Business ethics is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
Business ethics is based on moral and social values. It contains moral and social principles (rules) for doing business. This includes self-control, consumer protection and welfare, service to society, fair treatment to social groups, not to exploit others, etc.
An ethical business culture also places a high value on fairness, employee rights, and equal pay, while also discouraging dishonesty, unpaid wages, discrimination and disloyalty to the company, its employees, and its customers.
Business ethics reflects the philosophy of business, of which one aim is to determine the fundamental purposes of a company. If a company's purpose is to maximize shareholder returns, then sacrificing profits for other concerns is a violation of its fiduciary responsibility.
Every company has a code of conduct that applies both to the business and to its employees. Business ethics is what drives that code of conduct. Companies often voluntarily adopt principles of corporate ethics, but sometimes those principles are imposed by legislation. A company's business ethics can shape the way it is seen by the world, its business partners and its customers, so it can be key to its success. This article examines business ethics, what it is, why it is important, and its various types.
refers to the set of moral principles that guides a company's conduct. These principles govern every aspect of the company's life, including its interaction with government and other businesses, its treatment of its employees, and its relationship with its customers. Whenever any ethical dilemmas or controversies arise, a business will look to these foundational principles to help resolve those situations.First, it makes sure the company operates according to all applicable laws. Operating lawfully, whether on a local or national level, maintains the company's respect among its peers and potential clients or customers, and enables it to continue running.
A company's business ethics also help it attract quality employees. Businesses that care for their employees at every level and treat them according to the highest ethical standards are attractive to job seekers. Also, if you work for a company that respects its employees, you are more likely to perform well and stay with the business for a long time.
Finally, a business that treats its customers or clients ethically builds trust with them, as well as an ongoing relationship. These customers will be return customers, and they will likely recommend that business to people within their sphere of influence. Also, a business known for its high ethical principles can gain respect and elevate the quality of its brand.
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