As the global economy continues to recover from the Great Recession, it’s critical – perhaps now more than ever – that our nation’s business leaders and policy makers evolve and adapt to the ever-changing business environment.
Among other variables, those at the top of our nation’s corporate ladders are facing increased public scrutiny, a complex regulatory climate, and a volatile and often fragile economy. Today, with the 24-hour news cycle and dominance of social media, everything a company does or does not do is under a magnifying glass. And that public scrutiny is only going to intensify. That’s why it’s so important for business leaders to stay up-to-date with marketplace trends, develop a business presence that’s ethical and transparent, and engage existing and potential clients to drive new opportunities.
With the increasing grey areas between what a company “can do” and what a company “should do,” we at New England College of Business recently introduced a new master’s of science in business ethics and compliance (MBEC) program. The first of its kind in the United States, the program educates students on how to follow regulatory standards, as well as how to exercise ethical judgment in all aspects of their businesses.
This cutting-edge master’s program, which is designed for long-term professionals and new hires alike, prepares graduates for compliance management, which has arguably never been more important due to increased regulation.
Moral behavior at the top and cooperation with regulatory agencies has always been important parts of business, particularly in the financial industry. The Internet’s seemingly endless opportunities for client and customer engagement have not only kept compliance top of mind, but have also made transparency and clear, ethical communication from the C-suite to the client more important than ever.
Information Overload
Diana Hunt and Pam Hait explain in their work, “The Tao of Time,” that today’s humans are exposed to more facts in a single day than those in medieval times faced in an entire lifetime. This pace of information exchange is only going to increase with time, as more and more people join social networks every day, and express facts, opinions and thoughts consistently.
Moreover, these people aren’t just talking to each other. Edison Research recently released a social habit study that reported the number of people who follow a brand or business on a social media network has doubled from 16 percent to 33 percent since 2010. The sheer number of facts and people online provides businesses leaders with an unprecedented ability to connect with current and prospective clients who actually want to engage with them, but it also means that executives are under the watchful eye of some of their most important stakeholders at all times, which makes transparency and ethics more important than ever before.
Understanding ethical procedures and being able to apply them successfully will be vital for businesses in every sector moving forward into 2013 and beyond.
The “Information Age” presents both unique opportunities and challenges to effectively apply knowledge, ethically operate under public and government scrutiny, and meaningfully connect with current and potential clients. While it can be challenging for established professionals to change their ways, continuing education is vital to stay relevant in today’s business climate. Abraham Lincoln once said, “I don’t think much of a man who is not wiser today than he was yesterday.”
Today, a business leader who is no wiser today than yesterday may not be here tomorrow.
Howard Horton is president of New England College of Business and Finance in Boston.
