When it comes to ethics, “Put your money where your mouth is”. Turns out many people do just that. They shop their values. When consumers believe a brand has a strong purpose, they’re four times more likely to purchase from that company and four and a half times more likely to recommend it to family and friends.
Consumers also have the power to punish unethical or noncompliant behavior — and that’s a genuine fear among risk managers. According to data from Willis Towers Watson, 86 percent of risk managers ranked loss of income or reduced customer base as the worst outcome from reputational damage. Many of them also feared loss of talent and becoming less attractive as an employer.
And that risk is more real than ever. Many workers seek an engaging, supportive and ethical workplace experience, and they are increasingly willing to walk if they don’t find it. Here’s how to cultivate a sense of ownership and pride over workplace ethics and compliance.
