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The Economic Crisis and Ethics

Question:

Write an essay on "Warren Buffett and Bill Gates On The Economic Crisis and Ethics".

Answer:

From the conversation video of Warren Buffett and Bill Gates on ethics and economic crisis, there was an explanation of implementation of ethics in business. In response to the question of a student, Warren Buffett replied that ethics are never a hindrance to business. Sometimes it helps and sometimes it causes loopholes, but they are never a hindrance and business can even flourish with proper implementation of ethics.

The profession of banking sales involves professional selling and the ethical standards are challenged. This is mostly seen when the sales representatives are involved in aggressive selling strategies and adopt distort the norms and values of the stakeholders and follow sales tactics that are deceptive (Schwepker & Schultz, 2015). The values and ethical leadership in the profession of banking sales are dependent on the content and structure of the activities of selling.

For example, the banking salesperson often tries to manipulate the customers with lucrative offers that are associated with hidden terms and conditions, as a part of aggressive sales, ignoring the values and ethics. The customers being unaware of the facts are trapped and later they face issues with the hidden terms. This destroys the faith of the customers on the salesperson and they refuse to go for further business with them (Fu & Deshpande, 2014).

However, according to Warren Buffett, if the salesperson had explained the customer about the hidden terms prior to the transaction, he might have got a lesser business, but would have preserved his reputation. In this case, he lost both his reputation and his further business opportunities. Therefore, values and ethical leadership should not be observed as a hindrance to sales and should be followed actively in the profession of banking sales. 

References

Fu, W., & Deshpande, S. P. (2014). The impact of caring climate, job satisfaction, and organizational commitment on job performance of employees in a China’s insurance company. Journal of Business Ethics,124(2), 339-349.

Schwepker, C. H., & Schultz, R. J. (2015). Influence of the ethical servant leader and ethical climate on customer value enhancing sales performance. Journal of Personal Selling & Sales Management, 35(2), 93-107.

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