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BUSINESS ETHICS

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BUSINESS ETHICS   Business being a social organ shall not be conducted in a way detrimental to the interests of the society and the business sector. The business as social establishment, should follow certain ethical values and rules. These can be called business ethics. The term ‘Business Ethics’ refers to the system of moral principles and rules of the conduct applied to business. It applies to all aspects of business conduct and is to be followed by all individuals and organizations in the business. However, there is no unanimity of opinion as to what constitutes business ethics. There are no separate ethics of business but every individual and organization in society should abide by certain moral orders.   Definitions of Business Ethics Business ethics can be defined as the systematic study of ethical matters pertaining to the business or related persons and their activities. “Business ethics is the systematic handling of values in business and industry.” —...
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SOURCES OF BUSINESS ETHICS

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SOURCES OF BUSINESS ETHICS   In every society there are three sources of business ethics- Religion, Culture and Law.   Religion: Religion is considered the oldest source of ethical inspiration. These are considered the ethical base of majority of people in the world. It is believed that nearly one lakh religious groups are existing across the whole world, with their own cultural and ethical practices and values. Every religion gives an expression of what is wrong and right in all walks of life including business. However, all of them are in agreement on certain fundamental principles of ethics. The Principle of reciprocity towards one’s fellow beings is found in all the religions. Religions preach the necessity for an orderly social system and emphasize upon social responsibility with an objective to contribute to the general welfare.   Culture: Culture is the set of important understandings that members of a community share in common. It consists of basic...
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ETHICAL PRINCIPLES FOR BUSINESS

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ETHICAL PRINCIPLES FOR BUSINESS   Ethical principles are universal standards of right and wrong. These principles prescribe the kind of behavior an ethical company or person should engage in. Business people and business executives should practice the principles in their personal life also.   Principles of an ethical business can be explained as follows:   Honesty Be honest in all communications and actions. Ethical business should be trustworthy. It should not deliberately mislead or deceive others by misrepresentations, overstatements, partial truths, selective omissions, or any other means.   Integrity Maintain personal integrity. Integrity refers to a wholeness of character demonstrated by consistency between thoughts, words and actions. Ethical business should be principled, upright and positive. It should not sacrifice principles for convenience and for the sake of practicality. Promise-Keeping Keep promises and fulfill commitments. A ...
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BENEFITS AND ADVANTAGES OF BUSINESS ETHICS

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BENEFITS AND ADVANTAGES OF BUSINESS ETHICS   Ethical behavior is essential for long term success of business, both from micro and macro perspective. If a business organization follows business ethics then it will result in certain benefits: -   ·       Ethical business can give better service to the society. ·       Such a business creates goodwill in the minds of customers and public. ·       It creates good environment in organization. ·       Ethical environment helps to increase productivity and positivity of employees. ·       Ethical business follows legal formalities and therefore such a business can enjoy freedom from legal and other issues. ·       Management of an ethical business is respected by the whole people both inside and outside the business.   Create Value and Better Image Business ...
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TYPES OF BUSINESS ETHICS

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TYPES OF BUSINESS ETHICS             It is very difficult to classify business ethics into certain definite types. However, certain attempts have been made to classify them on the basis of values and responsibilities.   On the basis of Values   On the basis of Values, Business Ethics can be summarized under three heads. They are Equality, Respect and Freedom   Equality : Equality means - avoiding all kinds of discrimination against any person. Any discrimination on the basis of gender, race, religion etc. should be avoided inside the business. The business should be able to treat all persons inside and outside business equally. It should provide a work environment which is suitable to all types of people. The business should ensure that all groups of people are happy and satisfied inside the business. Similarly, all customers should get equal consideration especially in times of seeking redressals on complaints. There sho...
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CORPORATE SOCIAL RESPONSIBILITY

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CORPORATE SOCIAL RESPONSIBILITY Corporate social responsibility, often abbreviated as "CSR," is the responsibility of corporates towards society. It includes a  corporate's   initiatives and efforts to assess and improve environmental and social wellbeing. It includes all steps taken by the corporates to promote positive social and environmental changes in addition to legal requirements. Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders.
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WORK ETHICS

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WORK ETHICS   Work ethics is also called Work place ethics . It is about how the ethics is followed by people at their work place. It explains how one applies values to work in actual decision making. It is the duty of managers to ensure ethics in work place. Workplace ethics gives some guidelines to the mangers in implementing ethical practices in business. For this purpose, the manager must have an idea about the factors influencing work place ethics.   Factors Influencing Work Ethics   Three factors are influencing work place ethics. They are: ·       Individual moral standards ·       Influence of managers and co-workers ·       Opportunity to engage in misconduct   The first and most important factor of work place ethics is the individual moral standards. It means that, only good people - people who follow ethics in personal life - can behave well in work place. H...
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