The BIS Season 2: Insights into the Future of Business Ethics

3 Insights into the Future of Business Ethics

In his 1993 HBR article, “What’s the Matter with Business Ethics?”, Andrew Stark wrote that he believed business ethics education was too general, too theoretical, and too impractical to be of any use to business managers.

That was over 25 years ago, and the field of business ethics has progressed significantly.

In an effort to update the world with current and predictive information, I spoke with 15 leading academic thought leaders in business ethics about the future of business ethics, business ethics education, and leadership. 

In my last article, I noted some prevalent themes that had emerged after speaking with some of these globally-diverse men and women.

After concluding the second season with guests that included Celia Moore, Margaret Heffernan, and Kirsten Martin, among others, I have some additional thoughts to share.

1. The Ability to Think Globally

COVID-19 has provided new insight into the way thought leaders approach the idea of business ethics. As Celia Moore pointed out during our discussion, the pandemic has really highlighted the value in thinking globally.

As we have seen during the pandemic, businesses, government agencies, and NGOs have developed collaborative relationships like we have never seen before to address the emerging challenges each of them face. As a result, the importance of ethics between and among these fields have increased tremendously.

When addressing these organizations working together on a worldwide scale, Moore says, “Let's go at this collectively and cooperatively to solve these really large problems that we're facing globally.”

By using ethical business practices, these organizations have been able to fare well on a global scale when working across institutional lines to address COVID-19. 

2. The Need for Practicality 

A second insight I uncovered during my conversations on this season of The BIS was the continued need for business ethics to be incorporated into higher education in a practical way. 

Students can often identify what the right thing to do is when reading a case study, but in order for students to enter the real world equipped to actually do the right thing, ethics education must be practical, experiential, and integrated.

During my conversation with Tom Donaldson, he pointed out that business ethics must be addressed in classrooms across all business disciplines or, with the absence of this integration, “Ethics becomes an orphan child, without it students cannot insert ethics into their bigger picture of their business school experience.”

Several other Season 2 guests expressed their opinion that experiential learning worked best for long-term retention and application later in life. 

Mary Gentile described an action-oriented experiential approach that goes beyond awareness and analysis of ethics issues to help students and business managers find the courage to speak up.  She said, “It's a comfort, it's a confidence, and it's also a set of skills that you can reach for.” 

3. The Centrality of Business Ethics

Despite their geographic diversity, many of the guests shared similar viewpoints on how they think business ethics is changing and where it’s headed in the future.  

One key theme among the guests in Season 2 was the importance, perhaps now more than ever, of keeping ethics at the center of business. In the face of technological innovation, business disruption, increased transparency, and changing views on the role of business in society, ethics plays a central role in charting a path forward that is predictable, responsible and equitable. 

The need for a touchstone has never been more urgent. If 2020 taught us anything it is that the future is unclear and unpredictable, as my Season 2 guest, Margaret Heffernan explains in her new book titled, “Uncharted.”  Navigating the future may be uncertain, but the path forward becomes clearer when business integrity is at the heart of the journey. 

Changes in Business Ethics Education with Andrew Stark

I was fortunate to end this season of The BIS by sitting down with Andrew Stark, author of “What’s the Matter with Business Ethics?”

During that conversation, we discussed the progress that has been made over the last 25 years in the field of business ethics. While Stark originally viewed business ethics education as being too general, too theoretical, and too impractical, he now sees things differently.  

When I asked how he business ethics education has advanced over the years, he now sees it as being analytical, practical, and pluralistic.  Theory has given way to analysis in the classroom.  Practical solutions are now considered and developed for evolving business situations. And a diversity of disciplines, including the behavioral and social sciences, have made the subject more pragmatic.  

Through my conversations with these scholars, many of whom have a history of research in this field and have been working in this area for more than 20 years, we are able to see how business ethics has developed into a multifaceted, critical component of the world of business.

Coming Soon: The BIS Season 3

Season two of The BIS painted a picture of what the future of business ethics looks like from an academic perspective. We heard from a diverse set of 15 leading thought experts in business ethics about how to best prepare students for the future.

In Season 3, I will be talking with people who are out doing the work: business leaders.  Next season, my guests will add their perspectives on how the field has evolved, and provide valuable insight into what skills students most need to navigate ethically in these turbulent times. 

Make sure you keep an eye out this January for new episodes of The BIS!