We then break leadership into smaller compartments, as we look at its theories and significance to the advantage of a successful business 2. The importance of ethics and values in business sustainability 2.1 ETHICS For a business to be effective and running, ethics and values are important factors. Both of these factors work in correlation with one another and they are central to any organization. We then define ethics as moral principles that govern a person’s behaviour. This can be identified on how stakeholders (consumers, customers and shareholders) behave in the organisational environment.
[Accessed 27 April 2014]. Local economic development principles that work. 2014. Local economic development principles that work. [ONLINE] Available at: http://cooltownstudios.com/2010/10/07/local-economic-development-principles-that-work/.
Question 1 Business ethics can be defined as written or unwritten codes of principles or values that govern decisions and actions within an organisation  Business ethics is talked about in terms of ethical conduct of the total business as well as each employee individually and within its community or society.  *Business ethics is a system of moral principles applied in a commercial world, it is knowing between right and wrong and of course choosing to do what is right, it also provides guidelines for acceptable behaviour by different organisations.  Business ethics control/affect any decisions that any business member makes. Business ethics help keep and attract investors, customers and employees  as ethics and morals are an important part of any individual’s life, either personal or business. Strong business makes employees more comfortable and have a peace of mind of knowing that they are not doing any unethical practices indirectly and investors have the peace of mind of knowing that their money is being put to good use.
Formal (rules and regulations) and informal institutions demand for better environmental and corporate social responsbility from firms. As a result, sustainability has become a key focus for multi national enterprises as it enabled companies to achieve better organizational performance. One of the Human Resources Management(HRM) function consists of assisting in creating and implementing sustainability strategy in various ways. Human Resources(HR) ensures that the employees of a global firm implement the strategy consistently across the globe. A sustaniable human resource management uses various methods and tools to create a global worksforce that trusts the organization and its strategies towards the global sustainability.
Business Management Research Assignment (chapter 5 & 11) Q1: The importance of ethics and values in business sustainability: Ethics has to do with an individual’s judgment and their morals. Their ethics help us determine right from wrong. “Values are attitudes towards things like truths, justice, honesty etc.”( Nieuwenhuizen, Oosthuizen & Drotskie 2012:95) Ethics and values are important within a business organisation because they influence morals and decisions within an organisation and need to be present in order to promote business sustainability. The decision to behave ethically is a moral decision and employees need to decide what is right and wrong in the organisation even though the decisions may be difficult it still needs to be done. The ethical decision making contributes to sustainability because the employees values and ethics will ensure the organisation generate the biggest profit possible ad at the same time keeping a good image for themselves.
Business sustainability is the management and coordination of environmental, social and financial demands and concerns to ensure responsible, ethical and ongoing success. Social, Economic and Environmental sustainability are considered as the three pillars of sustainability, which is sometimes referred to as the triple bottom line. The importance of ethics and values in business sustainability. In order to behave ethically, you need to take moral decisions. In order to achieve the biggest short-term profit, the company will need to draw up rules and regulations that will govern the behaviour of the employees.
Definition of ethics and values in business context According to Ken Rushton ethics are defined as the application of moral principles in making choices between right and wrong courses of action and business ethics is the application of those moral principles in making business decisions. Values can be defined as the context within which an organisation or society’s norms (the social rules that govern people’s actions towards one another) are established and justified (Nieuwenhuizen and Oosthuizen, 94). Business sustainability refers to a business approach that creates long-term shareholder value by embracing opportunities and managing risk from economic, environmental and social dimensions (Dow Jones Sustainability Indexes). Other than creating business sustainability we must constantly be aware of our market environment and consistently keep track of the macro environment factors that will affect the organisation. 3. Business ethics and values Vs Or... ... middle of paper ... ...tics of leadership Conclusion I personally think that if organisations want to survive and do well in all aspects they must adopt a strong ethical values and standards.
[Last Accessed 6 March 2014]. Sedum Green Roof (2014). Green Roof Prices. [ONLINE] Available at: http://www.sedumgreenroof.co.uk/prices.php. [Last Accessed 6 March 2014].