Welcome to the Terminal Value Podcast
Feb. 21, 2023

305: How To Be An Ethical Executive

305: How To Be An Ethical Executive

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Today's episode is a quick-hit solo recording with Doug where he talks about the characteristics of ethical executives and how to become one yourself.

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Have you ever read the newsfeeds and seen stories about executives at big companies who are paying themselves enormous bonuses while in the middle of layoffs? Have you ever felt like this was fundamentally unethical? Have you ever wondered whether there's anybody at all in these big corporations who have a soul and a sense of ethics? The short answer to that question is yes, of course there are. Unfortunately, you don't hear about many of them on the news, but they exist the longer answer to that question. Is that developing a sense of ethics and implementing it as an executive leader is something that doesn't happen on accident. Before we get going a little bit of introduction. This podcast exists for one purpose, and that is to bring founders and CFOs the tools they need to increase profits without layoffs. I am the host Doug Berg, and you are listening to the terminal value podcast. This episode is going to be what I like to call a quick hit episode where it will only be me And we'll be here for about five minutes. looking back on my own. I spent approximately 20 years in the tech sector, mostly in finance, but also in information technology. And one of the things that I've found is that in a lot of cases when people transitioned from an individual contributor into management, at some point they start to see that the way they will ascend. Into the higher realms of management is based on the perception of the people who are above them. So what can happen is people become more concerned with managing their appearance than with creating value for the company. And that is where a lot of the problems have come from. In the context of business ethics is particularly important as it sets the tone for how companies perceived by stakeholders and influences the behaviors of its employees. All of us have encountered people in positions of authority who are primarily focused on themselves and their career instead of creating value for their stakeholders. Some of this is done overtly through self-centered actions, and others do it quietly by mailing it in and spending their days managing email and attending meetings, but never delivering real. An ethical executive is a leader who not only knows the right thing to do, but also has the courage to do it even when it's difficult or unpopular. There are five characteristics of an ethical executive. Number one, integrity. Ethical executives have a strong personal set of values and principles that guide their decision making. They're transparent in their actions and communicate honestly with their stakeholders. Their actions create value for both the company they work for and the people who work for them. Number two, responsibility. Ethical executives take responsibility for their actions and decisions, and they ensure that their employees do the same. They understand that their leadership role comes with a certain level of accountability. Number three, empathy. Ethical executives are able to put themselves in other people's shoes and understand the impacts of their actions on those other. They consider the wellbeing of their employees', customers, and other stakeholders. Number four, fairness. Ethical executives make decisions that are fair and just, and they ensure that the parties involved are all treated equitably. They avoid conflicts of interest and do not take advantage of their position of power. And number five, courage. Ethical executives have the courage to stand up for what they believe is right, even in the face of opposition. They make decisions based on their values and principles rather than fear or personal. In the end, an ethical executive is a leader who not only knows what is right, but also has the courage to do it. They exhibit integrity, responsibility, empathy, fairness, and courage, and they set an example for others to follow. Companies with ethical leaders tend to have a positive reputation, loyal employees, and satisfied customers, which ultimately contributes to their long-term success. Thank you for listening to today's episode. If you haven't subscribed, please go ahead and subscribe in the app that you're using right now and visit us on terminal value podcast.com where you can leave a review and you can see all the other episodes that are available. And what I would really appreciate is if you would go visit us on Facebook, at facebook.com/terminal value and leave a comment letting me know how you like this episode format. And also let me know what do you want to see in the future so that I can create the right content for you. I hope you have a wonderful day and I'll talk to you again soon.