Understanding the Importance of Business Ethics and Its Impact
Business ethics is a crucial aspect of organizational operations that encompasses principles, policies, and practices related to moral considerations. Upholding business ethics ensures legal compliance, fosters trust with stakeholders, attracts top talent, enhances brand reputation, and contributes to sustainable growth. It plays a key role in the survival, growth, and overall success of a business, influencing relationships with customers, employees, and the broader community.
- Business Ethics Importance
- Organizational Values
- Ethical Practices
- Corporate Responsibility
- Business Growth
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BUSINESS ETHICS M. JASMINE FAIROSE MBA., M.PHIL., PG &RESEARCH DEPARTMENT OF COMMERCE, JAMAL MOHAMED COLLEGE, TRICHY
MEANING OF BUSINESS The term business refers to an organization or enterprising entity engaged industrial, or professional purpose of a business is to organize some sort of economic production (of goods or services). in activities. commercial, The
Definition of T.M. Garrett Definition of T.M. Garrett: Business ethics is a study of the moral rightness or wrongness of the acts involved in the production, distribution and exchange of economic goods and services.
MEANING OF BUSINESS ETHICS Business ethics refers to implementing appropriate business policies and practices with regard to arguably controversial subjects. Some issues that come up in a discussion of ethics include corporate governance, insider trading, bribery, responsibility, and fiduciary responsibilities. discrimination, social
Principles of Business Ethics Principles of Business Ethics
Types of Business Ethics Types of Business Ethics
Why is business ethics important? Why is business ethics important? Business ethics ensure that companies operate according to all applicable laws. This maintains the company's respect among its peers and customers and protects it from legal liability. A company's ethics also help it attract quality team members. Businesses that care for their teams according to the highest ethical standards are often attractive to job seekers. Ethical treatment can also increase employee retention and reduce hiring and training costs. A business that treats its customers or clients ethically can build trust and create longstanding relationships. These customers are likely to return and may recommend the business to people within their sphere of influence. Also, a business known for its effective ethical principles can gain respect and elevate the quality of its brand.
Need for Business ethics Survival of the Business Unit Growth of Business Unit Earning Goodwill Improving the Confidence Maintaining Inter-relationship Solving Social Problems
Factors which necessitate ethical behavior in business Ours is an industrial society and its values tend to become those of the entire culture. There is a growing awareness among the public. The society insists the business leaders to shoulder the responsibility for maintaining their welfare. If an organization fails to live upon the expectations of the society, it will lose its market share, its prestige and reputation. Unethical practices shall lead to Government control ultimately through legislation. Hence, prevention is better than cure.
