What does it mean that ethics are good for business?

Business Ethics reflect on the fundamental principles that form a particular company. This entails all the fields in the business environment which may include finance, relationship with the environment, human resource management, and sales and marketing, among others. The business is required by law to follow the set rules and procedures in its pursuit to realize its aims and goals.

Any forward thinking commercial enterprise that is determined to be in the market for a long period will have to employ good moral practices when dealing with clients. This will entail putting in mind the rights of the consumers, employees, and the best interests regarding the society at large. Consumers nowadays are familiar with their rights and the laws that govern the enterprises in regard to their protection; hence, a good relationship with customers will keep them coming back.

Good practices bring forth goodwill from the customers and the public in general. This goodwill earned over a certain period of time can translate into profitability for the company. People will tend to do business with firms that value and are concerned about them. Profitability of an investment translates into the sustainability of that particular investment in the market.

Some of the principles of admirable practices in a commercial environment are trust, respect, open mindedness, community involvement, and maintaining an accounting control. Customers will always want to do dealings with a company they trust for both the quality of services and goods they offer. The trust of the organization will be reflected within its ability to deliver and in what manner it delivers.

Participating in community based issues will give the enterprise a good view from the society. It is deemed as a way of giving back to the society and the customers will definitely see that they are perceived as valuable people by the company. Advertisements, brochures, magazines, and communications sent to the public should be crafted in a professional and precise manner in order to avoid issues with other competitors in the market.

Maintaining better moral practices in a company prevents the firm from far too many lawsuits. The customers and employees are nowadays amply educated on their rights and most of them may opt to go to court when they realize their rights are infringed. Realizing the importance of business ethics as a tool for achieving the set goals and aims of the company is the beginning of the success story for any enterprise. All the dealings and branches of an organization must adhere to moral practices in order to have a successful balanced business!

Source: http://EzineArticles.com/

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1. Career Development
2. Business Ethics Definition and Examples

By Indeed Editorial Team

April 7, 2021

Your company, organization or team may uphold certain business ethics to maintain employee welfare, accountability and overall reputation. You can also develop personal business ethics that align with your core values as you progress in your career..

In this article, we explore what business ethics is, why it’s important, and how you can apply it in your workplace.

What is business ethics?

Business ethics is a practice that determines what is right, wrong, and appropriate in the workplace. Business ethics is often guided by laws, and keep companies and individuals from engaging in illegal activity such as insider trading, discrimination and bribery. However, other principles can influence how employees treat one another, corporate social responsibility and relationships with clients and vendors. The purpose of business ethics is to ensure a consistent moral attitude within the company, from executive-level management to new hires. It helps to ensure everyone is treated with respect, fairness and honesty.

Importance of business ethics in the workplace

There are tangible and intangible benefits to maintaining ethical practices in your workplace, including:

1. Improved employee retentionStrong business ethics often encourage managers to show appreciation for an employee’s hard work. As a result, team members may be more loyal to the company and strive to be more productive. It also means employees at all levels are less likely to be let go for reasons related to unethical behavior.

2. Stronger collaboration

3. More effective leadership

4. Increased professional value

Read more: Tips To Demonstrate Work Ethic

Examples of business ethics in the workplace

The primary means by which a company communicates its ethical principles is through a “code of conduct” document, which establishes the ethical standards of the company and its employees. You’re likely to be given a copy of this document upon employment and can review it when determining the best way to maintain business ethics in your workplace.

There are many examples of ways you can have an ethical work environment, including:

1. Report conflicts of interest

Many organizations have a policy regarding receiving gifts from clients or other external parties. Some may even have rules about part-time work, freelance opportunities and other side jobs. In all cases, these rules are meant to ensure employees operate within the limitations of conflicts of interest, which can impact an employee’s integrity.

2. Take care of company property

You’re likely to use tools, technology, equipment and supplies provided by your employer. These items are typically reserved for work use only. Follow any rules related to the use and maintenance of these items to ensure you are using company property respectfully.

3. Lawfulness

Business ethics also include abiding by legal regulations and obligations regarding their business activities like taxes, worker safety and employment and labor laws. Companies that work within the boundaries of the legal system are more credible and honorable, which can establish a strong positive reputation as an employer that encourages high-quality candidates to apply for roles.

4. Use discretion with sensitive information

Some workplaces and roles may interact with sensitive data or materials, which requires employees to practice discretion through careful organization, the use of passwords and other security measures. Consult your code of conduct to understand the stipulations of discussing and handling sensitive information in the workplace.

5. Practice integrity

Hold your work to a high standard of fairness, honesty and quality. You should be transparent in how well you’re doing and areas you may be able to improve. Own up to your mistakes, and work to correct them as soon as possible. Keep your team and supervisors informed of mistakes and progress to ensure everyone is updated.

6. Keep a high attendance

Your workplace may have an attendance and tardiness policy to hold employees accountable for going to work and being on time. Showing up for work when you are expected demonstrates respect for your colleagues as well as your employer.

You may request time off per your company’s policy. If you are unexpectedly prevented from being at work by illness, accident, or some other cause, let your manager or supervisor know as soon as possible. Your manager or supervisor can then make sure your work is handled by someone else in your absence. If you will be late, give your manager advance notice, if possible.

7. Respect coworkers and other office personnel

You can communicate respect for your colleagues by treating them professionally and as you would like to be treated. Workplaces typically abide by anti-harassment laws established by the federal government. Review these behavior limitations or discuss the policies with your employer or human resources department should you have questions.

8. Follow dress code

The way you dress can impact the work atmosphere and the way people relate to you. Make sure your clothing choice follows the company’s dress code to ensure professionalism with coworkers and external parties as well as safety and comfort while on the job.

9. Discuss issues with management

There may be times when you face an ethical dilemma at work, and this particular type of issue may not be covered adequately in the employee handbook or your training. For situations like this, you can consider discussing the issue with your supervisor, the human resources department or, if the company has one, an ethics officer. Working with someone familiar with the company’s ethical standards can help you resolve these situations appropriately.

10. Workplace Diversity

A business might express fairness by placing a high importance on having a diverse workplace. Achieving a diverse workplace means using recruiting practices that give equal opportunity to people from different ethnic, gender and social groups. Employing a diverse range of people gives the business the benefit of different perspectives and demonstrates that the company is serious about equality and treating all people with respect.

11. Seek further ethics training

Should you need more guidance on ethical behavior at work, your company may offer further training via seminars or online courses. These can help reinforce the points made in the company’s handbook. If you are required to take ethics training annually, be sure to do so. Over time, these points will become familiar and will shape your business conduct.

Read more: 12 Examples of Business Ethics and Why They’re Important