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Ethical Principles in Business – Role of Ethics

(Last Updated On: April 18, 2021)

Whether you work for a small business or a large corporation, you follow ethical principles. Ethical principles in business is a basic criterion for winning business growth.

The most recent lesson came about the importance of business ethics with the fall of Wall Street, as the once highly respected financial institutions made headlines for their bad choices and questionable behavior.

Businesses also have moral responsibilities when it comes to meeting economic expectations. From the bottom of the organizational chart, everyone must take care to carry out these responsibilities.

What are ethics? Business ethics and principles

Ethical principles in business

Different companies and consultants may have different ideas about what constitutes good ethical codes, but some generally agree about work ethic:

  • Honesty: Do not mislead the customer, senior or subordinate, with partial truths and omissions.
  • Integrity: Do the right thing, even after doing the wrong thing benefits you.
  • Hard work
  • Keep your word
  • Respect others
  • Obey the law
  • Appreciate your support and supporters
  • Take responsibility for your actions, including your mistakes
  • Don’t discriminate; Treat people fairly

According to Dr. Jill Young, an instructor at Southern University’s College of Business, honesty is the most important ethical concept because it covers such a wide area. “If you deal with devotion, ethical behavior is just a natural progression,” he says. “Those who have integrity are guided by a set of core principles that influence their decisions and behaviors.”

People with integrity value other principles, including honesty, respect, personal responsibility, empathy, and reliability. These features are integrated with the six pillars of characterization provided by the Josephson Institute, a non-profit organization that provides and provides services and content to enhance ethical commitment.

Ethical Principles in Business

Pillars of ethical principles

  • Honesty
  • To give your solution:
  • Right of the citizen
  • Credibility
  • Respect
  • Responsibility

“The overriding policy that you have as an individual is that you have to make the right decision,” says Rich Jarke, Executive Director of the Josephson Institute. “It’s sometimes very difficult because it can be easy to make decisions, but it’s not right. So making personal decisions requires more of a personal challenge.

Jark says that making the right decision can also be difficult when employees are asked to look beyond their current area of ​​responsibility.

“So, what’s the right thing to do? It depends on the responsibility of the executive, “he says. “Most of us know what we are allotted and if we see something beyond that scope, it can tell us when it’s time to look at others.”

“If you look at a career, if you ignore the wrong thing, it can be a big problem.”

Young says that one of the business conceptual theories that he highlights in his business ethics course is the importance of supporting executive leadership in ethical practice within firms.

Business policy

“If it doesn’t come from the top leadership, it won’t spread to the rest of the organization,” he said. “Employees look to their top leaders for expected behaviors as models.

“The main thing I want to emphasize to my students is that ethical business practices are not necessarily the most profitable method in the short term, but they are essential for long-term organizational survival,” Young says.

However, behaving in an ethical manner can produce positive results for the business. Jerk says that a business environment that promotes and retains strong values ​​is usually a happier and more productive workplace, and customers receive better service so they can keep coming back.

In addition to work behavior, Zark believes that ethical principles can govern our personal and professional lives.

“Becoming ethical requires looking at universal values, and it can use the matrix decision in their business and personal lives,” Jark says.

ethical business practices

Business ethics of executives

In addition to the six pillars of character, the Josephson Institute provides 12 ethical principles for business executives:

  • Concern for others
  • Respect for others
  • Obey the law
  • Commitment is excellence
  • Leadership
  • Righteousness
  • Integrity
  • Commitment and loyalty
  • Loyalty
  • Honesty
  • Fame and morale
  • Responsibility

Ethical Principles in Business

Examples of ethical principles in business

Treat employees ethically

Ethical treatment of employees covers everything from providing fully paid to work conditions that do not hurt them physically or emotionally. Although big retailers like McDonald’s and Walmart have a reputation for making excessive profits, failing to pay employees a fair wage, ordinary business owners will be rewarded for their loyalty and their ability to treat employees objectively through hard work. Inhumane work situations are not only immoral but also bad for business, they create a culture of mistrust and litigate potentially costly litigation.

Ethical employee behavior

In the workplace, employees also have a responsibility to act ethically. Confidence in an employer and its employees depends on employees’ willingness to work in line with their level of pay. They should continue to perform high-quality work even if they are not being closely monitored. Ethical employees pocket money or goods in practice or refrain from stealing while demanding work when they have done nothing.

Treat customers ethically

A business has a responsibility to treat its customers ethically. These include financial integrity, such as giving customers the right changes and, if dissatisfied, please refund them. This involves providing products or services that are well worth their price. The relationship between a business and its customers is also based on an existing agreement that the business will do its best to avoid unnecessarily risking or endangering its customers such that an automobile manufacturer must ensure that its cars’ brake systems are working effectively?

Dealing with the ethics of suppliers

A business must also behave ethically to its suppliers. It involves respecting the terms of the business system, such as paying for goods over time. A business owner has to be honest about the shipment he receives from his suppliers, only if these items are absent, he should only claim about missing items. Ethical relationships and behavior with suppliers involve simply rewarding suppliers for great service with ongoing loyalty rather than changing suppliers on a price basis.

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Unethical principles in business

Some types of immoral behavior, such as lying, stealing, or cheating, terminate or close a job. Other types of bad behavior are unique in the workplace:

  • Ignore the procedure or policy
  • Sharing Confidential Information
  • Make business decisions about personal gain
  • Prevent important information
  • Misuse of your computer access (such as when you play online games)
  • Taking bribes or kickbacks
  • Ignore the problem

Why Ethics Matter?

The simplest reason for ethics is that they identify the difference between right and wrong. However, it is also good for business to encourage everyone to follow the work ethic:

  • If business leaders follow ethical principles, which sets an example for employees.
  • Ethical behavior promotes confidence in the workplace.
  • Renting and firing policies such as nondiscrimination create a more diverse workplace.
  • A moral business has a better public image.
  • By acting ethically, business thrives on the surrounding community.
  • If the business team follows ethical principles, its members are less likely to violate legal policies

Code of conduct, Coding, Workplace

Establish ethical guidelines in the workplace

Management cannot just say that everyone should work ethically and capture what it takes. The ethical principles of the organization should be written as a code of conduct for directors, executives, and other employees. It is much easier for employees to know what to expect than for them to know how to behave ethically. It is also easy for a company to judge whether a potential employee fits the company culture.

Successful ethical companies provide training on how to resolve ethical dilemmas. Employees respond positively when they work ethically, and provide a feedback system for reporting unethical behavior. All of these things can strengthen ethical workplace culture.

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