For the seventh time, Timken was named to Ethisphere Institute’s 2017 World’s Most Ethical Companies® list. Other recipients include customers GE, Tata Steel and Ford.
Ethisphere, a global leader in advancing the standards of business ethics, rated companies in five areas: ethics and compliance programs; corporate citizenship and responsibility; culture of ethics; governance; and leadership, innovation and reputation.
“What sets us apart is our commitment to ethics and integrity, which has been the foundation for how we conduct business since the founding of the company,” says Michele Abraham, general manager – ethics and compliance. “Today, it guides us toward achieving our vision. It is the way we conduct business worldwide as individuals, and collectively as an employer, supplier and corporate citizen.”
Here are four ways Timken turns ethics into action for a competitive advantage.
- Enhances recruitment and retention. Every associate is a Timken ambassador, which is why it’s important that we hire and keep people who share our commitment to doing the right thing. “At recruiting events and interviews, candidates are immediately engaged when they learn that we are listed as one of the world’s most ethical companies,” says Melanie Huston, manager – talent management and acquisition. “And associates consistently say that our culture of treating each other with honesty, fairness and respect is one of the reasons they stay.”
- Attracts investment. “Our commitment to ethics positively impacts our corporate reputation, which can influence a number of factors,” says Shelly Chadwick, vice president – finance and chief accounting officer. “These include items like our investment grade credit rating, access to capital markets and an investor’s confidence in Timken.”
- Cultivates teamwork and productivity. Timken has an “open door policy”, which means you can consult directly with your manager when you see something that isn’t right. More broadly, it means we are transparent about lessons learned so we can apply them to new projects and initiatives. In one example, Michele says a team encountered several ethical dilemmas while setting up a new facility. They shared their experiences with a second team opening a new plant in a different region. This prepared the second team to respond appropriately and swiftly when they encountered similar challenges.
- Reduces risks and costs. Think of an account manager approached by his counterpart at a competitor who wants to collude on price fixing. By rejecting the offer, he protects Timken from participating in illegal activity. “In our region we’ve seen examples from competitors and, in rare instances, former customers who behaved unethically and were met with consequences,” says Edgar San Jose, managing director – Latin America. “Through regular training and modeling our ethics, we help associates understand our expectations and avoid situations where potential problems can arise.”
See Something Say Something
Being a World’s Most Ethical Company starts with the commitment of 14,000 associates worldwide who are willing to speak up when something isn’t right. Our ethics reporting resources are available at all locations around the world to help you resolve issues and concerns.