Ethics means having a sense of right and wrong, evaluating situations, and making smart decisions based on your values. Business ethics are a set of moral guidelines that plays a key role in how a company serves its customers and caters to the needs of its employees. Every company should have some professional, ethical conduct that will impact the organizational procedures and systems and ensure adherence to good business practices.
If you are a new
business owner or manager, you should read about 12 ethics rules that are good
for business and pick the ones you think would suit your organization.
1.
Integrity
When you make a
business decision, you should stick to it, even if it's difficult. It shows
honor and courage. When your company follows the right path that's fair and
equal, it conveys that your company has strength and appreciable character.
2.
Transparency
Accurate
representation of facts is a must for every business. When you share everything
about your company, even what's wrong with it, it will help you gain the trust
of customers and other stakeholders. Full disclosure is mandatory in a public
relations crisis.
3.
Loyalty
When a business
stays loyal to partners, investors, employees, and customers, it makes
decisions that benefit all. It is a crucial ethics rule that inspires loyalty
from them in return.
4.
Trustworthiness
Companies that
keep promises and fulfill commitments to employees, customers, and business
partners are usually successful as people prefer principled and dependable
brands.
5.
Compassion
Ethical
companies demonstrate understanding, care, and kindness for everyone associated
with the company. It attempts to do the most good with the least possible
effort. It will try to reduce negative impact even in a crisis.
6.
Fairness
A business
should exercise its power in a just manner. To get a competitive edge, the
leaders should use only honorable methods. It should also treat everyone
equally and ensure they get their due while hiring, promoting employees,
launching marketing initiatives, and starting business partnerships.
7.
Lawfulness
An ethical
business will always follow legal
rules and regulations and ensure that all obligations like taxes, worker
safety, etc., are met. Legal adherence is a must for companies that want to
build a reputable brand.
8.
Respect
A business must
also have basic respect for the privacy and dignity of its employees,
customers, suppliers, financers, and even people outside the company. It should
also respect the privacy of customers to demonstrate respect for them. It
should respect everyone regardless of their race, religion, gender, nationality,
or life choices.
9.
Offering Excellence
It is also a
good idea for an organization to strive for excellence and deliver quality
products/services at the right prices. It should also improve itself
constantly.
10.
Responsibility
Companies should
also fulfill their responsibilities towards employees and clients. It should
also ensure that it sticks to the company's mission, vision, and values.
11.
Accountability
A business
should also accept responsibility for all the decisions made, including the
mistakes, especially to stakeholders who the decisions will impact. It should
also accept the consequences of those decisions.
12.
Upholding Reputation
A business
should also strive to maintain and protect its reputation by offering excellent
service/products, keeping investors engaged, and maintaining the right work
culture. All attempts to degrade the reputation must be thwarted.
Speaking of
ethical businesses, these
are the most ethical companies in the world.
by Shruti , BNS Business News
Source:
https://www.indeed.com/career-advice/career-development/example-of-ethics