Harvard Case - Starbright Jewelers
"Starbright Jewelers" Harvard business case study is written by Karen E. Boroff, Samantha Lordi. It deals with the challenges in the field of Business Ethics. The case study is 7 page(s) long and it was first published on : Feb 9, 2015
At Fern Fort University, we recommend a multi-pronged approach for Starbright Jewelers, focusing on ethical leadership, transparency, and stakeholder engagement to navigate the current crisis and build a sustainable future. This includes implementing a comprehensive code of conduct, strengthening corporate governance, and fostering a culture of diversity and inclusion.
2. Background
Starbright Jewelers, a family-owned business with a long history, faces a complex ethical dilemma. The founder, David Starbright, is facing allegations of insider trading and conflict of interest, jeopardizing the company's reputation and future. The case highlights the challenges of family businesses navigating ethical complexities, particularly in the face of succession planning and generational differences in values.
The main protagonists are David Starbright, the founder and CEO, his son Michael, the heir apparent, and the company's board of directors. The case also involves various stakeholders, including employees, customers, suppliers, and the wider community.
3. Analysis of the Case Study
This case study can be analyzed using the Stakeholder Theory framework, emphasizing the importance of considering the interests of all stakeholders in decision-making. The framework highlights the following:
- Ethical Leadership: David Starbright's actions have created a significant crisis of trust within the company and among stakeholders. This underscores the crucial role of ethical leadership in setting the tone for a company's culture and behavior.
- Corporate Governance: The lack of clear corporate governance structures, including a robust code of conduct and independent oversight, has contributed to the current crisis.
- Transparency and Communication: The company's lack of transparency and communication regarding the allegations against David Starbright has further eroded trust and fueled speculation.
- Stakeholder Engagement: The case highlights the need for effective stakeholder engagement, including open communication, active listening, and addressing concerns.
4. Recommendations
- Implement a Comprehensive Code of Conduct: Starbright Jewelers should develop and implement a detailed code of conduct that outlines ethical expectations for all employees, including senior management. This code should address issues such as insider trading, conflicts of interest, data privacy, environmental sustainability, and labor rights.
- Strengthen Corporate Governance: The company should establish a robust corporate governance framework, including an independent board of directors with diverse perspectives. This framework should include clear separation of powers, regular audits, and mechanisms for whistleblowing.
- Promote Transparency and Communication: Starbright Jewelers should commit to transparency and open communication with all stakeholders. This includes being proactive in addressing allegations, providing regular updates on investigations, and engaging in open dialogue with employees, customers, and the community.
- Foster Diversity and Inclusion: The company should actively promote diversity and inclusion at all levels of the organization. This includes creating a welcoming environment for employees from diverse backgrounds, implementing policies that promote equal opportunities, and ensuring representation on the board and in leadership positions.
- Embrace Sustainability: Starbright Jewelers should adopt sustainable business practices, including sourcing ethically, reducing environmental impact, and supporting fair trade initiatives. This will enhance the company's reputation and contribute to a more sustainable future.
- Implement a Succession Plan: The company should develop a clear and transparent succession plan for leadership positions. This plan should involve a thorough assessment of potential candidates, including their ethical values, leadership skills, and commitment to the company's values.
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 integrity, quality, and customer satisfaction. They promote ethical behavior, transparency, and long-term sustainability, which are essential for maintaining the company's reputation and brand value.
- External Customers and Internal Clients: The recommendations address the concerns of both external customers and internal clients. They aim to rebuild trust, enhance transparency, and create a more inclusive and ethical workplace environment.
- Competitors: By embracing ethical practices and sustainability, Starbright Jewelers can differentiate itself from competitors and attract customers who value ethical sourcing and responsible business practices.
- Attractiveness: The recommendations are attractive from a financial perspective as they promote long-term sustainability, enhance brand reputation, and reduce the risk of future scandals.
6. Conclusion
By implementing these recommendations, Starbright Jewelers can navigate the current crisis, rebuild trust with stakeholders, and establish a sustainable future. The company must prioritize ethical leadership, transparency, and stakeholder engagement to ensure its long-term success.
7. Discussion
Alternative approaches include:
- Ignoring the allegations and hoping they fade away: This approach carries significant risks, as it could lead to further damage to the company's reputation and potential legal action.
- Firing David Starbright and hoping to salvage the company's reputation: This option may not be sufficient to restore trust, as the company's culture and practices may need significant change.
Key assumptions include:
- The company's board of directors is committed to ethical reform and willing to implement the recommended changes.
- The company's employees are willing to embrace a new culture of transparency and ethical behavior.
- The company's customers and other stakeholders are willing to give Starbright Jewelers a second chance.
8. Next Steps
- Immediate Action: The board of directors should immediately appoint an independent committee to investigate the allegations against David Starbright and report its findings to the board.
- Develop a Code of Conduct: The company should develop a comprehensive code of conduct within the next 3 months.
- Implement Corporate Governance Reforms: The company should implement corporate governance reforms, including the appointment of new board members with diverse perspectives, within the next 6 months.
- Communicate with Stakeholders: The company should communicate its plans for reform and its commitment to transparency with all stakeholders within the next month.
- Embrace Sustainability: The company should implement sustainable business practices, including ethical sourcing and environmental initiatives, within the next year.
By taking these steps, Starbright Jewelers can demonstrate its commitment to ethical practices, transparency, and stakeholder engagement, paving the way for a more sustainable and successful future.
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Case Description
Roger Cosgrove had to make a decision on what to do with his employee, Jennifer Johnson, whom he learned had allegedly stolen $120,000 from his former business associate, Michael Libretti. He was conflicted by the ethical dilemmas this issue raised. In April 2011, Cosgrove had a chance meeting with Libretti at Libretti's place of business, Starbright Jewelers. Cosgrove and Libretti once operated Starbright in a joint operation but, because of changing economic conditions, dissolved their joint operation amicably in 2008. Johnson, who had worked for both men at Starbright, elected, at Cosgrove's request, to follow him to his new business venture, Silver Shine. She continued to work part time on Saturdays for Libretti at Starbright, to supplement her income. Cosgrove and Libretti had remained friends, and occasionally met to catch up on news. It was at one of these get-togethers that Cosgrove heard from Libretti the accusation of theft. Johnson had left her part-time job at Starbright in 2010 on her own accord. When Libretti subsequently hired a replacement for Johnson, he discovered through the replacement's efforts that Johnson stole about $120,000 from him from 2004 through 2010. After Libretti shared with Cosgrove this story, he asked Cosgrove what he, Cosgrove, was going to do, in Libretti's words, "with the thief who is working for you now." Cosgrove had to balance the competing needs of the many persons who had an interest in his decision. He wanted to protect his business, his reputation, and his customers from exposure to a potential thief. He wanted to protect his family's well-being and also to be supportive to his business associate, Libretti. Even so, he felt that taking action on Johnson was assuming she was guilty already, without benefit of any investigation. He sought advice from several sources, and was frustrated that there was no clear direction to follow.
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