Business ethics is one of the most debated subjects in the business world. The definition of the word “ethics” itself means the moral principles that someone carries. In a business, ethics are a huge part of executing a company successfully
We will go over the 12 main aspects of business ethics below:
Leadership - the effort to acquire the skills to lead the business effectively, and make sure that rest of the 11 aspects are guided correctly
Accountability - the act of holding yourself responsible when you make a mistake, and working going forward to correct that mistake
Integrity - making sure that you are staying true to doing the right thing between right and wrong–goes into the qualities of honesty, reliability, trustworthiness
Respect - to customers, employees, superior levels, everyone; give them privacy, opportunity, show compassion, and treat them equally
Respect for Laws - the enforced rules should cater to the local, state, AND federal laws
Honesty - its as simple as it sounds, be honest and open with good as well as bad incidents or news with others
Responsibility - this one is similar to accountability, but ensures each employee and anyone holding a place in the business is responsible of their work and holds the ownership of their part
Transparency - being open about information instead of holding secrets about your company’s wages and salaries, financial information, and hiring/firing actions is essential to those who are willing to help the business succeed
Compassion - well-being is a must for any human, and in a business it matters no less and should be looked for
Fairness - everyone should have equally deserved opportunities and should be treated equally regardless of race, gender, etc
Loyalty - ensures that all employees and the leaders are committed to their job and put in their best work
Environmental Concern - since climates are changing, ecosystems are being destroyed, and environmental concerns are rising day by day, you should take actions to make sure your business doesn’t get involved into the reasons that the environment is negatively affected
Business ethics allows customers to feel secure with the company's products and services, and increases the ability to negotiate with other companies. It is the foundation of a business’s integrity, the foundation that creates the differentiations between what is acceptable, and what is prohibited.
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