Importance of ethical competence for the sales management of small and medium-sized financial sales organizations

Abstract

For a long time, companies in the financial sector and their management were measured exclusively in terms of business success. However, the public debate on issues such as equality, diversity, inclusion, and sustainability has now also reached the financial sector. At the same time, brands are increasingly being asked to demonstrate their attitude. Financial service providers are increasingly meeting this demand. However, the distribution of financial and insurance products in Germany is largely carried out by commercially independent small and medium-sized distribution partners. This research project aims to identify the significance of the career building block 'ethical competence' for a career in financial services sales. Within the framework of a qualitative content analysis, 50 Germanlanguage university study programs in the field of "sales management" are examined. The consideration of ethical aspects in the curriculum is investigated. In a second step, a large-scale survey of sales managers will be conducted. This will determine the extent to which the study programs meet the expectations of practice regarding business ethics.

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“…Our research is compatible with claims that SMEs pay attention to profit maximization and attach great importance to business ethics (Enz et al, 2021;Turyakira, 2018;Arend, 2013).…”

“…Many studies prove that companies must focus on more than profit maximization in today's highly competitive environment, as such an orientation can cost them a loss of competitive position. Business ethics seems to be one of the options that can help the company to achieve its goals (Enz et al, 2021;Turyakira, 2018), although Huang et al (2022) claimed that business ethics and profit maximization are naturally at odds, as when considering morality, we must also take into account other input variables that have a negative impact on profit (Enz et al, 2022). On the other hand, Turyakira (2018) claimed that unethical behaviour can increase a company's costs many times over, as it can lead to problems with internal or external stakeholders and can even come into conflict with the law, which ultimately affects its reputation and financial results.…”

“…Most authors characterise business ethics as a set of rules, morals and values that should guide the behaviour of the company, the entrepreneur, or its employees (Turyakira, 2018). Enz et al (2021), however, drew attention to the fact that companies that decide to implement the principles of business ethics in their daily activities often face the suspicion of buyers, especially in developing markets.…”