The Importance Of Ethical Business Practices

In the past 20 years 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 decide 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

Employees that have a personality and skills for the position are enthusiastic about their jobs. Pre-hiring screening is a tool which helps find the right person for the position. Education, previous employment cannot be the sole criteria for the modern job applicant. If they are meticulous you would put them in a position where detail and not in a position that is mundane. Providing the enriching work that fits a prospective employee and adapting that environment to position already staffed will give higher levels of productivity. “An insurance company found that the best salespeople were not those from top schools, but rather those who had experience in the auto industry and no typos on their resumes. When we hire people who fit, they perform well, and they love their work” (Bersin, 2015).

Second , engaged employees thrive when provided a level of autonomy. Autonomy grows in scope over time , but with regular duties and tasks it is a must. Giving employees the ability to make decisions empowers them. Employees can apply their individual attributes more consistently when given more autonomy. Resulting in an environment of enthusiasm, commitment, team work, and higher productivity. Research shows: “Retailers like Whole Foods, Costco, UPS, and Mercadona deliver higher profitability per employee by giving their employees above-average wages and greater control over their jobs.” (Zeynep,