Business ethics is a set of principles and standards that guide a company’s performance in business. It is governed by morality: the difference between what is right and what is wrong, what is right and what is inappropriate. Ideals and values also control them.
Business ethics applies to all aspects of the organization, including the individuals’ behaviour that comprise it. The interrelation between business ethics and its human resources’ professional ethics is the basis that will guide the business.
Companies must also minimize any damage or negative impact generated in the environment or nearby communities. This is also part of the ethical principles, but due to the social issue’s specificity and complexity, this area is called Corporate Social Responsibility (CSR).
Ethical business has great value among customers and employees. Ethics should be part of the corporate culture at all times so that the company rely on the products or services it provides, especially long – term.
Companies are legal entities, and, like human beings, their activities must be based on compliance with the law and be legitimate before the community. That is why they must apply ethics at the organizational level. Some characteristics of business ethics, as established by the United Nations, are:
Solidarity: It consists of actively expressing interest in others’ well-being (of its members and external agents).
Efficiency: It consists of the responsible use of resources, both for production and for the organisation’s performance.
Rationality: It consists of using logic to make decisions and not impulses, prejudices or emotions.
Fairness: It consists of treating individuals equally, without prejudice or discrimination. It requires having the capacity for empathy.
Dignity: It consists of acting responsibly, respecting others (other organizations or people) despite differences.
Transparency: It consists of showing your activity clearly and simply, without hiding information or generating confusing messages.
Continuous improvement: It consists of a performance in constant evaluation, although it is working correctly.
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Some examples of ethical conduct that can occur in the business world are:
Some examples of unethical conduct that can occur in the business world are:
Business ethics is an indispensable part of a company. It is about having ethical principles by which a business can achieve a social commitment.
The important thing is that it carries out from the company’s upper levels to the employees to feel motivated and follow its values.
And also, it is essential that they feel involve and knowledgeable from the beginning of this type of regulations to put them into practice and transmit them in their tasks.
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