1. Understand what a “Conflict of Interest” is. A workplace conflict of interest can be defined as: “(1) Any circumstance, relation or arrangement (2) whether intentional or accidental, (3) that presently does or might in the future (4) serve to tempt a person to address, pursue or promote (5) interests contrary to those of the persons’ employer (6) other than contrary interests knowingly consented to by the employer.” Sure, that could describe a lot of situations, but that’s the point: a lot of situations can be characterized as “conflicts of interest,” and it is important that you understand the concepts underlying conflicts of interest, and bear a watchful eye for them.2. These are some examples of Conflicts of Interest at work. Prevention is the best cure for most problems. Consider what you do at work, and what you do that is related to your work, that might make other people think that you might be acting, or tempted to act, against your employer’s interests.
3. Know your employer’s “Conflict of Interest” policy. Many large companies have a formal Conflicts of Interest policy, with designated procedures and a designated person to speak with about the subject. In financial institutions and securities firms conflicts are generally overseen by the Compliance Department. Many governmental bodies have Conflicts of Interest Boards to oversee such issues. Look into what your employer’s conflicts of interest policy may be, and whether a person or department is designated as the “go to” on the subject. You might start your search on your employer’s internal website or employee manual.
4. If you’re unsure whether something is a Conflict of Interest, seek guidance. Conflicts of interest are often matters of perception and perspective, and more subjective than objective in nature. For this reason, it would not be surprising to find yourself unsure of whether a particular circumstance or relationship constitutes a conflict. If unsure, seek guidance. First, consider speaking with someone in your company’s Compliance Department, Office of General Counsel or Human Resources department. Second, consider outside ethics advisory panels set up by many professional organizations, disciplinary authorities, even state licensing agencies. Finally, consider obtaining the confidential advice of legal counsel, preferably an attorney familiar with your industry. Better to know you have a problem than not to know. And better to assume a conflict exists than to assume it does not. Chances are, if you have the slightest inkling that a conflict exists, it probably does, or at the very least could be claimed by someone “not on your side.” It’s wise to always be on the safe side of the issue.5. Don’t assume “This is too petty to worry about .” In this context, “size does not matter.” No matter how meager a conflict may seem to you, as the saying goes, “The principle is more important than the principal.” Though stealing postage stamps may be a smaller crime than stealing postage meters, both will get you fired, and your reputation tarnished. Even a small conflict of interest can torpedo a smooth-sailing career.
Quality Vs. Power: Method of Workplace Negotiating emphasizes smart negotiating – and navigating – for yourself at work. To ensure that you are not accused of being on the “other side’s side” – whether intentionally or inadvertently – it takes sensitivity to the issue of conflict of interest, and a measure of prudence to protect yourself. There’s problems and
difficulties in every aspect of life. Intelligence in preventing and resolving them may make or break your career. Gaining maximum rewards without unnecessary risks is what business is all about. But it takes more than luck to make that happen. It takes forethought, care and prudence, the essential ingredients in good negotiating.Always be proactive. Always be creative. Always be persistent. Always be aware. And always do what you can to achieve for yourself, your family, and your career. Take all available steps to increase and secure employment “rewards” and eliminate or reduce employment “risks.” That’s what our Quality Vs. Power Method is all about.
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