Companies and organizations spend so much time writing about their values and ethics.
These wonderful words that appear on websites and employee handbooks for new hires rarely are talked about and referenced.
I find this to not only be disappointing, but a prime reason why people take shortcuts that benefit them.
We can’t take our values and ethics, shove them to the side, and revisit them when we feel like it.
Indifference, willful blindness, and ignorance of our values and ethics can place of any of us in big trouble.
The only anecdote I know of to prevent this from happening is to individually build moral compasses. We all need one and they are essential to us thriving and surviving.
Recognizing what the right things are and then making the correct choices, allows us to avoid mistakes which can turn catastrophic in our personal and business lives.
In April 2012, JP Morgan Chase’s CEO, Jaime Dimon, announced that the so called London Whale trades were a “complete tempest in a teapot.” He more recently said, “In hindsight, the new strategy was flawed, complex, poorly reviewed, poorly executed and poorly monitored. The portfolio has proven to be riskier, more volatile and less effective an economic hedge than we thought.
In addition, you should know that all appropriate corrective actions will be taken, as necessary, in the future.”
You should know that I am a customer of JP Morgan Chase. They have always treated me fairly and responded to my personal challenges with respect.
As such, I believe Jaime Dimon means well and wants to build a quality culture that is ethics driven.
What happened to their values and ethics that would result in conservatively a $6 billion loss?
Where were their moral compasses and why weren’t they in place to prevent fraud from taking place?
There is nothing easy about leading an organization with 260,000 employees worldwide and no leader can monitor everyone’s conduct.
Building moral compasses and monitoring them daily might have stopped two traders from taking matters into their own hands gambling client’s monies recklessly.
Having moral compasses might have alerted JP Morgan Chase’s compliance, risk management, and finance departments that irregularities were in play and potentially very damaging to the firm.
Poor behavior and conduct negatively impacts employees, customers, suppliers, shareholders/stakeholders, and the communities organizations serve.
The best way to keep our values and ethics alive, percolating, and meaningful is to review them daily making them our highest priorities.
Values and ethics represents the foundation of moral compasses.
When in use we are happier, more productive, altruistic, and just plain feel good.
As always, do your best every day and strive to do the right thing.
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