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What is Business Ethics ?

"Business Ethics denotes to carrying business as per self-acknowledged proper standards. It is actually an arrangement of moral principles and code of conduct applicable to a business. Business ethics are applicable to the society along with the relation of business to the customer. It is the worth of right and wrong things from business point of view."

Values and Business ethics in simple words mean principle or code of conduct that govern transactions. In this case business transaction. These ethics are meant to analyse problems that come up in day to day course of business operations. Along with this it also applies to individuals who work in organisations, their conduct and to the organisations as a whole.

Business ethics talks about the code of conduct at workplace and also with the clients and associates. Companies which present realistic information respect everyone and thoroughly follow the rules and regulations so are famous for high ethical standards. Business ethics implies conducting business in a manner beneficial to the society as well as business interests.

Every strategic decision has a moral consequence. Ultimate aim of business ethics is to provide people with the means for dealing with the moral complications. Ethical decisions in a business have implications such as satisfied work force, high sales, low regulation cost, more customers and high goodwill.

Some of ethical issues for business are interaction between organization and customers, interaction between organization and shareholders, relation of employees and employers, work environment, environmental issues, bribes, employees rights protection, product safety etc.

Some of the significant ethical principles that are followed by successful business.
  • The mission and vision of the company are clear.

  • Updates policies and procedures of the Company regularly.

  • Guard the basic rights of the employees/workers.

  • Continuously improvise the products, operations and production facilities to optimize the resource consumption.

  • Timely meeting all the commitments and obligations.

  • Do not mislead customers with false data.

  • Keep confidentiality of personal data and proprietary records held by the company.

  • Strictly follow to the product safety standards.

  • Follow health, safety and environmental standards.

  • Accept new ideas. Encourage feedback from both employees as well as customers.

  • Continuously improvise the products, operations and production facilities to optimize the resource consumption.

  • Give respect to employees, partners and customers.

  • Discourages conflicts in relationships in workplaces.

  • Indulge in truthful and reliable advertising.

  • Condemn child labour, forced labour or any other human right abuses.

  • Maintain accurate and true business records.

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