Ethics
If we consider the dictionary meaning of the word ethics; plural of ethic, it says,
“A system of principles governing morality and acceptable conduct.”
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This same definition applies to ethics when it comes to business and especially business.
These are the mostly unwritten and semi-formal rules that dictate how an organization
should operate while keeping in context their social, corporate and regional obligations.
Here we shall look at business ethics,
Business Ethics:
It can be defined as written and unwritten codes of principles and values that govern
decisions and actions within a company. In the business world, the organization's culture
sets standards for determining the difference between good and bad decision making and
behavior. Business ethics are an important consideration in managing an organization in
the modern business climate. In many of the decisions you make as a manager, there
might be questions to be resolved with regard to ethics in business. Mangers need a
strong code of business ethics.
Following are the ethics described with respect to management,
Management Ethics:
Morality as it pertains to the business management world is commonly known as
management ethics. While each company has a different ethical standard, management
ethics are largely the same in every industry. In many ways, this type of ethical
understanding exists as an unwritten code, though literal ethical documents also exist.
The main goal of management ethics is to treat all employees and customers justly and
fairly. It is believed that by following a moral and ethical code, business will improve.
When a management team adheres to management ethics, employees become motivated
and a workplace environment becomes motivational.
When applied to everyday business, acting ethically means adhering to law, competing
with others in an honest manner, and performing daily tasks without any element of
deceit. Many companies around the globe update written codes of conduct as a result of
past corporate scandals. It is not uncommon for a company to update this document on a
yearly basis. After a code of conduct document has been updated, each staff member
must read and understand the document. Further, all employees must adhere to the
updated codes of conduct, and those that do not follow these regulations are often
dismissed. Although managers must follow the same codes of conduct as employees,
these individuals have additional obligations.
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