You are the line manager for a team of people in your company in the finance sector. One of your key staff members is excellent at her job and is known for her ability to generate a high amount of income for the company - none of your other staff members come close to her in terms of this...
The ethics of managing people... What would you do?
Photo by Joshua Ness on Unsplash
You are the head of your department in a large organisation and have a good relationship with the majority of your staff.
Recently you noticed that one of your senior female employees - a married woman - has been making advances towards a junior male employee.
There is no indication of harassment, but a lot of coffee breaks together and subsequently the productivity of both parties...
It’s the festive season and you’re attending the usual amount of social events at this time of year – catching up with colleagues and industry peers at each one.
As the manager of a small close-knit team in a large financial services institution, one of your team members has made you aware the new employee in your team has a sexually explicit Instagram account, and others in the broader business division are gossiping about this individual.
You work in wealth management, advising on, monitoring and updating the investments and superannuation of clients, some of whom carry joint investments and receive services together as a couple - like Leo and Isabelle*.
To date, Leo and Isabelle have always come to the office seeking advice and making decisions together. But this week you received a call... just from Leo.
You are a fixed income portfolio manager who works as part of a close, high performing team that invests the assets of large institutional clients.
Addressing the errors of the past can’t depend solely on the law. In today’s business environment, initiatives that encourage self-reflection and accountability deserve a healthy dose of scepticism but cynicism will only serve to stifle the potential.
U Ethical has undergone an exhaustive process over the last twelve months, seeking to bring to the fore what is important to our people and our clients. This has been built around the principal of delivering competitive investment returns while doing the right thing by communities and the planet.
Living an authentic life. One with purpose, in which you are conscious of and being true to your personal values is what many of us strive for.
So how does this translate to our professional lives? There are those that find giving back is key for what motivates them to get out of bed in the morning or fulfil them in their day to day work. For others, it is about understanding how their personal values align with an organisation’s values and purpose, and how they can make a difference through that purpose.
You work in financial advice and have developed a friendly relationship with one of your clients who is now applying for an insurance product.
You work as a financial advisor. Recently, one of your clients suffered a back injury that would effectively prevent him from carrying out his normal work as a plumber – the job he has had his whole life. You know that in theory, your client should be able to access Total Permanent Disability Insurance (TPD).
This week’s dilemma sees a financial institution facing the dilemma of whether or not to lend, and support a brothel's payment systems.
It can be a tricky space finding yourself wanting to push back against those in a higher position than you, and can take great moral courage to speak up.
You work at an advice business that is just starting a program to repay customers that may have been overcharged for advice services or for poor advice.
8 August 2019
Wayne Byres, Chairman – Crossroads: The 2019 Banking and Finance Oath Conference, Sydney
Good morning. I am very pleased to be part of this event, and to lend my support to the Banking & Finance Oath and to Finsia, both of whom are playing important and timely roles highlighting the importance of trust and professionalism for a successful financial sector.
A recent graduate from a reputable university has been offered the opportunity to work with their dream organisation, reporting to you as the manager of the strategy division. Your organisation has a good reputation for giving graduates internships. But there's a catch.
Exploring middle management at The BFO conference in 2016 was impossible, 2019 was not a lot easier. Whether they're considered the curator or custodian of culture, middle managers are pivotal to putting cultural change into action.
Why then are they often left out of the conversation?
During a thought provoking day at the recent BFO | FINSIA Conference, our photographer captured some candid moments amongst speakers and attendees.
As young people forging their careers in financial services, The Banking and Finance Oath’s (The BFO) Young Ambassadors are the future leaders advocating for a stronger ethical foundation in the industry. On Thursday 8 August 2019, four of The BFO’s six young ambassadors attended Crossroads – The BFO | FINSIA Conference looking at how ethics can help navigate the challenges facing individuals in the industry. The following summary provides their key take outs from each session of the day.
By Dani Simpson, Rabobank and Alex Green, The University of Sydney | Westpac
This week's ethical dilemma looks at the challenges middle managers are up against on a regular basis and the tensions they need to manage.
If you missed The Banking and Finance Oath's Crossroads conference Karen Walkerhas provided a clear snapshot of many of the conversations with her only regret being that more people weren't in the room to hear it.
‘I will speak out against wrongdoing and support others who do the same’.
We regularly hear from signatories that this can be one of the most confronting tenets of the Oath... but also the most empowering. This week’s dilemma will likely spark debate in your office – which we encourage!
Now a Strategy and Transformation Analyst at Westpac, BFO Young Ambassador Christina Wu recalls her days as a Univeristy of Sydney student and the words from her Dean that 'doing business and doing good' should not be mutually exclusive. It is a statement that continues to guide her decision-making process as she progresses in her career.
By Leslie Cannold, PhD (Education), Master Bioethics, B.S (Psychology)
The imputations of Commissioner Kenneth Hayne’s final report on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry were blistering. The Banking and Finance industry are led and staffed by the greedy who are more than willing and able to exploit the needy.
Victor is an up-and-coming manager at ABC Bank, a large retail bank. Victor reports directly to Robert, the regional manager, who also happens to be a close friend from uni. Robert has been at the bank longer than Victor, but there is some talk within the organisation that his numbers have been falling behind.
A company is going through the interview process in order to hire a chief financial officer. In the last interview session, each of three finalists is given the company's financial data and asked by the CEO, ‘What are the net earnings?’
By Dr Simon Longstaff
To my mind, Kenneth Hayne was to the banking and finance industry what a building surveyor is to a rickety house. He ripped off the gleaming cladding to reveal cracked foundations, some rotten beams and a few broken tiles that let in the rain.
The Banking and Finance Oath prides itself on being able to connect like-minded individuals who share a common purpose. Our Young Ambassador Program is a great example of one way we do this - connecting young people to each other, and to others in the industry. Max Zielenski is a signatory based in Brisbane who has been supporting our Young Ambassador from the Bank of Queensland, and wanted to share his experience.
The Marketing Manager in a small privately-held wealth advisory firm has her bonus tied directly to annual sales. The higher the sales, the bigger the bonus.
A small boutique insurance company has been hammered by a slowing economy. Sales are off dramatically, cash flow is dwindling and lines of credit are nearly exhausted. The company is bleeding money. The founder and CEO is trying to ride out the storm, but the situation has deteriorated enough that he must do something to stop the financial haemorrhaging.
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