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Importance of ethics in business
Importance of ethics in business
Importance of ethics in business
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Explain the importance of ethics and values in business sustainability.
A business is a commercial trading institution which offers products and/or services run and operated by people who work together with the sole purpose to satisfy customer’s needs and at the same time with an aim to generate profit.
A business institution requires people in order to function and operate effectively and efficiently and in order for that to happen certain rules and regulation need to be placed to ensure optimal performance and productivity is yield at a greater percentage. Rule and regulations aim to project the business in a positive way to consumers, potential investors, stakeholders and business minded people alike which are interested in production that is sustainable and ethically oriented.
Ethics, Values and Sustainability.
In order for any type of business organisation to exist and perform consistently throughout the course of the financial period certain measures are put in place to make sure productivity is increased. Ethics, values and sustainability are thus put in place to enhance the businesses performance, consistency and longevity in the industry. Apart from anything else those three words ultimately help the business to generate a sustainably profit.
What are ethics in business?
Ethics are moral principles which should ultimately govern, lead or influence a persons or communities conduct and behaviour. Ethics in business provides guidelines and instructions for acceptable conduct so that businesses know the difference between right and wrong in order to develop and strategise their daily operations by choosing to do the right thing.
Ethics are there to uphold the organisational structure, morale and culture sustainability of a b...
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...l investors or sponsors are willing to invest into the ethically upright business.
• Environmental conservation is encouraged and established because such clauses will be included in the code of ethics.
The business will eventually grow until it can sustain itself for the foreseeable future.
Lastly….sustainability in business:
Every business regardless of how big or small it is, will always want to grow or develop with the constantly changing times. That is in a way known as sustainability. Formally, sustainable businesses are organisations that have little or no negative impact on the environment, community, and economy and yet continue to strive. The ability of the business to change under pressure.
Sustainable businesses have a niche to change without impacting a lot on the environment, instead of working against the environment it works on conserving it.
A business should make sure its methods of production are not negatively affecting its employees and that all the people in the business are happy and willing to work. Also, a business should make sure that its methods of production are not producing any waste on land or water or air pollution, for these negatively affect society. A business that cares about it’s influence on the environment, and its consumers is bound to make a difference. For example: General Mills wants to reduce the amount of energy it uses. In order to do this, they had energy monitors installed into some of their equipment in one of their manufacturing plants. The result: General Mills saved around six hundred thousand dollars (James). Profit can be obtained faster by a business that is looked upon as a positive influence on the environment and its employees. Overall, a business should be careful about how it produces its products and think about society’s health before it makes a decision, for if it doesn’t, the liability for damage is a much greater price to
Values determine what is important in decision-making. Ethics involves conduct, the ability to determine right and wrong. All organizations face ethical dilemmas. Organizations develop corporate social responsibility in reaction to the values and expectations of society. Corporate social responsibility initiatives aim to protect public health, safety and the environment (Joyner, Payne, & Raiborn, 2002)....
While going through my academic program, I have learned the importance of organizations having to integrate strategic planning in accordance with ethics and social responsibility practices; it is necessary for an organization’s survival. As such, an organization needs to implement its mission, strategy, and vision while considering the stakeholders and general public. My academic program has brought me to this realization and provided me with a means to effectively associate the implications of an organization’s ethics and social responsibility from a strategic perspective. When integrated effectively, establishing these components within the organization’s strategic plan has the capacity to largely benefit the organization's daily operations, which in turn, affect overall profit.
...d rules that are managed and reinforced can make a difference in the organization. Senior leaders must be aware of the influential impact that immediate leaders play in the daily duties of the workplace. Then the immediate leaders can emphasize and support the ethical character of their workers. Civility demands that a person must be self-disciplined for the sake of others. “By putting ethics into practice in our day-to-day encounters, civility is that moral glue without which our society would come apart” (Brannigan, 2008, para. 13). It is more important than ever for companies to act responsibly, as customers are buying products and services from the companies that they trust. Ethical values can be incorporated into an organization’s culture. Ethics plays an important role in the company and can have beneficial and profitable results on the corporation.
By definition, ethics refers to "a set of principles of right conduct." It is also defined as "the rules or standards governing the conduct of a person or the members of a profession," (www.thefreedictionary.com) and in business may be considered the standards governing the conduct of people in the business environment. Business ethics is the behavior that a business adheres to in its daily dealings with the world. It relies on values as a way of guiding behaviour in business.
[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)
Ethics are the set beliefs and values of an individual which they apply to circumstances relating to morality. To act in an ‘ethical’ manner, an individual must display integrity by doing what they believe to be right.
Ethics is derived from the greek word ‘ethos’, which means character and the latin word ‘moras’, which means customs. Thus ethics is defined as the personal and professional behaviour with regards to the values, customs, behaviour, principles and morals of society (Senarante, 2011). Professional ethics can be defined as the personal and corporate standards of conduct that is carried out by members of a particular profession. For example, medicine, accounting and engineering. Professional ethics or business ethics cover larger areas than the law, and although an issue may not be illegal, it can be considered as an ethical issue (ATT Ethics, 2013). Business ethics can be defined as the policies and principles that act as operational guidelines
Carroll (1979) states, “business encompasses the economic, legal, ethical and discretionary expectations that society has of organization at a given point in time”.
Ethics and values are very important in guiding employees and management in an organisation. It encourages employees to be accountable and transparent and also in make ethical decisions. In an organisation that ethics are practiced there are less conflicts and there is consistency at all times even when an organisation undergoes difficult times. A code of ethics is established in an organisation to solve problems when the do arise and explains how employees should respond when faced with different situations. Values and ethics are important for employees to get along. Our values tell us what we think is important and that helps us in making right decisions. For example a person who values justice will not be coursing conflicts and will adhere to ...
The sustainability of ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact. Annie Leonard in her book The Story of Stuff says that companies can significantly reduce their toll on the environment by changing their design. The design determines “the amount of energy used in making and using the product,” “the length of the product’s life span” and “its ability to be recycled” (Leonard). All these things determine the amount of resources a company must use, so simply changing a product’s design is one way a company can have a large impact on the sustainability of the environment in which it operates. One example of this is that “Wal-Mart attributed more that $100 million of its 2009 revenue to a decision to switch to a recyclable variety of cardboard in shipments” which it sells to a recycler instead of paying to send it to a landfill
Ethics is simply doing the right thing. In the business situation ethics are the moral concept of a firm getting through it organizational duties ethically.
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...
Ethics is the study of right or wrong and the morality of the choices that individuals make. That basicly means the set of morals or responsibility that a person, group, or field have. Ethics can also be classified as code of morals. In business there are ethics that portray to business. These are called business ethics, business ethics just happen to be the application of ethics, morals, into the business field. Some examples of business ethics are obeying all rules and regulations even when nobody 's looking, which is pretty self explanatory, you shouldn’t be breaking rules. Even if it is as simple as washing your hands after you use the restroom or straight up lying to your customers, they are the ones making you money so if they find out
Ethics is a system of moral principles and a branch of philosophy which defines what is acceptable for both individuals and society. It is a philosophy that covers a whole range of things that have an importance in everyday situations. Ethics are vital in everyones lives, it includes human values, and how to have a good life, our rights and responsibilities, moral decisions what is right and wrong, good and bad. Moral principles affect how people make decisions and lead their lives (BBC, 2013). There are many different beliefs about were ethics come from. These consist of; God and Religion, human conscience, the example of good human beings and a huge desire for the best for people in each unique situation, and political power (BBC, 2013).