Why staying silent of wrongdoings is costly for your organisation?
Staying silent about wrongdoings within an organisation can be costly in several ways. Here are some key reasons why it is important to speak up about unethical or illegal behaviour in the workplace:
Loss of productivity
Lack of accountability
Negative impact on stakeholders
- Legal fees: If an organisation is sued or investigated for unethical or illegal behaviour, it may have to pay legal fees to defend itself. These fees can be substantial, especially if the case goes to trial.
- Settlements: If an organisation is found to have engaged in unethical or illegal behaviour, it may have to pay settlements to those who were harmed. For example, if an organisation is found to have discriminated against an employee, it may have to pay a settlement to compensate the employee for damages.
- Restitution: In some cases, an organisation may be required to pay restitution to those who were harmed by its actions. This could include, for example, paying back money that was embezzled or reimbursing customers for losses they incurred as a result of the organisation's actions.
- Fines: Depending on the nature of the wrongdoing, an organisation may be required to pay fines to regulatory agencies or other authorities. These fines can be substantial and can have a significant impact on the organisation's financial health.
- Loss of revenue: If an organisation's reputation is damaged as a result of wrongdoing, it may experience a loss of revenue. Customers may be less likely to do business with the organisation, and investors may be less likely to provide funding.
We are building the world's first operational involvement platform. Our mission is to make the process of finding, sharing, fixing and learning from issues and observations as easy as thinking about them and as rewarding as being remembered for them.
By doing this, we are making work more meaningful for all parties involved.
More information at falcony.io.
Workplace safety is becoming increasingly more and more talked about in the world today. In fact,...
European Week of Health and Safety: Why It Is Important To Remember The Purpose Even After The Week Is Over
Last week was the European week of health and safety. The week happens every year and is an...
Safety is a vital part of organisational or business management that some companies make the...