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Honesty is a fundamental aspect of a business because it establishes the tone for the sort of work culture that you want to build, provides consistency in workplace behavior, and creates loyalty and trust in customers and prospects.
Managing a business that takes pride in being moral and socially responsible is a challenge, and many businesses end up cutting a few corners in the name of profit. But, it is nearly impossible for a business to develop trust if honesty is not a guiding policy in how the company handles every phase of its work process.
In the business world, there is sometimes a mindset that small lies are acceptable if they are well-intentioned or push you toward a goal. It is a mentality where ‘the ends justify the means’, and it is a common mentality that people have. However, lying in the workplace can generate a lot of negative effects.
Here are some ways that dishonesty can do to hurt you and your company:
It erodes the trust your employees have in you.
For a leader to be efficient, employees must trust that the leaders are fit to lead. When you hide the truth or tell a lie, you show to your employees that the truth doesn’t matter to you. That increases the likelihood that they’ll lie to you and one another.
It can affect your ability to get clients and investors.
Some people are good at sensing dishonesty. If you run into a business associate who is good at spotting dishonesty, they might take your lack of honesty as a sign that they should not do business with you.
Dishonesty triggers a stress response in the body.
This stress response stops us from staying in the present. When stress hormones are released, they stimulate our “fight or flight” response. Necessary resources are taken away from functions that are considered to be non-essential. That includes the neocortex of the brain, which controls all high-level, logical thinking. Hence, we can say, dishonesty makes you less intelligent at that moment, and thus unable to make good decisions. And that can hurt you in almost every area of your business.
On the brighter side,
Here are some ways that honesty can help you and your company:
It Establishes Your Work Culture
Honesty is one of the most effective ways to establish a work culture that will propel your company to long-term success. Work culture is all about the values and beliefs that motivate everything your company does, from how it delivers its products to the way it treats customers. As a manager, the importance you place on honesty can create the kind of work culture in which your employees feel empowered.
It Creates Consistent Workplace Behavior
When you plan a culture built on honesty, you also help encourage better workplace behavior and activity that is constant regardless of outside influences. In other words, your employees will work with a consistent code of ethics regardless of the conditions.
It Builds Trust With Your Customers
Businesses spend years building loyalty and trust with their customers, and a key way of building that trust is honesty. When customers see that a business does things the honest way and cares about producing a quality product or service, they tend to reward that business.
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Today’s economic climate makes it really hard not to see a two-parent working household. But, in the process of working so much to support one’s family, are we actually negatively impacting them in the process? Maybe not as much as one might think actually as long as we actively make time to attend recitals and soccer games. But more importantly, when we are there physically, we have to be there mentally as well. Research has found that parents’ working, even for long hours, did not hurt children but parents who were distracted by, or obsessed with their work, did see an impact on their children.
Be mentally present
Work is important but it should not always be at the forefront of one’s mind. Technological advances have made it possible to work from home and answer ‘important’ emails right in the palms of our hands but, if you are focussed on work the whole time you were at your child’s hockey game and didn’t even see them score the winning goal, were you even really there?
Impact on child’s emotional health
A study found that there are many factors regarding a parent’s attitudes towards work that can have correlative effects on the behaviour of one’s child which also offers insight into their mental health. The Child Behaviour Checklist was used in a study to cross compare the effects a parent’s work-life can have on their children, irrespective of time. Findings from the study showed that when parents felt that family life took precedence over work, a child’s emotional health was higher than a child’s whose parents felt work should come first. Another interesting finding showed that when parents thought of work as an interesting challenge and enjoyed it, their children were better off.
Individual parent’s role
specifically looking at the role of a father, the study showed that
when a father had a very psychologically demanding career, the result was behavioural and emotional issues. But, if when a father came home satisfied and was available to his children as well as relaxed psychologically, the children had fewer issues. When
looking at the maternal role regardless of the type of work they had,
if they were in charge of their time, and had time for personal
self-care, the children showed fewer issues. This is unsurprising as most women usually take full responsibility of their children’s well-being which can get tedious and tiresome fast. Giving them time to take care of themselves allows them to really be there and present when they are with the children.
All these findings are regardless of how much time a parent spends at work, but how they spent the time they weren’t at work. Being present and focussing on children and really being there when you are with them is what is important. So,
if we care about how our careers are affecting our children’s mental
health, we can and should focus on the value we place on our careers and
experiment with creative ways to be available, physically and
psychologically, to our children, though not necessarily in more hours
with them. Quality time is real.
The human mind has a tendency to be subconsciously biased and holds certain preconceived opinions that will definitely impact our strategic decision making. It is imperative to learn to override this to bring about a positive change in our corporate performance.
Behavioral economics has now become mainstream and behavioural principles play an important role nowadays in corporate policy making. Business studies and insights are being used to understand customer behaviour and to exploit any market anomalies. Cognitive biases become systematic tendencies that evade rational calculations. Leaders entrusted with important strategic decision-making must learn to recognize their own biases.
A recent survey conducted of executives from leading companies revealed that a major percentage of them felt that the quality of strategic decisions in their companies was poor, thus confirming the significant body of research indicating that cognitive biases affect the most important strategic decisions made by the smartest managers in the best companies.
A new research quantifies the financial benefits of processes that “de-bias” strategic decisions which makes a strong case for practicing behavioral strategy – a style of strategic decision making that incorporates the lessons of psychology. This starts with understanding that we cannot evade the subconscious biases and instead try to formulate new norms to manage different activities that can diminish the impact of cognitive biases on critical decisions, using a simple language for recognizing and discussing biases, one that is grounded in the reality of corporate life.
A good decision usually involves 3 factors – fact gathering, analysis and a solid process. The prevalence of biases in corporate decisions is partly a function of habit, training, executive selection, and corporate culture. Improving strategic decision making therefore requires not only trying to limit our own (and others’) biases but also orchestrating a decision-making process that will confront different biases and limit their impact.
The behavioral-strategy journey requires effort and the commitment of senior leadership, but the payoff would be better decisions, not to mention more engaged managers, making it one of the most valuable strategic investments organizations can make.