Introduction
Conflict of interest is a common occurrence in the workplace. Ishaque (2019) defined conflict of interests as a disagreement between a profession’s primary interests and its secondary interests, which consequently lead to unacceptable deviance from ethical values. Managing conflicts of interest is crucial in promoting a healthy and productive organizational culture and maintaining integrity. Conflicts of interest can be controlled by encouraging transparency, accountability, and scrutiny and implementing policies that promote intolerance towards competing interests.
Discussion
Encourage Transparency, Accountability, and Scrutiny
Accountability, scrutiny, and transparency help manage conflicts by promoting openness and adherence to the law. According to Ishaque (2019), adopting strong internal ethical programs that promote ethical values such as accountability and transparency is crucial in avoiding conflicts. The programs discourage individuals from pursuing personal interests using public funds and resources without fear of ramifications. Organizations can hire impartial organizations to conduct audits that confirm adherence to the law and ethics.
Implement Policies that Promote Intolerance
Accountability and scrutiny would be defective without clearly defined policies and regulations. Ishaque (2019) recommends cultivating a strong organizational culture that does not tolerate conflicts of interest. Firms should reinforce ethical values and practices by designing and implementing management philosophies that reflect the organization’s culture. The regulations should also establish the consequences of non-compliance with these policies. The management is responsible for communicating these rules and consequences to the staff members and reinforcing a culture of intolerance by taking action against those who violate the policies.
Conclusion
Managing conflicts of interest at the organizational level is an essential corporate practice. The management ensures that public officials do not pursue private interests at the expense of their public duties. A review of the literature revealed that promoting transparency and accountability, and implementing policies and regulations that stimulate adherence, are critical in managing conflicts of interest. These strategies are applicable in situations where private interests compete with public duty.
Reference
Ishaque, M. (2019). Managing conflict of interests in professional accounting firms: A research synthesis. Journal of Business Ethics, 169(3), 537-555. Web.