In a report, Deloitte identified some changes that technology companies need to make to improve their ethical standing.
These changes include changing old ways of thinking that have historically been beneficial, discussing the trade-offs between efficiency and performance and a more ethical approach, balancing existing revenue streams with strong ethical practices, and changing the software engineering process.
The report also proposed changes, such as investing more money and time in product development to understand unintended consequences and find new ways to evaluate and reward project teams.
These recommendations became necessary after only 24% of a recent survey said that the tech industry takes an ethical approach to the products and services it creates. 70% of Gen Z and Millennials said in another survey that companies focus more on their agenda than on the impact on society.
In addition, Deloitte has identified five areas where technology companies need to do better in reconciling ethics with existing business practices, including data use, environmental sustainability, trustworthy AI, threats to truth, and physical and mental health.