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Ethics And Values In Business Ethics

Satisfactory Essays
Question 1
Explain the importance of ethics and values in business sustainability

In order to answer this question we need to understand what ethics and values, business ethics and business sustainability means.

What are ethics and values?
Ethics can be described as rules and regulations that govern a person’s behaviour. In order for a good business reputation, the employer and employees need to work towards customer satisfaction
Values are our beliefs. They provide guidance when we have to define what is right and what is wrong. With values we need to determine whether we meet a certain standard when it comes to our actions.

What are business ethics?
Business ethics can be defined as professional ethics that examines ethical problems arising in a business environment. Business ethics guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Examples of business ethics in the workplace may include abusive behaviour, sexual harassment, cheating the company, just to name a few.

What is business sustainability?
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.
Behaving ethically can assure that the business can ach...

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...ound and timely decisions that will benefit the whole organisations. They keep everyone informed about the things that are happening around the organisation. They always communicate with employees, seniors and other essential people in the organisation.
Leaders work as mediators in the business, meaning that when there’s conflict in the business, they analyse the situation, take corrective action that will accommodate the parties involved and then move on to the next challenge that the organisation might be facing. Good leader ensure that everyone in the organisation is satisfied with the work that is allocated to them.
Before a good leader can tackle issues at the work environments, they need to do some self-introspection. They need to understand themselves; they should also seek self-improvement which can be attained by reading, self-study, attending classes, etc.