2.-FAIRNESS-ACCOUNTABILITY-AND-TRANSPARENCY

Core Principles of Fairness

  • Three Core Principles

Equal Treatment

  • Ensures that all parties involved are treated equally.

  • Promotes satisfaction among all stakeholders.

Definition of Equal Treatment

  • Involves establishing a standard performance level that is consistent across all individuals.

  • Based on mutual commitments and respect.

Key Elements Impacting Workplace Dynamics

  • Money: Financial considerations can lead to disparities in the workplace.

  • Competition: Internal competition may affect collaboration.

  • Pride: Employee pride can influence motivation and accountability.

Issues Related to Inequity

  • Taking Credit for Others' Work: Unfair recognition may cause resentment.

  • Shifting Blame: No accountability fosters a toxic environment.

  • Inequitable Allocation of Workload: Can create frustration among team members.

  • Promotions for Political Reasons: Rewarding less competent employees for non-performance related reasons undermines morale.

Accountability in Business

  • Definition: Obligation to provide explanations for corporate actions and conduct.

  • Connection to Expectations: Clear accountability is tied to what stakeholders expect from the company.

Stakeholder Considerations

  • Investors: Require transparency and accountability from the company.

  • Customers: Expect fair treatment and quality service.

  • Employees: Look for equitable treatment and clear communication.

  • Communities: Demand corporate responsibility and ethical actions.

Corporate Openness

  • A commitment to transparency allows companies to share clear and concise information with shareholders and stakeholders.