Business Ethics And How It Is Important In Our Lives

Ethical issues are the rights, responsibilities and duties between a company and its employees, suppliers, customers and neighbors. Business ethics is therefore a form of professional ethics. Its major application in businesses is to control moral or ethical problems that come up within the business environment. Business ethics, also known as corporate ethics, studies good business policies and practices, to curb the negatives. Today, many businesses be it large, medium or small scale, have learnt to accept ethics. This is due to its positive impact on the internal and external environment. Where there is no order, work cannot be done efficiently and productively. Many hindrances within a working environment such as abusive behavior and language, theft or fraud, sexual harassment, termination without notice, bribery, nepotism, racism, embezzlement, inappropriate dressing code and so on. These are unethical.

In places of work, the law requires one to observe an acceptable code of conduct at all times. The problem comes in where there are now the legal requirements and the personal standards. When the latter exceed the former, unethical issues is achieved. Business ethics needs to be observed not only at the individual level, but also organizational, societal and international. Organizations that promote an ethical climate provide an opportunity to develop an ethical culture.

Business ethics helps attract and keep investors, employees and customers. They get peace of mind working with the company since they are assured of careful utilization of their funds, resources and time by it. A business that takes care of its waste disposals reduces pollution effect to the environment around it. Control of social evils within businesses, help keep the society’s healthy traits. A person would love to seek employment in a company that respects its employees, treats them fairly in terms of rewards, fair salaries, promotions and appraisals. A company could also invest in improving infrastructure of its surroundings, helping people lead a better life. Business ethics brings about productivity and teamwork among its workers. Making of decisions becomes easy and efficient enough. This in return gives a good public image of the company. As its internal and external partners witness this, the company’s assets are managed and protected well. This provides a good opportunity for the growth and development of not only the business, but also the society and market at large.