Ethics in Business
The Importance of Ethics in Business
Recent events in corporate America have demonstrated the destructive effects that occur when the leadership of a company does not behave ethically. One might wonder how such gifted, highly; savvy organizations such as Enron, Tyco, and WorldCom got themselves in such of a big mess! Well, I am here to tell you that the answer lies within the idea and importance of business ethics.
"Business ethics should be interpreted as the standards of conduct of individual business people as well as the business as a whole." Running a business ethically is good for business as well for society, because, customers and consumers get a chance to see business performed to an optimum when a company has the presence of business ethics.
CEO 's, Presidents, and Vice-Presidents, are expected to run their business as most effective as possible in order to attain profitable returns and assets. A successful and profitable business can be a major influence toward the common good of society, but at the same time lack the presence of business ethics. The problem lies in a company 's mission statement! CEO 's are supposed conduct 2.
their businesses and time worrying about doing good for society and their customers, but, in most cases, this objective is rarely achieved because of lack of profitability. We as a society sometimes set 's a double standard for company 's and organizations because, most companies cannot perform both objectives at the same time without one objective being inefficient.
Associating ethics in business is very important because a business that behaves ethically induces other businesses and their associates to behave ethically as well! "If a company exercises particular care in meeting all responsibilities to employees, customers and suppliers it usually is awarded with a high degree of loyalty, honesty, quality and productivity." For example:
Recent events in corporate America have demonstrated the destructive effects that occur when the leadership of a company does not behave ethically. One might wonder how such gifted, highly; savvy organizations such as Enron, Tyco, and WorldCom got themselves in such of a big mess! Well, I am here to tell you that the answer lies within the idea and importance of business ethics.
"Business ethics should be interpreted as the standards of conduct of individual business people as well as the business as a whole." Running a business ethically is good for business as well for society, because, customers and consumers get a chance to see business performed to an optimum when a company has the presence of business ethics.
CEO 's, Presidents, and Vice-Presidents, are expected to run their business as most effective as possible in order to attain profitable returns and assets. A successful and profitable business can be a major influence toward the common good of society, but at the same time lack the presence of business ethics. The problem lies in a company 's mission statement! CEO 's are supposed conduct 2.
their businesses and time worrying about doing good for society and their customers, but, in most cases, this objective is rarely achieved because of lack of profitability. We as a society sometimes set 's a double standard for company 's and organizations because, most companies cannot perform both objectives at the same time without one objective being inefficient.
Associating ethics in business is very important because a business that behaves ethically induces other businesses and their associates to behave ethically as well! "If a company exercises particular care in meeting all responsibilities to employees, customers and suppliers it usually is awarded with a high degree of loyalty, honesty, quality and productivity." For example:
Cited: Tom L. Beauchamp and Norman E. Bowie. Ethical Theory and Business, 4th ed. Prentice Hall, 1993. (See especially Ch. 1, "Ethical Theory and Business Practice.") . Marianne Moody Jennings. Case Studies in Business Ethics. West Publishing Company, 1996. Manuel G. Velasquez. Business Ethics: Concepts and Cases, 5th ed. Prentice Hall, 2001.