In the business world, a whistleblower refers to an individual who reports to the necessary authority, any wrongdoing he or she must have witnessed or come across in the workplace that might impede the progress of the entire organization or might be a disservice to the general public.
These strong-willed persons are considered enemies and sought after by the wrongdoers, and that is why they are protected under the law in many places.
Howbeit, before deciding to disclose vital info that has implications for a business or workplace, you need to extensively understand the Pros and Cons that come with whistleblowing. While you will more or less be doing the right thing, it is recommended that you know what you are getting yourself into.
Pros of Whistleblowing in the Business World
There are indeed numerous benefits that come with whistleblowing in the business world. Those benefits include;
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The Right Thing To Do
Over the years, it has been proven that corruption and waste in the business world constitute one of the biggest economic drains on society.
any point a contractor overbills the government, or an entity takes part in fraudulent activity, they are generating revenue by impeding the growth or success of someone else. If the federal government gets ripped off by contractors or businesses, taxpayers have to bear the brunt.
It is nearly impossible for the government to dictate every act of fraud themselves; as such it falls on courageous insiders to bring information to help protect our economy.
Ensure Wrongdoers Are Not Rewarded
At any point a business is allowed to get away with cheating anyone or going foul of laws overseeing business arrangements and ethics, then those who are in the know are too timid to come forward. As such, it simply means that the bad guys win.
It also means that those who suffer are the good guys. Note that by whistleblowing with the appropriate information, you help to make sure we all benefit from a society where good work pays and cheating is frowned upon.
Get Substantial Financial Rewards
Over the years, the government and the appropriate agencies have begun to see the importance of whistleblowers and how their courageous actions have helped to ensure the right thing is done or that justice is served.
As such, in most places, the law incorporates mouthwatering financial rewards for whistleblowers who make available information leading to a recovery. Note that these rewards can be massively enticing. Reports note that from the years of 2009 to 2014, whistleblowers were able to collect $4.8 billion in rewards for bringing forward claims.
Cons of Whistleblowing in the Business World
Your Job/Career May Be Threatened
This is very possible especially if you are a worker who brings a whistleblowing claim against your employer. Over the years, whistleblowers have had to deal with retaliation from an employer and might even face issues with obtaining jobs in related fields going forward.
Howbeit, in recent times, whistleblowing claims have been brought confidentially, at least at the very beginning, and employers are restrained by laws from engaging in certain retaliatory practices. Even though your earnings from a given field might very well suffer, keep in mind that the potential financial rewards can outweigh the losses.
Your Allegations May Not Be Valid
It is possible that you don’t have all the information or insight regarding the potential wrongdoing and you might not be clear on the applicable law for the situation.
As such, there is a detriment to bringing an incorrect allegation against someone. Owing to that, a good number of whistleblowing claims will have to be tendered confidentially, and your employer or the accused may not have a hint that a claim was brought if it does not go anywhere.
It is recommended that you first reach out to a whistleblower attorney confidentially to understand whether you have substantial evidence for your claim to go forward.
It Can Take A While
Issues and processes cum lawsuits that come with whistleblowing claims can take numerous years on average from the time that a whistleblower starts aligning with an attorney to the time that a financial reward is tendered. When you take into account the amount of the potential rewards as well as the positive effect on society of taking a stand, the delay might very well be worth it.
Indeed, there are pros and cons that come with whistleblowing in the business world. It is recommended that you first seek out an attorney to ensure you understand the viability of your whistleblowing claim or possibly the information you intend to provide in the quest for a whistleblower reward, especially since the process can be deeply stressful and unnerving.
Whistleblowing is a huge step in the right direction, but it is recommended that you analyze the arguments on both sides before you consider taking action.