June 6, 2013
In business, the adage holds true that one bad apple can spoil the bunch. Unfortunately, history shows that there is more than one bad apple in the business world, and that dishonesty is enormously costly.
The Enron and WorldCom scandals cost the U.S. economy around $40 billion, the Financial Crisis Inquiry Commission reported losses resulting from fraudulent mortgage loans total more than $112 billion, and the most recent estimate of the cost to the U.S. economy of the 2008 financial crisis is more than $22 trillion. Beyond the headlines, daily organizational life includes regular episodes of staff abuse, rule breaking, and betrayal by people in positions of authority.
“6 Ways to Keep Your Managers Honest” explores the high cost of dishonesty, and what organizations combat it on their management teams.