Eight out of 10 people think companies will behave more ethically five years from now — and 86% think that compliance rules will be more stringent, and that businesses will be held to higher standards regarding ESG, according to a recent survey.
What's more, almost three-quarters of people (71%) in the survey, which was conducted on behalf of the Association of International Certified Professional Accountants & CIMA by Harris Poll, think it's more important now for an organization to have ethical business practices than it was five years ago, and two-thirds of respondents believe ethics are important for the public perception of a business (68%), for its ability to attract top talent (66%) and for its culture (65%).
Interestingly, business leaders were even more likely to value ethics in those spheres than other respondents, with 79% citing its importance to recruiting, and 77% to public perception.
For the purposes of the survey — which reached out to roughly 1,800 business leaders, young talent and opinion leaders in the general population — business ethics were defined as "abiding by moral principles, doing the right thing, and being honest and transparent."
Ethical behavior also ranked among the top five characteristics of a "leading global company," after financial performance, growth potential and products.
Respondents viewed diversity, equity and inclusion as the most important ethical challenge facing businesses (38%), followed by:
- Corruption (34%);
- Cutting corners to drive profits (32%);
- Discrimination and harassment (31%); and,
- Environmental responsibility (29%).
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