Ethical Principles for Business Executives

https://1.bp.blogspot.com/-rAQ7pJ5NtLc/XwCHERQmmXI/AAAAAAAABNs/g7elCKQem_oqMS9sYOr2qrCRbE5yvWU0gCLcBGAsYHQ/w400-h263/Some%2BEthical%2BPrinciples%2Bfor%2BBusiness%2BExecutives.jpg
The business world as we know places a set of premium policy on turning a profit, which can sometimes make ethical behaviors hard to comply with. Lying to customers is unethical, for instance, but a salesperson may feel pressured at the same time to lie if that is the only means to execute a business transaction or close a deal.

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.

Note: Kindly look through the “Category” section for the complete list of articles published. Don't forget to subscribe and share our articles as many times as possible on any social media platform.

0 comments:

Post a Comment

MENTAL HEALTH COUNSELLING