Abstract
The lack of awareness of the present moment in the complex and dynamic business environment has resulted in an abundance of unethical decision-making processes. This has had a negative effect not only on the banking industry, but the country’s economy as a whole. As a skill of being in the present moment, mindfulness has proven to have a positive effect on the capability to manage emotions, thoughts and behaviour through calculated application of metacognitive skills which will be guided by conduct towards a focused goal. The role of mindfulness in ethical decision-making at a South African bank has received little attention. As such, the aim of the study was to understand the role of mindfulness in promoting ethical decision-making at a South African bank. A comprehensive understanding of mindfulness and ethical decision-making is likely to provide the bank with an advantage that can be used to promote ethical decision-making at the bank.
A qualitative study was conducted to gain a deeper understanding of the views held by senior and line managers in relation to the topic and objectives of the study. A sample of 14 participants from one specific bank was selected through a purposive non-probability sampling technique. Considering the essence of their roles, these participants were competently positioned to contribute their understanding to answer the research question. The data was collected using online semi-structured interviews. Each interview was recorded and transcribed as permitted by all the participants. Subsequently, the data was analysed by using qualitative content analysis.
The results of the study indicate that mindfulness plays a positive role in ethical decision-making at a South African bank. The findings of the study reveal that mindfulness is about self-awareness and awareness of others including the environment, being fully present in the moment and paying attention. Additionally, a major finding is that mindfulness is about being emotionally intelligent, objective, and compassionate and having a calm demeanour. 93% of the sample concurred that there is a positive relationship between mindfulness and decision-making. Ethical decision-making is about choosing to do what
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is considered to be acceptable and right at all times in order to protect the bank from negative outcomes. In addition, the study revealed that ethical decision-making is significant as it has a positive influence on all stakeholders, to protect both the integrity and the brand of the bank. In the bank the practice of mindfulness can promote ethical decision-making, through improved awareness of the bank’s values, policies and organisational culture thus avoiding risks for the bank. Furthermore, ethical decision-making in the bank can be promoted by utilising coaching and training as mindfulness techniques.
The relationship between mindfulness and ethics, mindfulness and decision-making processes and the mindfulness techniques to promote ethical decision-making were discussed. Recommendations were made for managers and the firm, and possibilities for future studies were proposed.
Keywords: Mindfulness; decision-making; ethics; ethical decision-making; South African bank.