Morals and Money

Thinking Out of the Box Morals and Money

At the Office

According to research led by behavioral economist Dan Ariely and others, it seems we all have some inclination toward dishonesty up to the point that our actions impact our self-image as good and honest people. Further research, conducted by Tenbrunsel, et al., found that often we aren’t aware we're acting against our values. We shape our reality in favor of self-serving perceptions that make us feel good. But can money motivate us to act in a positive way? While people need and expect a decent wage, money isn’t the main reason people stay in their jobs or with a company. Research shows that for employees whose jobs require creativity and the ability to analyze and solve problems, traditional forms of compensation and reward are insufficient to keep them motivated. For work that requires trialand-error thinking, with expectations of discovering a novel strategy, intrinsic rewards are the best motivators. Evidence shows that when given the opportunity to exercise originality, stimulate the imagination and engage in new tasks, employees would be willing to forgo pay increases for a more intellectually satisfying job. Leaders who nurture a healthy culture have fewer moral and behavioral worries than those who don't.•

The Name of the Game

Notes and coins are a promise to pay the bearer rather than an item of value in their own right. Money is convenient but relies on a promise being honored, and so it ultimately relies on our morality. Problems began with the invention of credit. Failure to pay debt is a moral issue but we’ve stopped thinking of it that way because money has other connotations aside from a promise; it’s treated as a commodity in itself. Huge salaries are no longer linked to the time or effort it takes to earn them, but are an inflated score in an ego contest. We know that arrogance and pride are vices, but somehow we’ve acquiesced to a worldview where status is measured by bank balances rather than virtues like humility and generosity. Consider the words of Henry Ford, one of history’s greatest businessmen “a business that makes nothing but money is a poor business.” Too many companies have sociopathic managers fretting about their perceived status in the hierarchy; most of them are male. More women in senior positions may help but we also need to encourage men to stay in touch with values that really matter: courage, loyalty, honesty and love. The world has reached a tipping point: we’re no longer able to trust banknote promises. It’s going to take some serious refocusing on what is important to survive the current crises. Instead of trying to cater to greed, we must make sure that every human being has what he or she needs. •

A Clear Conscience

What people will do for power or ego is limitless. It’d be easy if money were all we needed. But we need a feeling of contributing to a purpose while providing for ourselves and our loved ones. It’s never too late to re-align with who you are. Elio Madonia, an entrepreneur and founder of the Samaritan Foundation, says his biggest achievements came in his 70s and 80s. Through his nonprofit, he has built over 1,000 homes for the poor, 6 schools and 12 churches in the Dominican Republic. When you see what can be done with your talents, time and capital in the social realm, you’ll never look at the world the same way again. Be as helpful in your community as you can. Use your talent to realize improvements in your own arena or with those who are slipping between society’s cracks. If you can provide support to nonprofits in your city, then they have the ability to help those you may not be capable of helping yourself.•

David Gebler is founder and president of the Skout Group, global advisors helping leaders determine whether and how their organization's culture is costing them money. A sought-after speaker and panelist, he is author of The 3 Power Values: How Commitment, Integrity, and Transparency Clear the Roadblocks to Performance (JosseyBass, 2012). R. Brent Lang is a Director at the Surrey Foundation and Chair of the Community Impact Fund. At Pacifica Partners, Brent is an Associate Portfolio Manager. He holds the CIM (Chartered

Investment Manager and FCSI (Fellow of the Canadian Securities Institute) designations.

Roger Steare is a world-class expert on corporate integrity, a Corporate Philosopher in Residence and Professor of Organisational Ethics at the Cass Business School in London and a Fellow at crossparty policy think tank, ResPublica. He consults with the SFO and FSA and his opinion is sought out by the BBC, CNBC, the FT and The Times.