The Benefits of Ethical Principles in Business
Building ethical business cultures has many benefits, only one of which is winning The ETHIE Award. Through participation, business owners continually identify better ways to do business, which adds value to their company. The experience of completing the ETHIE entry process edifies the company.
A landmark Harvard Business School study of 207 large firms over an 11-year period showed that a strong corporate and ethical culture:
- Increased revenues by 400%
- Increased the workforce by 800%
- Increased the stock price by 1200%
- Increased net income by 7500%
Consider this: what will your customers, vendors, and potential new hires think about your company when they learn that you were an ETHIE finalist or recipient?
Applying for The ETHIE Award
Businesses can apply for The ETHIE Award for free and the process is an invaluable tools for Rochester businesses. The ETHIE entry form requires companies to define and document their ethical principles in business, which becomes a concise statement about the ethics culture at your company. The exercise of completing an ETHIE entry engages all employees in improving your corporate culture.
This knowledge about your company is a powerful asset in your relationships with vendors, suppliers, professional advisors, customers, clients, and potential merger and acquisition candidates. A completed ETHIE entry form also has a positive impact on employee recruitment, retention and morale!
The ETHIE Award Process
An independent panel of judges carefully and impartially analyzes the completed entry forms to determine the finalists. Finalists then undergo a site visit made by a member of our judging committee.
The judging criteria are thorough and detailed. Our judges treat the process and their role in it with considerable care … and ethics!
The ETHIE is a coveted award and our way of promoting and supporting ethical principles in business within the Rochester community.