Nobility of professions is being traded for silver and gold

DESPITE the general acceptance of a ‘stakeholder model’ of governance replete with Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG) frameworks and Inclusion, Diversity, Equity and Access (IDEA) thinking, the modern world is still, primarily, structured around a seemingly unassailable principle of the pursuit of profit much in keeping with Milton Friedman’s assertion that “The business of business is business,” where he argued that a corporation’s sole social responsibility is to maximise profits for its shareholders while operating within the bounds of the law and basic societal ethics.

- By Ronnie Peiris

From startups, small and medium enterprises, multinational corporations to conglomerates, the bottom line is often presented as the ultimate measure of success and the sole purpose of existence. While a healthy profit is essential for sustainability and growth, an overemphasis on this motive has had a corrosive effect, particularly on the concept of professionalism. Professionalism, at its core, is a set of values and behaviours that transcend the mere commerciality of a transaction. It is founded on principles of expertise, ethical conduct, fiduciary trust, client-centricity, and dedication to public service. When the profit motive becomes the primary driving force, it systematically erodes these foundational pillars, leading to a decline in ethical standards, compromised service quality, and a loss of public trust. Sadly, the nobility of professions has been traded, and is being traded, for silver and gold!

The standing of a profession and its perceived value and respect within society is shaped by several key factors, most notably the exclusive knowledge and skills required, the ethical standards governing its practice, and its perceived contribution to the public good. The profession’s status in society mirrors the trust and reliance society places on its members. A fundamental driver of professional standing is exclusive control over a specialised body of knowledge. Professions like medicine, law, engineering, and accountancy require extensive, rigorous education and training. The eligibility criteria and other barriers to entry ensure that only qualified individuals with the requisite exposure can claim membership and practice. They reinforce the profession’s authority and perceived competence. The greater the complexity and difficulty of these expertise and eligibility criteria, the more elevated the profession’s status becomes, because it is anchored by a skill set that is difficult to attain.