The importance of ethics and values in business sustainability.
Before explaining the importance of ethics and values in business, we have to define the following:
Ethics: The ability of an individual to distinguish their moral judgements about right and wrong.
Values: These are the moral standards and principles that a person considers to be important. They work hand in hand with ethics.
Sustainability: meeting the challenges of ensuring that future generations can enjoy the same kind of lifestyles people enjoy today.
The critical decisions within a company/organisation may have to be made by people or groups. More often than not the ethics and values of the employees of that organisation will affect the quality and the kind of decisions that are made within the organisation. The employees ethical behaviour and value system is very important because in the long run, for example if the employees are unethical, it is eventually going to be embedded into the companies culture and ruin the organisations image which will make business sustainability extremely difficult.
The most common benefits of a business that promotes ethical behaviour and value systems are as follows:
1. Attract customers- If you take care of your customers they will definitely keep supporting you. This in the long run will increase the sales and the profit of the business
2. Employees will want to stay in the business- If you take care of your employees, they’ll take care of your business. Your employees will be motivated and this might increase the productivity of the company. There will be no need for labour turnover and less money will be spent of training programs.
3. Attract more employees- In this way the business can get more talent and doge the bulle...
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...ader can make is to make sure that everyone contributes effectively towards the business. This will help people realize their potential and foster their potential to achieve a common goal.
The most common ways leadership can benefit a business
1. A clear vision- Setting a clear vision and communicating it effectively provides employees with an understanding.
2. Effective planning- A well conducted plan will be effective on meeting the organisational goals.
3. Inspiration and motivation- Provides inspiration and motivation for people to perform optimally.
4. New ideas- Employees can openly contribute and discuss new ideas in a positive environment.
It is clear that without leadership a solid business is not possible, let alone effective production. Leadership is the glue that makes sure that everything is in place all the time, doing exactly what it’s supposed to.
demonstrate that the agency is not about greed in order to draw in more customers. Having a
Generational conflicts, political strife, environmental regulations, stakeholders in big oil, and many more hurdles affect the push to fully sustainable economies around the world and even here in America. In a world where coal, oil, and natural gas are limited, countries are gobbling it all up as fast as they can before other poorer countries come on the grid. Even though America and other countries gobble up these resources the life of the people is still a struggle to meet basic needs. Sustainability is an intermingling of resource use and protection of the “quality of life”, it is met by using resources sparingly and by recycling or reducing the use of other non-renewable resources to provide for our immediate need, but also to conserve and protect the needs of the next generation and to improve the quality of all the lives to come.
...e company’s competitiveness. Satisfied customers can help a business gain more customers through word of mouth. Ensuring excellent and consistent service and products will help the business perform better. Tim’s must embrace technology in its human resource management, bookkeeping, as well as its Marketing activities. This will improve efficiency, and reduce man hours considerably. Tim should consider investing more money into the business to allow him expand on product offering, which will help attract new customers.
Therefore we can understand the link between ethical behavior and corporate social responsibility through a thorough analysis of the two concepts discussed above. A business having strong values like integrity and honesty will behave in a way that benefits not just them but the entire society and everyone who is related to the business. Successful businesses have “ethics” at the core of their heart and they consider themselves fully responsible towards their stakeholders.
Ethics can be defined broadly as a set of moral principles or values. Each of us has such a set of values, although we may or may not have clearly expressed them. It is common for people to differ in their moral principles and values and the relative importance they attach to them. These differences reflect life experiences, successes and failures, as well as the influences of parents, teachers, and friends.
Ethics are a set of rules that define suitable behavior in humanity. They serve as a guide to standards in day-to-day living and help people judge whether their behavior can be reasonable. “With morals serving as the underpinning of society, there are 4 points people should remember,” according to Robert C Solomon. (The Importance) One being, moral rules are important because in the over-all world, moral rules are rules that help people in a society work in a civilized way. The second being “morality consists of universal rules,” and that the rules “apply to everyone, everywhere, and are recognized by everyone as being necessary.” (The Importance) The third one is moral are objectives, and that they don’t consider individual preferences. “Right is right and wrong is wrong/” (The Importance) Lastly, the fourth on according to Robert C Solomon is that morality affects other people. Morality takes in considering the well being of other people or the Golden Rule: ”Do unto others as you would have them do unto you.” (The
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
What are values? Values are the principles that help guide our behaviors, according to Anne Deering, Robert Dilts, and Julian Russell in Alpha leadership. “Our values reflect the core of our identity, and are a lens through which we execute our goals. Values are instilled in us from birth
Ethics in business is a highly important concept, as it can affect a company’s profits, salaries paid to employees and CEOs, and public opinion, among many other aspects of a business. Ethics can be enforced by company policies and guidelines, set a precedent when a company is faced with an important decision, and are also evolving thanks to new technology and situations that arise due to technology usage. Businesses have a duty to maintain their ethical responsibilities and also to help their employees enforce these responsibilities in and out of the workplace. However, ethics and the foundation for them are not always black and white. There are many different ethical theories, however Utilitarianism, Kant’s Deontological ethics, and Virtue ethics are three of the most well known theories in existence. Each theory is distinct in that it has a different quality used to determine ethicality and allows for a person to choose which system of ethics works best with both the situation and his or her personal ethical preferences.
[1] Ethics is defined as “the code of moral principles and values that governs the behaviour of a person or a group with respect to what is right or wrong” (Samson and Daft, 2005, p.158)
Morality: personal standards of right and wrong. Ethical dilemma: problems that force decisions between alternatives that are equally undesirable. Autonomy: the freedom to choose and make decisions for oneself without external interference. Veracity: ethical principle that specifies a duty to tell the truth.
Ethics is concerned with the fundamental principles of 'right' and Wrong'. Sometimes the term 'morals' is used in everyday use to mean ethics, as both of these terms originally meant the same thing”. ( lan E ,et al., 2006). Other defined of ethical as” values,
...ll benefit when the employees are well equip with the excellent oral communication, critical thinking, strong work ethic, teamwork, competence and setting the goal which requires a lot of thinking process.
... right people by increasing the awareness about the product, its benefits and drawbacks. This is important for the success of a business.
Ethical behaviour is what all career people should aim to have. Not just the ethical attribute but exceptional behaviour with this regard.this is because in order to build a career, one must be governed by the rules of ethics to safeguard oneself and others. Ethics are essential in the workplace because a tough ethical code provides a non-threatening environment with high employee morale. The corporate social responsibility is important to everyone,therefore it should not be neglected by the employees and the organization. Ethics purely center on personal conduct. It involves personal choices that can make or break a person in the workplace or business. The major importance of having good conduct is to maintain a high level of respect not just for people but for the proffession. Most people who begin their working career have aspirations of excelling at their jobs and reaching the pinnacle of their profession while maintaining a sense of values; however employees often become blind with ambition and put aside their sense of ethics in order to obtain financial security and recognition for their efforts. There are many things that one can gain from having good behavioural ethics in the workplace. It will develop a discipline which will propel the work practices to a higher level and will help set a high standard. It will promote teamwork among the workersand will also buil...