Conflicts of Interest
- angryteacherishere
- Sep 21, 2015
- 2 min read
By Taras Kucher
Conflict is number 1 threat for businesses all over the world.
There are different types of conflict. Between coworkers, between businesses, conflict inside the country, etc.
Today I would like to talk about conflicts of interest. A conflict of interest is a situation in which the concerns or aims of two different parties are incompatible.
A few examples of conflict of interest are:
- An employee learns some business strategies and starts his own small business using the knowledge he learned at work.
- A company representative sends the CEO of a partner company two tickets to expensive event or concert in appreciation for all the business they do together.
- An employee dates a coworker to get a promotion.
- An employee hires his relative to provide third-party services to the company.
There are lots of other conflict of interest. They all are very dangerous. They are very dangerous for businesses as well as employees.
The company can lose money, customers and suppliers because of an unprofessional manners of its employees.
When managers or CEO's are involved in the conflict of interest it might be threatening to the whole company.
The business might be at risk as a whole when conflicts arise. Firing an employee or manager might not resolve the problem.
In order to try to prevent this type of conflict in business, each company should have its own rules and regulations.
Of course this isn't panacea, but it should help. In addition, a company can host lectures or send emails with examples of conflict of interest and threats they caused.
It's very hard to prevent conflict of interest inside a business, but each business owner should consider this threat as very dangerous and very possible. For this reason business owners should pay attention and educate employees.
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