Ethics isn’t just for good – it affects the bottom line!
Social media has given consumers a "voice" to raise issues and condemn unethical behaviours and negative environmental impacts. According to the Accenture Strategy’s 14th Annual Global Consumer Pulse Research, 50% of consumers concern themselves with the ethical positioning of businesses. More importantly, 37% were prepared to move their business away from a brand they considered not to be behaving ethically.
There's a vast array of ethical considerations that consumers care about and that businesses need to be thoughtful of, including many that may be considered to fall within the "human rights" category. Modern slavery, trafficked labour, highly exploited labour, health and safety risks, and discriminatory practices can and are scrutinised. Similarly, the impact that the operations of a business, and the impact that the end consumer products have on the environment are key "influencing factors" on your customers’ perceptions of your business. You need to consider your records on emissions, pollution, the use of plastics and other 'waste creating' materials, and water usage.
While businesses may consider that "the customer is king" and, therefore, consumer behaviour should rank top in terms of reasons that a business should be motivated to ensure it behaves ethically and in an environmentally friendly way, you should not underestimate the importance of other stakeholder groups, such as employees and investors.
