New trends from artificial intelligence to “listening up” are setting the course for a new “speak up” era
Austin, TX (February 5, 2024) – A new study by Mitratech, through its newly acquired hotline and ethics reporting platform, Syntrio, analyzed 40,000 anonymous ethics hotline reports from nearly 6,500 diverse companies to comprise its “2024 State of Ethics Reporting Hotlines” report. The findings paint a clear picture of the challenges and opportunities facing businesses today, including rising workforce tensions fueled by economic uncertainty and hybrid work models that are impacting organizational compliance, engagement, and performance.
“Our research shows a shifting landscape,” says Mike Williams, CEO of Mitratech. “Leaders are asking, ‘How do we build a thriving culture that fosters innovation, exceptional customer service, and consistent results, all while navigating today’s workforce realities?’ The answer lies in having access to reliable data and insights about their workforces. By understanding employee concerns and proactively addressing them, organizations can attract and retain top talent, mitigate risks, and ultimately achieve their goals.”
Nearly 6,500 organizations across key industries like healthcare, not-for-profit, financial services, technology, and manufacturing participated in Syntrio’s 2024 report, supplying roughly 40,000 anonymous hotline reports for analysis. The results indicate that 73% of organizations have more than 100 employees, and 33% have more than 500.
Industry-wide, the volume and financial severity of legal settlements continue to trend upward, ranging from manipulation and fraud to initial coin offerings, disclosures, and financials. In fiscal year 2023, the U.S. Securities and Exchange Commission saw rapid growth in tips that have been awarded to reporters with nearly $600 million – the highest annual total by dollar value in the program’s history. That said, the median loss is twice as high for organizations without hotlines, and the duration of fraud was 50% longer.
Key takeaways from the 2024 edition of Mitratech’s benchmark report include:
- Artificial Intelligence will have a major impact when used as a tool in conjunction with human judgment.
- Managers are getting better at listening and responding, but there is still work to be done.
- Hotline reporting preferences include telephone, website, and email, and they vary by industry.
- Hotline benefits have moved beyond compliance and are being utilized for more strategic and aspirational purposes.
- Hotline tips are trending upward across all industries.
Click here to access this complimentary industry report.
Mitratech is a proven global technology partner for corporate legal, risk, compliance, and HR professionals seeking to maximize productivity, control expense, and mitigate risk by deepening organizational alignment, increasing visibility, and spurring collaboration across an enterprise. Mitratech serves over 14,000 organizations worldwide spanning more than 160 countries. Learn more at Mitratech.com.
Syntrio was acquired by Mitratech in January 2024, and is a global leader in governance, risk, compliance and human resource solutions helping more than 6,500 organizations make the workplace a better place. Easy, affordable and innovative Syntrio solutions include a robust employee experience platform and reporting hotline and more than 1,000 elearning courses in Employment Law, Ethics and Compliance, Diversity and Inclusion, Health and Safety, Business Skills and Cybersecurity. For more information visit syntrio.com.