Key Factors Of Ethical Business Practices In The Workplace

In the past 20 years, in business failures, corporate scandals, and unethical CEO’s have been in the news on a constant basis. Enron, Worldcom, Hollinger International, Tyco, and Yahoo! suffered losses as a result of unethical business practices. Key factors, such as, productivity, retention of talented employees, business credibility, and legal issues decides whether a business will be successes or unsuccessful. The organization and its employee’s ethics, direct these factors to either increase or decrease. Moral Business practices are activities performed and demeanors held by a business and its workers that are considered professionally and ethically capable. These practices advance the objectives of the organization without jeopardizing the benefit of every one of its employees, clients, and even competitors. Ethical practices do not guarantee success, but without their failure is assured. Corporate

Engagement directly affects employee productivity. Engagement is a management approach created to ensure that employees are committed to their organization’s goals and values, motivated to contribute to organizational success, and are able at the same time to enhance their own sense of well-being. Engagement in the modern workforce can be divided into five categories. Make work meaningful, foster great management, establish a flexible, humane, inclusive workplace, create ample opportunities for growth, and establish vision, purpose, and transparency in leadership (Bersin, 2015). Research shows that providing a meaningful work environment, allowing decisions to be made at the individual or team level, proper support, right person for the job, and relax or personal time results in higher profit for companies. Providing a position that fits the employee and gives a sense of pride or significant feeling of accomplishment. Hiring a person that is right for the job is critical to increasing employee