PwC’s Breach of Confidentiality: A Lesson in Broken Promises and Flawed Values
When PwC consultants chose to share confidential government tax policy with other clients, they not only broke their promises but also mocked their values. This move has landed PwC in the crosshairs of the federal police and has put the company’s reputation at stake. Breaking promises always has consequences, and in this case, it has put PwC in the news cycle for all the wrong reasons.
The unnamed executive who shared the confidential information was quoted in emails to colleagues stating that the information was provided on a confidential basis, and they should not circulate it beyond PwC or discuss it outside the company. This move has caused a conflagration currently engulfing the firm’s Australian branch, with tentacles reaching worldwide.
Labor senator Deborah O’Neill has described this as a disgraceful breach of trust, a sickening example of a lack of integrity, and reveals a toxic culture of unprofessional practice at PwC that stretches across the globe. This issue has put PwC’s values and promises in question, and it’s no surprise to see out-of-step behaviors and a corresponding hit to how people perceive the company.
Although the actions of PwC are vastly different, their arrogance has similar roots to Rio Tinto’s cavalier destruction of sacred cave art and Crown Casino’s rotten-to-the-core culture. PwC’s executive seemed to have an inkling that breaking confidentiality would cause problems if exposed, but it wasn’t enough to drive them to categorically say ‘stop.’ This move has put PwC’s promise to “Act with Integrity” in question and has left clients wondering if they should trust the company’s word.
Values are the bedrock of brand, and they define how an organization does things. When an organization invokes one of the holy trinity of values, including trust, integrity, and honesty, it better have its culture and promissory ducks in a row. PwC’s current revelations have put their values and culture in question, and it’s no surprise to see out-of-step behaviors and a corresponding hit to how people perceive the company.
If people at PwC believe they should “act with integrity,” breaking client confidentiality should never be an option. The immediate damage to their reputation and the cost of lousy press alone will exact a toll. The longer-term consequences are harder to foresee, but it’s safe to say that PwC’s brand holds less value today. A brand stores the value created by an organization’s actions. Broken promises remove value, and wrong choices can quickly erode years of work.
There’s a lesson for all businesses in PwC’s plight. Beyond the obvious, keep your promises and don’t sell out clients. Think carefully about what your values mean for how you do things, and don’t assume people know what is non-negotiable. It’s essential to understand that a reputation gets traded every day, and broken promises and flawed values can cause irreparable damage to a company’s brand.
In conclusion, PwC’s breach of confidentiality has put their values and promises in question, and it’s no surprise to see out-of-step behaviors and a corresponding hit to how people perceive the company. It’s essential to understand that values are the bedrock of brand, and they define how an organization does things. Organizations need to keep their promises and think carefully about what their values mean for how they do things. A reputation gets traded every day, and broken promises and flawed values can cause irreparable damage to a company’s brand.
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News Source : SmartCompany
Source Link :PwC appears to have an unusual definition of integrity/