Firstly, different companies and
consultants may have different ideas of what constitutes such a good ethical
code. Whether you work for a small business or a well-established corporation, ethical
principles in business are basically the most important or fundamental value of
moral aspect which serves as a guideline for a company to behave accordingly in
a society since they can bring some significant benefits or critical impact to the
entire image of a company’s organization.
Some ethical requirements for
businesses are codified into law. Environmental regulations, the minimum wage, collusion
and restrictions against insider trading – these are all examples of the
government setting where the minimum standards for business ethics are coded into the state policies. However, what qualifies as the ethical principles in business
world throughout history has changed over time and the different areas of ethics are imperative to
every business venture.
Secondly, it is pivotal for
business executives to strive for business growth and success, but equal
importance should also be placed on establishing guidelines on how they should
behave within their company when dealing with partners and consumers. Ethical company
executives are truthful and honest in all their transactions. Their behavior
should be exercised all the time because it is closely related to the values of
characteristics the company and individuals want to project.
The personal courage and integrity of
ethical executives can be illustrated by their convictions to do what is right
even when they are under great pressure. They demonstrate that they are
upright, honorable and principled and will not set aside their principles just
to attain their goals. Whatever it is, being an ethical leader who is worthy of
trust should demonstrate loyalty and fidelity to his or her institutions and
people by being devoted to duty, supportive and being a friend.
Finally, the importance of business
ethics reaches far beyond employee loyalty and morale or the strength of a
management team bond. As with all business initiatives, the ethical operation
of a company is directly related to profitability in both the short and long
term.
The success of a company relies on
several factors that are deeper than financial statements on paper. It depends
on ethics in business, the management philosophy of the company and its
organizational culture. When the entire company applies
ethical behavior, they reap the rewards of its beneficial and long lasting
effects. They would be able to retain highly talented employees and attract the
new ones.
The employment of business ethics on the other hand begins with the leaders of a company. The management team
establishes the tone for how the day-to-day running of the entire company
should be conducted. When the management leaders decide to apply ethical
behavior and practices, they as the leaders must be the examples that employees
should follow. In this case, they should be trained to make better decisions
and boost productivity for the benefit of their company and their colleagues.
Overall, with a company having ethical
leaders, the employees will feel a closer bond with their management team, thus
keeping the company stable and helping the organization to minimize the scale
of the employee turnover.
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