Pay fair wages, and keep your promises. Act quickly to put an end to any kind of harassment, and show the same high level of respect for all your employees. Payoff : Low turnover, high employee motivation and productivity. Commitment to growing your company.
Be honest in all business dealings. Pay suppliers the amount agreed upon, and on time. Be fair with customers, not over-charging and not inflating the quality or potential of your products or services. Payoff : A sterling reputation that will help sustain your company even when times are tough. Be socially responsible. Don't pollute the environment; recycle when possible.
Heed protests of company policy or actions. Give back to the community through charity fund-raising or other worthy causes.
Payoff : Goodwill that enhances your reputation as a positive force in the community. Back up your products and services. Provide what you promise on your service contracts and in your advertising. Example: A Canadian roofing company won't accept payment on roof replacement or repair until after a rainfall proves the roof doesn't leak.
Payoff : Repeat business as customers learn they can trust you not to cheat them — and these people tell their friends. Here are two proven ways to ensure that ethical conduct holds sway at your company: Adopt a code of ethics.
Like finance and marketing, ethics has become an essential business function. But why? In this blog, we shall explore the main reasons why business ethics is important for companies as well as budding business professionals.
By definition, business ethics refers to the standards for morally right and wrong conduct in business. Business ethics enhances the law by outlining acceptable behaviors beyond government control.
Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers.
While corporate ethics programs have become common, the quality varies. Take a look at Redlands MBA. Almost every company now has a business ethics program. To avoid the negative implications, companies are devoting more resources to business ethics.
In one survey of accountants, for example, 55 percent said they believe the importance of business ethics will continue to grow in the next three years. In addition to establishing formal programs, companies are creating ethical workplaces by hiring the right talent.
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Develop and improve products. List of Partners vendors. The system of moral and ethical beliefs that guides the values, behaviors, and decisions of a business organization and the individuals within that organization is known as business ethics. Some ethical requirements for businesses are codified into law; environmental regulations, the minimum wage, and restrictions against insider trading and collusion are all examples of the government setting forth minimum standards for business ethics.
What qualifies as business ethics in history has changed over time and the different areas of ethics are important to every business. The management team sets the tone for how the entire company runs on a day-to-day basis. When the prevailing management philosophy is based on ethical practices and behavior, leaders within an organization can direct employees by example and guide them in making decisions that are not only beneficial to them as individuals, but also to the organization as a whole.
Building on a foundation of ethical behavior helps create long-lasting positive effects for a company, including the ability to attract and retain highly talented individuals, and building and maintaining a positive reputation within the community.
Running a business in an ethical manner from the top down builds a stronger bond between individuals on the management team, further creating stability within the company. When management is leading an organization in an ethical manner, employees follow in those footsteps. Companies that hold their employees to high but fair standards benefit from attracting and keeping talented, engaged, ethical workers.
For example, pay increases and promotions should be given based on merit rather than favoritism. Employees should be paid as promised and on time. This builds trust between employees and the organization, which positively contributes to the overall work environment.
Companies should also treat their customers and partners fairly. They should make every effort to keep their pricing, delivery, and service-level commitments to customers. Just the perception of being untrustworthy or being caught in a lie can damage a reputation.
The public is increasingly aware of the corporate social responsibility CSR activities of organizations. These efforts may include reducing their carbon footprint and otherwise exhibiting environmental responsibility or committing to workplace diversity.
When leaders begin to plan and implement CSR initiatives, they should consider issues that are relevant in their industry, seek possible solutions, set measurable goals, and communicate these plans to the public.
Discover how to promote good business ethics in your organization and develop other important leadership skills in the online Master of Arts in Management and Leadership program from Maryville University.
With courses including Business Ethics, Organizational Behavior and Development, Workforce Management, Branding, and Management Policies, Maryville University will help prepare you for real-world challenges and opportunities.
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