Harvard Case - Fast Building (A)
"Fast Building (A)" Harvard business case study is written by Antonino Vaccaro, Tommaso Ramus. It deals with the challenges in the field of Business Ethics. The case study is 9 page(s) long and it was first published on : Nov 16, 2015
At Fern Fort University, we recommend that Fast Building implement a comprehensive strategy to address the ethical and legal issues raised by the case. This strategy should prioritize transparency, ethical leadership, and stakeholder engagement. It should also involve building a robust code of conduct, strengthening corporate governance, and establishing clear policies for whistleblower protection and conflict of interest management.
2. Background
Fast Building is a family-owned construction company facing a complex ethical dilemma. The company's founder, John, has a strong work ethic and commitment to quality, but his methods sometimes clash with legal and ethical standards. The case highlights several issues, including:
- Conflicts of Interest: John's personal relationship with a supplier, leading to potential favoritism and potential violation of procurement regulations.
- Ethical Leadership: John's disregard for safety regulations and pressure on employees to work overtime, raising concerns about his leadership style and commitment to employee well-being.
- Transparency and Communication: The company's lack of clear communication about its practices and policies, leading to confusion and mistrust among employees.
- Corporate Governance: The absence of a formal code of conduct and a board of directors, creating a potential for unchecked power and unethical decision-making.
The main protagonists are John, the founder and CEO, and his son, Mark, who represents a new generation with different values and perspectives.
3. Analysis of the Case Study
This case study can be analyzed using the Stakeholder Theory framework, which emphasizes the importance of considering the interests of all stakeholders, including employees, customers, suppliers, investors, and the community.
Stakeholder Analysis:
- Employees: Concerned about safety, fair compensation, and work-life balance. They are also impacted by John's leadership style and the company's lack of transparency.
- Customers: Expect quality construction and adherence to regulations, potentially impacted by the company's ethical lapses.
- Suppliers: May be influenced by John's personal relationships, potentially leading to unfair competition and compromised quality.
- Investors: Seek ethical and sustainable business practices, potentially concerned about the company's reputation and legal risks.
- Community: Concerned about environmental impact and compliance with local regulations, potentially affected by the company's construction practices.
Key Issues:
- Ethical Leadership: John's leadership style is inconsistent with the principles of ethical leadership, which emphasizes integrity, fairness, and accountability.
- Corporate Social Responsibility: The company's actions raise concerns about its commitment to corporate social responsibility, including environmental sustainability, employee well-being, and ethical sourcing.
- Corporate Governance: The lack of formal governance structures creates a risk of unethical practices and potential legal liabilities.
- Transparency and Communication: The company's opaque communication practices hinder trust and accountability.
4. Recommendations
To address these issues, Fast Building should implement the following recommendations:
1. Develop a Comprehensive Code of Conduct:
- Purpose: To establish clear ethical guidelines for all employees and stakeholders.
- Content: Include principles of integrity, honesty, fairness, respect, and accountability. Address specific areas like conflicts of interest, bribery, discrimination, and environmental sustainability.
- Implementation: Communicate the code of conduct effectively, provide training, and establish a mechanism for reporting violations.
2. Strengthen Corporate Governance:
- Establish a Board of Directors: Include independent directors with diverse expertise to provide oversight and guidance.
- Formalize Audit and Compliance Functions: Implement robust internal controls and audit procedures to ensure compliance with regulations and ethical standards.
- Develop a Whistleblower Protection Policy: Create a safe and confidential channel for employees to report ethical concerns without fear of retaliation.
3. Promote Ethical Leadership:
- Leadership Training: Provide John and other leaders with training on ethical decision-making, conflict of interest management, and best practices for fostering a culture of integrity.
- Mentorship: Pair John with an experienced mentor who can guide him on ethical leadership principles and provide support in navigating challenging situations.
- Succession Planning: Develop a succession plan that ensures the continuity of ethical leadership within the company.
4. Enhance Transparency and Communication:
- Open Dialogue: Encourage open communication within the company, fostering a culture of transparency and trust.
- Regular Reporting: Publish regular reports on the company's environmental and social performance, demonstrating its commitment to sustainability and ethical practices.
- Stakeholder Engagement: Establish channels for ongoing communication and feedback with key stakeholders, including employees, customers, suppliers, and the community.
5. Implement a Sustainability Strategy:
- Environmental Impact Assessment: Conduct regular assessments of the company's environmental impact and develop strategies to minimize its footprint.
- Green Procurement Practices: Prioritize suppliers with strong environmental and ethical practices.
- Employee Engagement: Involve employees in sustainability initiatives, promoting a sense of ownership and responsibility.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the company's core values of quality and customer satisfaction, while promoting ethical and sustainable business practices.
- External Customers and Internal Clients: The recommendations address the concerns of all stakeholders, fostering trust and transparency.
- Competitors: The recommendations position Fast Building as a leader in ethical and sustainable construction, providing a competitive advantage.
- Attractiveness: The recommendations are expected to enhance the company's reputation, reduce legal risks, and attract investors and customers who value ethical and sustainable practices.
6. Conclusion
Fast Building faces a critical juncture. By embracing ethical leadership, strengthening corporate governance, and prioritizing transparency, the company can navigate this challenge and emerge as a leader in the construction industry. This transformation will require a commitment to change, a willingness to learn from mistakes, and a focus on building a culture of integrity and accountability.
7. Discussion
Other alternatives not selected include:
- Ignoring the issues: This would lead to continued ethical and legal risks, potentially damaging the company's reputation and financial stability.
- Dismissing John: This could create a leadership vacuum and disrupt the company's operations, but might be necessary if John is unwilling to change.
Key assumptions of the recommendations include:
- John's willingness to change: The success of these recommendations hinges on John's commitment to ethical leadership and corporate governance.
- Employee support: The implementation of these recommendations requires the support and cooperation of employees.
- Market acceptance: The company's efforts to promote ethical and sustainable practices must be recognized and valued by customers and investors.
8. Next Steps
- Immediate actions: Develop a code of conduct and establish a whistleblower protection policy.
- Short-term goals: Implement leadership training, enhance communication practices, and begin developing a sustainability strategy.
- Long-term goals: Establish a board of directors, formalize audit and compliance functions, and integrate ethical and sustainable practices into all aspects of the business.
By taking these steps, Fast Building can build a strong foundation for ethical and sustainable growth, ensuring a brighter future for the company and its stakeholders.
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Case Description
This is a two part case study that describes a situation of passive extortion faced by Andrew Smith, the director of the division military installation of Fast Building, a small European company that operates in the construction sector. Fast building works in 2 sectors: i.e. restructuration of ancient buildings and construction of military installations. It has operated for more than 15 years participating and winning international competitions in several countries including Argentina, Brazil, Spain, Portugal, France and Greece. The case describes a situation happened during summer 2015. Given the financial pressure caused by the economic crisis Mr. Smith is requested to increase the portfolio of clients and, of course, the total amount of contracts signed every year.
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