Introduction to Business Ethics

September 2, 2019 | By Jonny | Filed in: Business Ethics.

The Concept of Integrity has been introduced in Business Ethics. It focuses on a set of values and attitudes and the way people deal with their business and personal lives. In modern corporations and the laws of most countries, it is required by law that companies implement integrity management practices in their dealings. It is based on three core values – equity, accuracy, and dependability.

It is introduced in the educational system through the Teaching Principles for the Development Sector. It is linked to the concepts of justice, fairness, and transparency.

The most common organizations and groups to teach this curriculum are NGOs, research institutes, non-governmental organizations, government agencies, and business associations. Non-profit and philanthropic groups often face the challenge of operating in an environment where a vast majority of public dollars are directed toward providing social programs and services. These programs often do not distinguish between needs and wants, and so they take in the most needy and must then turn those funds over to the organization to give away. This takes away funding from long-term projects that can bring tangible benefit to society.

Companies in the business ethics of fairness should be sensitive to those that are less fortunate and consider all their interactions with employees and clients as equitable. They must consider their customers as a whole and see beyond the basic need to survive. They also have to be aware of their roles as advocates for the people in their organizations and where those individuals live, work, and study.

We now understand the traditional definition of business ethics as revolving around the recognition of public interests. However, the original value of honesty in business has been compromised and replaced with an emphasis on financial incentives, not integrity. A business’ success and failure is dependent on whether or not it treats all employees and clients fairly. It is well known that the number one reason that a company does not prosper is when its executives and top employees are treated unfairly or get excessive compensation.

Most business ethics concentrates on honesty, efficiency, respect, and forthrightness. In most businesses the concept of integrity requires people to be honest and their word to be their bond. It is possible to conduct business, trade, and interact with each other without deception and dishonesty.

Business ethics and ethical behavior are now viewed as a necessary component of an open, honest, and fair business culture. For a successful business to exist, ethical behavior is fundamental. It is one thing that a company can do to enhance its own moral authority; it is another to demand that its people act ethically.

What is business ethics? It is not only a code of conduct that employees should follow; it is a basic tenet of a business. Even if the main objective of an organization is to serve its customers and increase its profits, a significant aspect of its value is its ability to behave honestly, fairly, and fairly. Any business must operate ethically in order to stay in business.

In the context of ethics, integrity means doing what you say you are going to do, and not being dishonest about your actions. Integrity and honesty are good foundations for any honest business, but in the world of business ethics the two terms overlap, and they are not always used to mean the same thing.

With regards to business ethics, “integrity” means doing what you say you are going to do, not being dishonest about your actions. The term “integrity” connotes a willingness to give a fair account of facts and does not connote an attitude of unsympathetic indifference. An entrepreneur cannot care less about honesty in business; business ethics require a commitment to honesty demands a readiness to admit and remedy misconduct.

Leadership, character, and teamwork are integral parts of a successful business and good business ethics. People in leadership positions are expected to demonstrate their professionalism and be aware of how their statements affect others. People who are deficient in those areas are admonished for the lack of them and corrective action is made.

To ensure the success of your business, good business ethics go hand in hand with strong leadership. Which is rooted in ethical behavior.

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