Dealing with conflicts of interest
Although conflicts of interest are not uncommon in the workplace, they can be harmful to a business if they are not appropriately managed.
A conflict of interest exists when an employee’s private interests interfere with their performance of their duties. For example, it may give them a personal advantage. It is important to note a conflict of interest can be an actual, perceived or potential conflict of interest.
Some examples of conflict of interest in the workplace include:
- an employee recommending a friend for an advertised position
- an employee starting up their own business on the side with similar products or services
- a supervisor dating a staff member
- a manager not disclosing that a candidate applying for a position is a relative or close friend
- an employee accepting a gift from a supplier in exchange for business over other suppliers
- an employee failing to disclose a second job which conflicts with the business
Creating a code of conduct is one of the best ways to address conflicts of interest. A code of conduct provides guidelines explaining your business’ culture, mission and expectations for professional behaviour. You can include what is classified as a conflict of interest including examples and how they will be managed, i.e., disclosing a conflict of interest to a manager.
Avoiding misleading or false claims
6th August 2018
When it comes to your advertising, don’t let your small business get caught out making false or misleading claims.
The Australian Competition and Consumer Commission (ACCC) has recently issued... more
Should I enter a partnership?
6th August 2018
Whether you are in the business game already or setting your sights on a new business venture, starting a partnership may be a high-yielding decision.
A partnership business structure is... more
Tax and flu season: How health practices can prepare
23rd July 2018
The Australian winter brings two inevitable things: taxes and the flu. If this year is anything like the last - which was the largest influenza season in a decade, according to The Department of Health... more