In the modern business world. Integrity is one of the most sought after qualities in both employees and businesses. Your level of integrity helps to build the reputation of your company, whether good or bad.
What is Integrity?
Integrity if often defined as doing the right thing no matter what, even if no one else is. It’s the ability to act honestly, consistently.
How is Integrity Useful in Business?
It Helps to Build Trust – On the most basic level, all business relationships are based on trust. If you deliver your products and services at the time and price promised, and in good quality, it will build your reputation of being trustworthy. This is especially important for small businesses and self employed professionals.
Customer Retention – Customers who trust you tend to bring you return business. They also tend to recommend you to their friends and colleagues who may require the same services. Word of mouth can make or break a business.
Employees Work Harder – If as a company you treat your employees fairly and with integrity, it motivates them to give of their best. They feel wanted by the company. When an employee is motivated, they tend to perform better and produce more work.
Employee Retention – Acting right to your employees and making them feel wanted and more likely to stay with you longer. One of the biggest complaints employers have with millennial workers is that they do not stay with a company long. But the fact is, these millennials tend to leave companies after a short period because they do not feel valued or fairly treated. The cost of training and recruiting new employees every few months or year is much more expensive than keeping current employees happy. It’s more beneficial to the business to treat employees with integrity and keep them longer.
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Your Business’ Integrity Forces Others to Act in Good Faith
When your business has a reputation for showing honesty and integrity, it forces others to raise the bar as well. Failure to do so can lead to a loss for not just their business, but for the industry as a whole. How many times have you heard ‘All Lawyers are Liars’?
The truth is, the industry’s reputation can make or break everyone in it. If you build a reputation of being honest and reliable, others in the industry will have to do the same in order to be competitive in the long run. This builds overall trust in the industry which boost customer confidence and willingness to spend.
Win Win Win!