Business ethics1

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Information about Business ethics1
Business & Mgmt

Published on February 6, 2014

Author: SashaRaymondMunyanyi



A Module presentation of Business Ethics & Corporate Governance.

 It’s personally reflecting on ideas and beliefs associated with behaviours and actions.  We start with the idea that there are certain things, irrespective of culture, country, gender, colour or profession, that are...right or wrong.  In the words of Peter.F.Drucker, ―Ethics deals with right actions of individuals‖ , Ethics includes the following 1. Well based standards: Ethics refers to well based standards of right and wrong that prescribe what humans ought to do 2. Study and development of one‘s ethical standards: Ethics refers to the study and development of one‘s ethical standards

 Business Ethics refers to carrying business as per self-acknowledged moral standards. It is actually a structure of moral principles and code of conduct applicable to a business. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. It is the worth of right and wrong things from business point of view.  Ethics concern an individual's moral judgements about right and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit .

 Business ethics not only talk about the code of conduct at workplace but also with the clients and associates. Companies which present factual information, respect everyone and thoroughly adhere to the rules and regulations are renowned for high ethical standards. Business ethics implies conducting business in a manner beneficial to the societal as well as business interests.  Every strategic decision has a moral consequence. The main aim of business ethics is to provide people with the means for dealing with the moral complications. Ethical decisions in a business have implications such as satisfied work force, high sales, low regulation cost, more customers and high goodwill.  Some of ethical issues for business are relation of employees and employers, interaction between organization and customers, interaction between organization and shareholders, environment, environmental issues, bribes, employees rights protection, product safety etc. work

 Below is a list of some significant ethical principles to be followed for a successful business- 1. Protect the basic rights of the employees/workers. 2. Follow health, safety and environmental standards. 3. Continuously improvise the products, operations and production facilities to optimise the resource consumption 4. Do not replicate the packaging style so as to mislead the consumers 5. Indulge in truthful and reliable advertising

6. Strictly adhere to the product safety standards. 7. Accept new ideas. Encourage feedback from both employees as well as customers. 8. Present factual information. Maintain accurate and true business records. 9. Treat everyone (employees, partners and customers) with respect and integrity . 10. The mission and vision of the company should be very clear to it. 11. Do not get engaged in business relationships that lead to conflicts of interest. Discourage black marketing, corruption and hoarding. 12. Meet all the commitments and obligations timely.

13. Encourage free and open competition. Do not ruin competitors’ image by fraudulent practices. 14. The policies and procedures of the Company should be updated regularly. 15. Maintain confidentiality of personal data and proprietary records held by the company. 16. Do not accept child labour, forced labour or any other human right abuses.

 While the law imposes some ethical rules, legislation cannot possibly define business ethics as a whole and cannot address every situation in which ethical dilemmas may arise.  A code of ethics is a set of principles and rules used by companies, professional organisations and individuals to govern their decision making in choosing between right and wrong . Depending on the context of a given code of ethics, penalties and/or sanctions may result from a violation.  Code of ethics are generally used in the business & professional context to ensure the public that corporations and members of regulated professions are acting in a socially and professionally accepted manner. Organisations with an established and published code of ethics have in place review processes and appeals procedures to guard against malicious or self-serving use for individual effort.

Companies and professional societies set their own ethical standards in an attempt to provide guidance for difficult choices.  These ethical rules are often referred to as code of conduct or rules of conduct, by which those in the group abide.  Each group determines their ethical stance based upon different guidelines, whether it is established principals, religious book, or group agreement.  While members of the group may follow the ethical guidelines as a principal by which they believe everyone should act , they might also have a set of personal ethics which also governs their own behaviours .

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