IDEAS home Printed from https://ideas.repec.org/a/wly/buseth/v32y2023i3p882-895.html

Meaningful work and unethical work: The crisis in Australian financial advice

Author

Listed:
  • Andrew West

Abstract

Recurrent scandals in business ethics demonstrate that work is, on occasion, unambiguously unethical. It is not clear, however, exactly how the concept of ‘meaningful work’ can be applied to such work, and whether, for example, work can be both unethical and meaningful. This article explores three different conceptualisations of meaningful work: where meaningful work is considered to be subjective, primarily subjective but with objective constraints or primarily objective (adopting Alasdair MacIntyre's neo‐Aristotelian framework). These competing conceptualisations are examined in relation to the ethical failures in the Australian financial advice industry. From 2009, a range of parliamentary inquiries, including a Royal Commission, documented significant ethical failures at both individual and institutional levels across the industry, which caused substantial hardship to tens of thousands of clients. Among the subsequent reforms was a drive towards the professionalisation of financial advice through enhanced educational standards, a code of ethics and the development of a professional identity. This case demonstrates the different ways in which the conceptualisations of meaningful work can be applied. However, Alasdair MacIntyre's scheme of practices, institutions, internal and external goods is presented as a preferred conceptualisation of the case, accommodating considerations of both ethics and meaningful work and contributing towards a theory of good work in general.

Suggested Citation

  • Andrew West, 2023. "Meaningful work and unethical work: The crisis in Australian financial advice," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(3), pages 882-895, July.
    • Handle: RePEc:wly:buseth:v:32:y:2023:i:3:p:882-895
    DOI: 10.1111/beer.12531
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/beer.12531
    Download Restriction: no
    File URL: https://libkey.io/10.1111/beer.12531?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Rocchi, Marta & Ferrero, Ignacio & Beadle, Ron, 2021. "Can Finance Be a Virtuous Practice? A MacIntyrean Account," Business Ethics Quarterly, Cambridge University Press, vol. 31(1), pages 75-105, January.
    2. Ali E. Akgün & Halit Keskin & Selahaddin Samil Fidan, 2022. "The influence of Alasdair MacIntyre’s “After Virtue” book on business ethics studies: A citation concept analysis," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(2), pages 453-473, April.
    3. Christopher Michaelson, 2021. "A Normative Meaning of Meaningful Work," Journal of Business Ethics, Springer, vol. 170(3), pages 413-428, May.
    4. Ruth Yeoman, 2014. "Conceptualising Meaningful Work as a Fundamental Human Need," Palgrave Macmillan Books, in: Meaningful Work and Workplace Democracy, chapter 1, pages 8-38, Palgrave Macmillan.
    5. Ruth Yeoman, 2014. "Conceptualising Meaningful Work as a Fundamental Human Need," Journal of Business Ethics, Springer, vol. 125(2), pages 235-251, December.
    6. Beadle, Ron & Knight, Kelvin, 2012. "Virtue and Meaningful Work," Business Ethics Quarterly, Cambridge University Press, vol. 22(2), pages 433-450, April.
    7. Che Cheong Poon & Chi Ho Tang, 2019. "Introduction And Editorial Overview," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(01), pages 1-4, March.
    8. Domènec Melé, 2021. "Ethics at the workplace in the fourth industrial revolution: A Catholic social teaching perspective," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 30(4), pages 772-783, October.
    9. Keith Wyma, 2015. "The Case for Investment Advising as a Virtue-Based Practice," Journal of Business Ethics, Springer, vol. 127(1), pages 231-249, March.
    10. Andrew West, 2018. "After Virtue and Accounting Ethics," Journal of Business Ethics, Springer, vol. 148(1), pages 21-36, March.
    11. Andreas Breinbauer & Johannes Jäger & Andreas G. M. Nachbagauer, 2019. "Introduction and Overview," Springer Books, in: Andreas Breinbauer & Louis Brennan & Johannes Jäger & Andreas G. M. Nachbagauer & Andreas Nölke (ed.), Emerging Market Multinationals and Europe, pages 1-18, Springer.
    12. Christopher Michaelson & Michael Pratt & Adam Grant & Craig Dunn, 2014. "Meaningful Work: Connecting Business Ethics and Organization Studies," Journal of Business Ethics, Springer, vol. 121(1), pages 77-90, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Daniel W Richards & Chris Robinson & Gizelle D Willows, 2025. "Professionalisation of financial planning in Australia, Canada, and South Africa," Australian Journal of Management, Australian School of Business, vol. 50(4), pages 1087-1103, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christopher Belanger & Samia Chreim & Silvia Bonaccio, 2024. "The Experience and Implications of Meaningless Work in the Public Sector," Journal of Business Ethics, Springer, vol. 195(3), pages 563-578, December.
    2. Mai Chi Vu & Roger Gill, 2023. "Are Leaders Responsible for Meaningful Work? Perspectives from Buddhist-Enacted Leaders and Buddhist Ethics," Journal of Business Ethics, Springer, vol. 187(2), pages 347-370, October.
    3. Frank Martela, 2023. "The Normative Value of Making a Positive Contribution–Benefiting Others as a Core Dimension of Meaningful Work," Journal of Business Ethics, Springer, vol. 185(4), pages 811-823, July.
    4. Evgenia I. Lysova & Jennifer Tosti-Kharas & Christopher Michaelson & Luke Fletcher & Catherine Bailey & Peter McGhee, 2023. "Ethics and the Future of Meaningful Work: Introduction to the Special Issue," Journal of Business Ethics, Springer, vol. 185(4), pages 713-723, July.
    5. Caleb Bernacchio, 2021. "Virtue Beyond Contract: A MacIntyrean Approach to Employee Rights," Journal of Business Ethics, Springer, vol. 171(2), pages 227-240, June.
    6. Santiago Mejia, 2023. "The Normative and Cultural Dimension of Work: Technological Unemployment as a Cultural Threat to a Meaningful Life," Journal of Business Ethics, Springer, vol. 185(4), pages 847-864, July.
    7. Anica Zeyen & Oana Branzei, 2023. "Disabled at Work: Body-Centric Cycles of Meaning-Making," Journal of Business Ethics, Springer, vol. 185(4), pages 767-810, July.
    8. Tuure Haarjärvi & Sari Laari-Salmela, 2022. "Examining the Role of Dignity in the Experience of Meaningfulness: a Process-Relational View on Meaningful Work," Humanistic Management Journal, Springer, vol. 7(3), pages 417-440, December.
    9. Mai Chi Vu & Nicholas Burton, 2022. "The Influence of Spiritual Traditions on the Interplay of Subjective and Normative Interpretations of Meaningful Work," Journal of Business Ethics, Springer, vol. 180(2), pages 543-566, October.
    10. Christopher Michaelson, 2021. "A Normative Meaning of Meaningful Work," Journal of Business Ethics, Springer, vol. 170(3), pages 413-428, May.
    11. Lysova, Evgenia I. & Fletcher, Luke, 2025. "Meaningful Work: An Organizational Psychology and Organizational Behavior Perspective," GLO Discussion Paper Series 1667, Global Labor Organization (GLO).
    12. Harry Hummels & Patrick Nullens, 2022. "‘Other-wise’ Organizing. A Levinasian Approach to Agape in Work and Business Organisations," Humanistic Management Journal, Springer, vol. 7(2), pages 211-232, October.
    13. Jens Jørund Tyssedal, 2023. "Work is Meaningful if There are Good Reasons to do it: A Revisionary Conceptual Analysis of ‘Meaningful Work’," Journal of Business Ethics, Springer, vol. 185(3), pages 533-544, July.
    14. Andrew Soren & Carol D. Ryff, 2023. "Meaningful Work, Well-Being, and Health: Enacting a Eudaimonic Vision," IJERPH, MDPI, vol. 20(16), pages 1-21, August.
    15. Nicholas Burton & Mai Chi Vu, 2021. "Moral Identity and the Quaker tradition: Moral Dissonance Negotiation in the WorkPlace," Journal of Business Ethics, Springer, vol. 174(1), pages 127-141, November.
    16. Samuel A. Mortimer, 2023. "What Makes Work Meaningful?," Journal of Business Ethics, Springer, vol. 185(4), pages 835-845, July.
    17. S. Fremeaux & F. Henry, 2023. "Temporality and meaningful entrepreneurship," Post-Print hal-04336897, HAL.
    18. Akram Hatami & Aldona Glińska-Neweś & Jan Hermes, 2025. "Experiencing Meaningful Work through Corporate Volunteering: The Other as a Source of Meaning," Humanistic Management Journal, Springer, vol. 10(2), pages 215-239, August.
    19. Rai, Arpana & Kim, Minseo & Singh, Sanjay Kumar, 2023. "Meaningful work from ethics perspective: Examination of ethical antecedents and outcomes of meaningful work," Journal of Business Research, Elsevier, vol. 169(C).
    20. Robert Couch & Caleb Bernacchio, 2020. "The Virtues of Equality and Dissensus: MacIntyre in a Dialogue with Rancière and Mouffe," Journal of Business Ethics, Springer, vol. 164(4), pages 633-642, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:buseth:v:32:y:2023:i:3:p:882-895. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://onlinelibrary.wiley.com/journal/26946424 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.