Singaporean companies lead the global front in ethical standards
Singapore continues to impress with outstanding statistics, as a recent study by LRN Corporation reveals that the city-state is surpassing its global counterparts in ethics and compliance metrics.
The latest report shows that 90% of all Singapore companies surveyed, have made difficult decisions to align with their values in the past year. It is 20% higher than the global and Asia-Pacific average. 72% of companies have adjusted or abandoned initiatives to meet ethical standards, which is also 20% higher than the regional and global average.
According to the LRN report, Singapore is more responsive to change than its partners around the world and the Asia-Pacific region. Singaporean companies tend to be more effective at implementing new training methods and are more often involved in solving ethical problems.
The report also highlights that Singapore ranks above the global average in management performance, hiring, promotions and bonuses based on ethical behavior. The statistics show that Singapore achieves an impressive 87% in management effectiveness, surpassing the global rate of 79%. In terms of recruitment, Singapore scores 82%, outshining the global figure of 72%. Similarly, promotions in Singapore stand at 79%, exceeding the global rate of 67%, while bonus awards reach 73% in Singapore compared to 60% globally.
Three-fourths of Singaporean businesses believe that ethical behavior should be considered a criterion for promotions and bonuses. Additionally, 60% of these businesses report terminating high-performing employees or managers due to unethical conduct. In contrast, the global and Asia-Pacific average for such actions stands at only 40%.
Eric Morehead, director of advisory solutions at LRN, noted that companies in Singapore strive to maintain high E&C standards and take action on ethical issues more frequently than their colleagues around the world.
As the city-state continues to lead in implementing incentives and disincentives for ethical conduct, these insights underscore the comprehensive commitment of Singaporean businesses to maintaining high standards in ethics and compliance across various facets of their operations.
