> Posted by Kelley Mesa
The six core values at Compartamos.
What does it take to bring an organization together around a new Code of Ethics? Compartamos Banco found out just what it takes when they launched a formal code and sought to live and breathe it in every aspect of the organization.
Ethical staff behavior begins at the top of an institution, with a commitment from senior management. When this commitment is successfully integrated in the institution’s strategy and systems, it permeates the institution. How the institution treats its staff and builds its culture directly affects how the staff live the institution’s values and treat their clients.
In 2004 Compartamos Banco established a formal Code of Ethics, built around a set of six institutional values, including Responsibility, Passion, Profitability, Teamwork, and Service. At the core of these values is the Person and the idea that each person, whether an employee or a client, is valuable to an integrated whole. Shortly after establishing a code of ethics, Compartamos created a department to review, monitor, and institutionalize the code throughout the institution. As a result, the bank’s emphasis on ethical behavior is evident throughout the institution.
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March 30, 2010 at 10:47 am
Fehmeen
Although I like your post, I would’ve thought you would use another example because Banco Compartamos is severely lacking in terms of ethics. I say this purely based on their practice of charging interest rates that are much higher than what they market to their borrowers.
As for ways to inculcate cultural values, apart from leading by example, training sessions can be conducted regularly to remind employees what each value means to them and how it helps the overall company.