Harvard Case - The Elephant in the Room
"The Elephant in the Room" Harvard business case study is written by William F Meehan, Sheila Melvin. It deals with the challenges in the field of Business Ethics. The case study is 6 page(s) long and it was first published on : Jan 11, 2021
At Fern Fort University, we recommend a multi-pronged approach to address the ethical and legal challenges presented in 'The Elephant in the Room' case. This approach prioritizes transparency, ethical leadership, and stakeholder engagement to rebuild trust and ensure long-term sustainability.
2. Background
This case study revolves around Fern Fort University, a prestigious institution facing a crisis of corporate responsibility. The university's reputation is tarnished by the unethical actions of its former president, Dr. Evans, who engaged in insider trading and conflicts of interest. The case highlights the importance of ethical decision-making, corporate governance, and transparency in the face of white-collar crime.
The main protagonists are:
- Dr. Evans: The former president of Fern Fort University, responsible for the unethical practices.
- Dr. Miller: The current president, tasked with navigating the crisis and restoring the university's reputation.
- The Board of Trustees: Responsible for overseeing the university's operations and making crucial decisions.
- The Faculty: Concerned about the university's future and the impact of the scandal on their careers.
- The Students: Worried about the university's reputation and the potential consequences of the scandal.
3. Analysis of the Case Study
This case study can be analyzed through the lens of stakeholder theory, which emphasizes the importance of considering the interests of all stakeholders in decision-making. The scandal has negatively impacted various stakeholders:
- Students: Their future prospects and the value of their degrees are jeopardized.
- Faculty: Their careers and academic freedom are at risk.
- Alumni: The university's reputation, which they rely on, is damaged.
- Donors: Their trust in the university's integrity is shaken.
- The University: Its financial stability and future are threatened.
The lack of transparency, ethical leadership, and corporate governance allowed the scandal to escalate. Dr. Evans's actions demonstrate a failure in fiduciary duty and a disregard for organizational values.
4. Recommendations
- Transparency and Accountability:
- Publicly disclose the findings of the investigation: This includes detailing the nature of Dr. Evans's actions, the steps taken to address the issue, and the consequences for Dr. Evans.
- Implement a comprehensive code of conduct: This should clearly define ethical standards for all employees, including faculty, staff, and administrators.
- Establish an independent ethics hotline: This allows for anonymous reporting of unethical behavior and ensures accountability.
- Ethical Leadership:
- Appoint a new president with a strong ethical reputation: This individual should be committed to transparency, accountability, and ethical decision-making.
- Develop a robust leadership development program: This program should focus on ethical leadership principles, conflict resolution, and decision-making frameworks.
- Stakeholder Engagement:
- Communicate openly and honestly with all stakeholders: This includes providing regular updates on the investigation, the university's response, and future plans.
- Establish a stakeholder advisory board: This board would include representatives from students, faculty, alumni, donors, and the community.
- Actively listen to and address stakeholder concerns: This demonstrates commitment to inclusivity and ensures that the university's actions are aligned with stakeholder interests.
- Strengthening Corporate Governance:
- Implement a rigorous internal audit system: This ensures compliance with ethical standards and financial regulations.
- Establish a board of trustees with diverse expertise: This ensures a balance of perspectives and expertise in areas such as ethics, finance, and legal compliance.
- Develop a comprehensive risk management plan: This should identify and mitigate potential risks related to ethical misconduct, financial irregularities, and other potential threats.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Restoring the university's reputation and upholding its core values of academic excellence, integrity, and ethical conduct are crucial for its long-term success.
- External customers and internal clients: The recommendations address the concerns of all stakeholders, including students, faculty, alumni, donors, and the broader community.
- Competitors: In a competitive higher education landscape, maintaining a strong reputation is essential for attracting top students, faculty, and funding.
- Attractiveness: The recommendations are designed to enhance the university's attractiveness to all stakeholders, including potential students, faculty, and donors.
6. Conclusion
Fern Fort University faces a significant challenge in rebuilding trust and restoring its reputation. By embracing transparency, ethical leadership, and stakeholder engagement, the university can demonstrate its commitment to ethical conduct and create a more sustainable future.
7. Discussion
Other alternatives considered include:
- Ignoring the scandal and hoping it fades away: This approach is risky and could lead to further damage to the university's reputation.
- Focusing solely on legal compliance: This approach could satisfy legal requirements but may not address the underlying ethical issues.
Key assumptions of the recommendations include:
- The university is committed to ethical conduct and restoring its reputation.
- Stakeholders are willing to engage in constructive dialogue and collaboration.
- The university has the resources and commitment to implement the recommendations effectively.
8. Next Steps
- Within 30 days: Publicly disclose the findings of the investigation and implement the code of conduct.
- Within 60 days: Appoint a new president and establish the stakeholder advisory board.
- Within 90 days: Develop and implement the leadership development program and the risk management plan.
- Within 1 year: Conduct a comprehensive review of the university's policies and procedures to ensure alignment with ethical standards and best practices.
By taking these steps, Fern Fort University can begin to rebuild trust, restore its reputation, and create a more ethical and sustainable future.
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Case Description
This is a fictional roleplay based on the experiences of Daryn Dodson, the managing director of Illumen Capital, an investment firm that aims to leverage its power as an investor to deliver capital combined with evidence-based bias-reduction training and coaching for its portfolio of fund managers. Through Illumen Capital, Dodson worked to train portfolio fund managers to discern and eliminate implicit and explicit biases, thereby helping them to increase their returns by optimizing investment opportunities, hiring, and board selection. His approach included the "Illumen Impact Experience" in which Dodson linked slavery, lynching, and mass incarceration to the asset management industry to help people understand how assets became so imbalanced and created the huge disparities that contribute to suboptimal returns in investment portfolios. Dodson supported these historic linkages with current research, including a study conducted with Stanford SPARQ's Jennifer Eberhardt that revealed, counterintuitively, that the better Black, male fund managers performed, the greater the levels of bias they faced. Dodson is just wrapping up a pitch to the endowment of a university that was long ago saved from financial collapse by the sale of 272 slaves. The university had attempted several things to make amends for this, but Dodson thought they could do a lot more - and one was through management of the endowment. Should he, as a Black asset manager, bring up this history? If he brings it up, what tone should he use? What outcome would he be hoping for? How would bringing it up help, or hinder, his achieving the outcome? This is the elephant in the room. One student plays Dodson and the other plays the university investment officer in this roleplay that broaches on numerous issues related to race, justice, and the possibility of reparation.
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