Here at La Trobe, business ethics are important and PRME is an essential part of our MBA – in fact, we were one of the first business schools and universities around the world to become signatories in 2008.
PRME stands for Principles for Responsible Management Education. But what is PRME?
Aligning with the UN
PRME is a UN backed initiative with the intention to make business a force of good in the world. PRME signatories like La Trobe seek to educate business students in ethical principles and PRME principles influence the way we build on the knowledge of our MBA students.
But how does this connect with your future in business?
Responding to the world – and you
Most of us could name at least one famous case of unethical business policies with negative real world impact; misuse of funds, environmental abuses, or misleading claims made in adverts.
Increasingly, unethical business strategies are under the microscope – and they don’t necessarily pay.
The Wall Street Journal investigated consumer response to ethical business practice in 2008, and found that people were willing to pay considerably more for ethical products and services – and were only willing to pay for unethical products at a very steep discount.
Forbes report on which businesses have made the Ethisphere Institute’s most ethical company list every year. It appears that being ethical can make a company stronger in two ways; they become more prominent and more financially viable.
Australian business students have their finger on the pulse when it comes to the importance of ethics. Recent research reflected their belief that ethical considerations should take precedence over financial ones in business.
MBA students seek knowledge and practices that foster proactive, positive, ethical choices in business – and this gives them a competitive edge.
Want to know more about the goals of PRME in 2015? Read this report on the Global Forum for Responsible Management Education.