Importance Of Ethics In Business

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ethics are meant to analyse problems that come up in day-to-day course of business operations. Apart from this, it also applies to individuals who work in organisations, their conduct and to the organisation as a whole. We live in an era of cut-throat competition and competition breeds enmity. This enmity reflects in business operations as well as code of conduct. Business houses with deeper pockets crush small operators and markets are monopolised. In such a scenario, certain standards are required to govern how organisations go about their business operations, these standards are called ethics. Business ethics is a wider term that includes many other sub ethics that are relevant to the respective field. For example, there is marketing ethics for marketing, ethics in HR for Human resource department and others. Business ethics in itself is a part of applied ethics; the latter takes care of ethical questions in technical, social, legal and business ethics. Some of the ethical issues for business include relation of employees and employers, interaction between organisation and customers, interaction between organisation and shareholders, work environment, environmental issues, bribes, employees’ rights protection and product safety. Given below is a list of some of the significant ethical principles to be followed for a successful business: • Protect the basic rights of the employees/workers. • Follow health, safety and environmental standards. • Continuously improvise the
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