Every business faces ethical issues during performing the operations. Developing ethical codes and conduct is the responsibility of the business. Each and every member of the organization has to follow the ethical codes. Trust and integrity are the crucial concepts ethical issues and the complex issues are such as decision making and governance.
A Glimpse of Business Ethics
Business ethics is the area of the responsibility of an organization and where businesses are expected to follow or conduct socially and legally in the ethical manner. The five key elements that are included in business ethics are honesty, trust, integrity, openness, and confidentiality. Ethical decision making is part of the business on regular basis. A certain level of value and standards are to be maintained in the process of managing business operations.
Fundamental Issues of Trust and Integrity
Ensuring trust and integrity between a business and customer is a necessity for the organization to operate in the ethical manner. Trust builds long lasting relationships with customers and also retains the customer who is loyal to the business. This is an essential ethical issue that a business faces in its organization. The ethical codes and conducts is an attempt to control such fundamental ethical issue of an organization.
Diversity Issues of Respect and Equality
There are various and different kinds of employees or workforce in an organization. It is crucial for a business to respect their differences and treat them all equally. This is one of the ethical issues that a business should make sure to deal with. A happy employee will be a productive employee so it is necessary to maintain ethical behavior among the workforce of the enterprise.
At times in a business, decisions are to be made in an ethical way protecting every member’s values and beliefs. Any harm to the values or belief of anyone in the business can create ethical issues. Decision-making issues can be dealt with by making decisions keeping in mind the common good for everyone and making sure everything is fair.
Compliance and Governance Issues
All the businesses are expected to operate by following the laws for conducting a business whether it is environmental laws, safety laws, and monetary laws. The operations and management of the organization should be up to the laws for conducting the business of the country.
The Ethical Decisions That Impact Any Organization
- Ethical advertising decisions
- Ethical policies on confidentiality
- Ethical sales practices
- Ethical pricing strategies
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