All the principles and the values which govern the action and the decision-making process in a company are termed as business ethics. The business ethics can be in both written and unwritten form. In business, the organization sets the standards for determining the differences between the good and bad decision.
In common word we can say that the business ethics are the set of rules or the knowledge that helps in making the differences between the right and wrong decision. Business ethics can be used to determine the action of individual in an organization or the organization as a whole.
Business Ethics have recently come into notice and action. It says that business is not only about making profits. It's all about how you treat the environment, your relation with the local community and you employees for the sustainable development and to give values to the people, making the company more responsible.
The proverb agreed is goodâ€ doesn't stand anymore. Nowadays, consumers are well-informed and well-educated. With the proficient in the internet, the good and the bad news travels almost with the speed of thoughts to anywhere in the world, thus making consumers more conscious. Today, they aspect more for the business, even though their own ethics at times might be questionable!
Business ethics are now accepted by most of the organizations and top management schools. So, that the graduate who enters the corporate world knows what he have to do in the present business era. The organizations should run the special programs to manage the staffs and the workplace in better and responsive way.
Today image is everything, so it is essential to give more emphasis on social welfare. Activity of social welfare such as raising funds and charity helps the company in maintaining a good public relation and the company's image.
Business ethics also takes concern about the environment, thus it become necessary to recycle the company waste if possible or they should dispose them in an eco-friendly way. Now, treating the worker in a bad way is treated as crime and even the child labors are prohibited.
Today, there are numbers of special reporter and media organization, who identify the breaches and make sure that it is known publically. Now, it has become essential for the top brands to be extremely careful in maintaining their names. Just with a single wrong step, whatever the value they have gained in decades with their hard work and can get destroyed in few days. Today, almost all the investors investigate the company fully before putting their money in that company. If the company fails to answer all questions, then they might not get the approval for the investments.
If the business ethics are properly managed and followed, it will help in enhancing the profits of the company and maintain the good reputation.