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|Why is White-Collar Crime on the Rise?|
|News Releases - Stage & Theatre|
|Written by Ginny Grimsley|
|Monday, 06 August 2012 08:07|
COO Advocates Values-in-Action Courses for All Students
Barclays, Lehman Brothers, JP Morgan – it seems every time we turn around, another financial giant is accused of lying, cheating and stealing.
It’s not your imagination, says Rakesh Malhotra, a longtime COO who has worked in Asia, East Europe and United States and led cross-cultural diverse teams.
“White-collar crime convictions in the United States alone have increased 17.8 percent in the last five years alone,” he says. “Last year, the Securities Exchange Commission filed a record 735 enforcement actions.”
And it’s not just hedge fund operators and money traders. White-collar crimes include identity theft, cheating on taxes, health-care fraud – crimes as readily committed by employees at the local big-box store as suits in penthouse offices.
“The problem is one of values,” says Malhotra, author of Adventures of Tornado Kid: Whirling Back Home Towards Timeless Values (www.FiveGlobalValues.com). “I have worked in several countries, recruiting, hiring, training and retaining employees. I found that in every culture, the same core values play a key role in the success of both employees and the corporation.
“Unfortunately, they are not taught in school – not in grade school or in most business schools. While we would benefit from having values taught at all age levels, for now they are learned mostly from parents, mentors, inspiring teachers and others who shape young lives.”
It’s as important for the business to have what Malhotra has identified as five essential global values as it is for the employees, he says.
“The business has to show that these ethics are implemented and acted upon. Otherwise, the employee with values, the one instructed to, say, lie about a product, will feel secure about reporting such conduct without being fired.”
What are these values and how can they be taught?
About Rakesh Malhotra
Rakesh Malhotra has worked in, lived in or traveled to more than 40 countries. During this time, he studied human behavior in relation to core values as a means hire, promote and manage effectively. He has focused on what influences performance and what makes some employees perform at a higher level than others. Malhotra holds a master’s in Public Administration and several diplomas in business education.
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