Nowadays for the company or the business man, making more money is not their only target because they should pay attention to other important issues .Therefore business ethics emerge as very significant for modern society and Modern Corporations. Further more, if they make decisions in business ethics, then these companies will have good reputations. This can be very helpful long-term. In this article, we are going to describe why is business ethics important?
Why is Business Ethics Important?
Business ethics is currently a very prominent business topic, debates and dilemmas surrounding business ethics have attracted a lot of attention from various quarters. The only reason that business ethics is becoming more and more important and it has had a big impact on our communities. According to my research, there are many reasons why business ethics might be regarded as an increasingly important area of study.
Ethical Principles in Business
It is important for business executives to strive for business growth and success, but equal importance should be placed on establishing guidelines on how they should behave, within the company and when dealing with partners and consumers.
Ethical behavior should be exercised all the time because it is closely related to the values and characteristics the company and individuals want to project.
Ethical company executives are truthful and honest in all their transactions. They should not deliberately deceive or mislead partners and clients through selective omissions, partial truths, overstatements and misrepresentations.
The personal courage and integrity of ethical executives show in their convictions to do what is right even under great pressure. They demonstrate that they are upright, honorable and principled and will not set aside their principles just to attain their goals.
They can be forthcoming and candid in correcting mistakes and giving relevant information but they should be trustworthy.
Builds a Positive Corporate Culture
An organization devoting resources to developing policies and procedures that encourage ethical actions builds a positive corporate culture. Team member morale improves when employees feel protected against retaliation for personal beliefs. These policies include anti-discriminatory rules, open door policies and equal opportunities for growth. When employees feel good about being at work, the overall feeling in the organization is more positive. This breeds organizational loyalty and productivity, because employees feel good about showing up for work.
Hope you got an answer for why is business ethics important?