According to Lansdowne Partners Senior Partner Stuart Roden that public trust in capitalism had been shaken with the huge scandals of UK’s banks, which includes the mis selling of PPI and the rigging of stock exchange. As laws are not observed and punishments are not accorded to immensity, many are growing disillusioned with the status quo.
Roden points out in his article in Huffington Post that corporate culture had turned into an aggressive playhouse where only the strong could survive. As CEOs appoint the purpose of short-term gains, deprioritising consumer satisfaction and hurtling towards increased growth without foundations, employees are left in a commission-based culture where they just need to sell and don’t need to address any after-service.
The purpose, or the lack thereof according to Roden, is what makes the corporate, including banks, to focus more on its “urges” rather than reach a mutual balance with their consumers. In the case of payment protection insurance, Roden’s ideals indicate that employees focused immensely on profit and did not explain any further about the financial product.
Roden said corporations and financial will need an overhaul with the way they handle consumers and the re-integration of values and ethics in performance management systems to preserve the capitalism that the world has fought for in the last few decades.