Business ethics represent a company’s aim as well as the extent of its sagacity. They are solely responsible for building a company’s reputation, both good and bad. Some recent surveys have shown that about 50% of people look for good business ethics in companies. It was also found that one in every five people opposed the poor behavior of companies by directly pointing it out or rejecting their products.
Need for good business ethics
Having morals helps a company to make its behavior acceptable and appreciable in society. With a fine ethical agenda, a company can not only raise its position in the market but also survive during demanding situations like quick development and changes in the organization.
Along with helping a company to reduce its propensity towards misconduct, business ethics also reduces the chances of future lawsuits and penalties to a great extent. They can also improve a company’s public relations significantly while conducting business.
Some common business ethics
- The very first step of showing good business ethics is to treat the staff fairly. A company must pay its salaries reasonably on time and make sure to fulfill all the promises it made. It should always motivate the employees during low times and assure them a full commitment to high productivity.
- Always try to be honest and fair, during business transactions for authentic reputation.
- Apart from taking care of its customers, a company should also pay attention to the natural environment. Recycling and reducing pollution must be one of its main environmental ethics.
- A company’s products must be exactly what they were displayed in the ads.
Things ensuring implementation of business ethics in a company
A company can build an ethical system for the organization and always keep a check on it. This system would cover various aspects of standard business behavior like discretion, confidentiality, punishment for any kind of harassment and infringement, etc. A company can always check its code of ethics by questioning itself whether it is doing something wrong in its policies, actions, and dealings.
In order to have good business ethics, a company must pay attention to the two most important factors responsible for its fate – employees and customers. While employees must be educated according to the company’s code of principles, customers must be well-treated applying those same principles.