraud, Corruption, Insider trading and that’s just the tip of the iceberg

When we take a close look at incidents that have occurred in the recent past, we locate a rotten record of behaviors in the management consulting industry. Numerous examples exist of partners and employees of major management consulting firms being associated with illegal and unethical scandals, in efforts to retain clients and to harvest personal gains. This can be a common among people who put their profits before customers.

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