Archive for category Ethics
Importance of Ethics in Business
Ethics is important not only in business but in all aspects of life because it is the vital part and the foundation on which the society is build. A business/society that lacks ethical principles is bound to fail sooner or later. According to International Ethical Business Registry, “there has been a dramatic increase in the ethical expectation of businesses and professionals over the past 10 years. Increasingly, customers, clients and employees are deliberately seeking out those who define the basic ground, rules of their operations on a day today….”
Ethics refers to a code of conduct that guides an individual in dealing with others. Business Ethics is a form of the art of applied ethics that examines ethical principles and moral or ethical problems that can arise in business environment. It deals with issues regarding the moral and ethical rights, duties and corporate governance between a company and its shareholders, employees, customers, media, government, suppliers and dealers. Henry Ford said, “Business that makes noting but money is a poor kind of business”.
Ethics is related to all disciplines of management like accounting information, human resource management, sales and marketing, production, intellectual property knowledge and skill, international business and economic system. As said by Joe Paterno once that success without honor is an unseasoned dish. It will satisfy your hunger, but won’t taste good. In business world the organization’s culture sets standards for determining the difference between good or bad, right or wrong, fair or unfair.
“It is perfectly possible to make a decent living without compromising the integrity of the company or the individual, wrote business executive R. Holland, “Quite apart from the issues of rightness and wrongness, the fact is that ethical behavior in business serves the individual and the enterprise much better in long run.”, he added. Read the rest of this entry »
The Importance of Ethics and Social Responsibility in Today’s Businesses
Ethics and social responsibility are often aspects of business that many small business and startups easily overlook. When you are starting a business, so much of the emphasis is placed on product viability, strategic planning, management, and profits, that these things can seem like back-burner items to consider. However, with today’s increasing technology, consumers are rapidly becoming more demanding than ever, and are rapidly informed of any companies questionable practices. Corporate and business watchdogs are more active than ever before, and the blogosphere has certainly made a full time job of blowing the whistle on some of the world’s leading corporations.
The reality is that the damage done by unethical or questionable social practices can be extremely devastating to a business of any size, and more and more of today’s companies are adopting ethical policies and social responsibility practices in order to stay competitive and adhere to the demands of the community. One clear example of this can be seen in the recent discovery that child labor was being utilized in one of Apple’s offshore production facilities. A number of companies have been exposed for unfair trade practices, unfair wages, poor working conditions, and the utilization of child labor or sweat shops which imposed poor wages and working conditions in third world countries for women.
In addition, the impact of corporations and production on the environment is more important than ever before, and watchdogs as well as consumers seek to call out businesses that take advantage of natural resources or utilize materials that have a devastating effect on the environment or air quality. Adopting a universal company policy that addresses these concerns and being committed to delivering quality products or services that consumers can trust is essential to the long term success of any sized business. Many business owners mistakenly believe that ethics is merely not violating any laws. However, the reality is that ethics is so much more than that, and involves having a set of moral standards in company operations and among employees that is in the best interest of everyone. Read the rest of this entry »
Ethics – The Conscience for Decision Making
With the continuously surfacing scandals in Corporate America, the idea that any form of ethics exists in business is suspect. We are also seeing similar situations within the ranks of government and religious leaders. And, the lack of ethics is not confined to America. It’s global!
By definition, ethics reflect the type of morally permissible standards of conduct a group places upon themselves. It is basically a contract with the society an entity serves. Greed, the desire for power, and blind ambition are some of the factors that have all but eliminated ethical standards. We have lost our conscience. It seems that anything one can get away with to reach their defined pinnacle of success is becoming more and more acceptable.
But the truth of the matter is that a society without rules is a society that is on the brink of chaos and self destruction. Likewise, a society with the wrong kind of rules will ultimately suffer the same fate. Now I’m not sounding the doomsday bell. We still have much residual ethics left in the world to overcome the current trend. But, like a natural resource, our supply is getting lower and we must reverse this downward spiral otherwise a valuable fabric of human society will disappear.
What about you? Do you have your own personal code of ethics that form the core of your decision making process? Allowing a small slip today, without a checks and balance system, can ultimately lead to a major spill. Bad habits start small and can quickly grow into an unethical monster. Without conscience serving as a standard of measurement, ethics disappear. Read the rest of this entry »