Since business ethics considers the relationship between business and consumers, between the businesses and their employees. It considers the impact of globalization on environmental and society at large. Business ethics considers that the businesses have moral responsibility to their stake holder including employees, consumers, local community and even society as a whole. All who forms part of environment, each of them having their own values, ethics and moral and hence there exist environmental values in a business environment towards which business has certain responsibility. Environmental responsibilities is a vital component of an organization as it not only helps the environment, but it wins the trust of communities and gains the respect of the government of the countries in which the business operates.
A reward for ethical behavior The ethical behavior must be recognized and appreciated and at the time it must be awarded. So it can promote ethics in other employees. Conclusion Ethics in business and in corporate culture has become a critical issue for many companies. There is need to pay more attention to an analysis of unethical behavior in leadership and its relation to corporate culture. Ethical leadership is a growing concept and many large companies are promoting business ethics as their corporate social responsibility.
If the corporation initially had prioritized ethical values and decision-making evaluations at every level of the business, this scandal could have been prevented at least its magnitude. Contracting ethical officers and on-going training would have educated employees on the proper decision making steps. This dilemma safeguarded that Wells Fargo will take a different approach with its management team, ensuring they are trustworthy and promoting the company values, as customer satisfaction and trust is the
Dishonesty means self-delusion and in the long term, business will collapse.Honesty is closely related with success and it is one of the business virtues that managers should have. For example a trader, earns what he gets and does not give or take the undeserved but virtuous trader must make sure that customers get what they pay for. Virtious manager honestly appraise based on their contribution toward achieving a firm’s mission, values, and goals. The right form of management over an employee's staff is crucial because it requires a lot of management skill to make sure that the employee moves in a single vision and mission. But the
There are several companies that work ethically because their top brass, starting with the boards to directors and CEOs want them to be so. They know that running an organization ethically and as per the norms of corporate governance, will cost them money which cannot be retrieved in a short period. Investments on ethical practices bear fruit, but slowly, though surely. High-profile scandals in both the public and private sectors over the past few years have raised a fundamental concern for organizations: how to ensure employees act ethically and with integrity. Although public, corporate, and not-for-profit organizations have developed and implemented ethics and integrity programs, the focus now is to move beyond strict compliance programs towards ensuring that ethics and integrity become values lived by everyone within an organization.
Interactions between the customers and the staff should be a good one to increase the productivity of a company. According to employees, monitoring is considered as a matter carried by employers due to the lack of trust and faith against employees. But in the point of view of employers, monitoring is vital to protect them and the business secrets within the employer-employee
The interests and rights of other people need to be considered. Ethical behavior in business activities is something that is essential for the survival of the business itself. Unethical business will hurt the business itself, especially when viewed from a long term perspective. Good business is not only profitable business, but also morally good business. Good behavior, also in business context, an appropriate behavior with moral-value grades.
Kinicki (2017, p.106), outlines that “ethics are the standards of right and wrong that influence behaviour while ethical behaviour is the behaviour accepted as “right” as opposed to “wrong” according to those standards”. In any organisation, it is important that the stakeholders and management focus on the ethics of the business while trying to make profits and becoming productive as this can tarnish the business reputation and performance.When uethical behaviours are ignored they can create serious problems. Managers therefore need to behave ethically as this has a great impact on the business's efficiency and effectiveness. Managers need to realize that they are seen as the role models for their company. Their behaviour will
Recyclable packaging, promotions that expand social knowledge and portions of advantages that benefit philanthropic groups are examples of social responsibility strategies. Multiple organizations have adopted social responsibility strategies in marketing in order to help the community whether provide services and products that benefit society. Furthermore, corporate responsibility goes hand in hand with social responsibility practices. For instance, executives, administrators, and shareholders must practice ethical behaviors and join the community in advancing responsible marketing purposes. For companies, the practice of deceptively developing environmentally friendly processes or products means to customers that the business is not committed to social responsibility and can eventually damage the brand and the success of a company.
The importance of ethics is justified in any organization. It is a significant dilemma to profit making organizations which conflicts between industrial activities and social performance. By definition ethics in the business can also be defined as the right and wrong or acceptable and unacceptable attitude of organizational members. However, for non-profit corporations ethics is equally important as profits. If on one side, ethics helps and organization to determine its behavior towards stakeholders then on the other it is important for an organization to enhance its profits for its survival in the stiff competition.