If there is one industry where very high standards of honesty have to be upheld, then it has to be the banking industry. Bankers are, after all, people who are entrusted with the society’s most sensitive financial matters. And as we saw during the 2008/2009 financial crisis, it is actually possible for the banking industry to be the source (or catalyst) of financial crises that end up affecting all the other industries in fundamental ways. It then becomes clear that every effort has to be made, to promote honesty in this particular (banking) industry. And the question that then comes up is as to what specific strategies can be used to promote honesty in the banking industry.
As it turns out, one strategy that can be used to promote honesty in the banking industry is that of subjecting people to thorough background checks, before engaging them to work in the industry. If companies like Walmart (whose HR portal is known as Walmartone) go to considerable lengths in conducting pre-employment background checks, then the banks and other financial institutions should really go the extra mile. The objective is to ensure that, at the very least, people who have been convicted of crimes arising from unethical behaviors don’t find their way into the industry.
Another strategy that can be used to promote honesty in the banking industry is that of subjecting people to thorough training (in ethics, with specific emphasis on honesty), before deploying them to work in the industry. So it shouldn’t just be a question of recruiting people today, and deploying them to be in charge of other people’s money the next day: they should first be put through the necessary training.
Yet another strategy that can be used to promote honesty in the banking industry is that of rewarding the employees who demonstrate the virtue, and punishing those who demonstrate dishonesty. This is the ‘stick and carrot’ approach, and it can work wonders, especially when it comes to things like the promotion of honesty in the entire banking industry.