The word ethics originated from a Greek word “ethos “which means customs, character or conduct. Ethics always addresses the concept of implementation of responsibility, rights and wrong and also the applications of moral standards of practical human activities. All ethical analysis in an organization will address all the moral standards and legal requirements and consequences of action taken by an individual.
What are Business Ethics?
These are most curtail aspects of having a conducive and successful business environment. In any business setup where you have employees it is crucial to address and communicate certain needs and concern to your employees so that everyone will have good working environment and better workstation relationships. If you are the employee of any business then you have to familiarize yourself with business ethics and codes so that you may have better understanding on how to handle any situation you may find yourself in at the organization.
Business ethics are all about principles laid down to give an organization some basis of dealing with all the issues that may arise from a particular situations in an organization. How does these ethics help in any business? The help employees in an organization who may be experiencing some problems that they need the management to address in future for good working environment.
The fact is that if anything that happens around the business affects the business. Even if it’s a personal matter with a fellow co-worker, like an ex-boyfriend or girlfriend for instance, because you are on business property, anything that you do affects the business as well. Therefore, it will be imperative for you to understand the ethics and the rules that are involved in dealing with situations that come up in the workplace.
The following are ethical strategy that an organizations need to implement
Addressing all criminal behavior and the needs to operate at a given legal framework. This strategy may be implemented through creating awareness for all individuals so that the employees do understand legal framework on the business and all their responsibilities on the success of business and smooth running of that organization.
Personal behavior and human values. Ethical values needs to define all human and strategic resources and individuals are supposed to carry themselves both internally in a business organization and their behavior with customers and competitors and development of business relationships.
Business behavior. Ethical policy has to address how all business activities are undertaken verified and monitored to ensure there are in compliance with laid legal and ethical standards. This strategy must also include reviewing potential business risks and ways to mitigate them.
Ethics is what governs personal behavior. It’s the ability to judge what is wrong and right. Having the proper ethics in running businesses is essential. Therefore, Ethics unit in business school is critical. For a company to be successful, it’s necessary to be ethical. When a company works ethically, it makes it easy for the business to attract and keep clients, investors, and employees. When clients know they are dealing with an ethical company, they are at ease with the quality of goods and services being offered. A business that works ethically will not be at risk of being fined for flouting any rules and regulations. It’s therefore important to teach students ethical behaviors in school if they are undertaking any business related course so that they may be successful entrepreneurs in future.
Lack of business ethics will cause a business to operate without carrying out their social responsibility. If a company doesn’t show care for the environment, this will cause damage to the environment. It’s therefore essential for students to understand the importance of ethical behavior in a company and by a company. Ethical practices ensure that business doesn’t have a negative impact on the environment.
When a company is ethical, that ensures accountability, and that will ensure that there are no corrupt dealings with the company. When the organization is accountable, it follows the rules and regulations as set out, pays taxes and ensures will that you retain your business reputation. Its essential to have a business code of ethics as this will ensure that the whole organization is in sync.
Studying ethics will enable one to become a better person and to run better businesses. Studying ethics will give one a different outlook, and it will influence one to behave better perspective on issues. Studying ethics will make one make a distinction between what is right and avoid common mistakes that one can make.
If you own any kind of business today, it is very important that you keep good business records. These records can help you in a number of different situations so they must be maintained accurately and stored away in a safe and secure place. However, it really does not matter what type of business research documents that you keep, there will be times when these business research documents can be lost. In some cases, retrieving this information may be as easy as accessing the back-up system that was created. Meaning they can be obtained again by accessing the duplicates of the original records. On the other hand, this retrieval process may not be so easy. This is because the business research documents may be in another format that they cannot be retrieved so easily. Specifically, when the business research documents include supporting documentation to validate certain facts and figures.
With that being said, you should make a plan that you can use to obtain the research information again. This is especially true in situations where the documents are lost due to a natural disaster in the business’ immediate and surrounding areas.
To that end, retrieving this loss records may take a little extra time. So, you will need to have an effective plan that will allow you to gather the research a little or a lot at a time. One, in particular, usually involves restructing the business research that was already complete. For instance, part of the research may have been done online by visiting various related business sites, while the other part of the data that was gathered may have come from one or more government agencies. In either case, you may need to reconstruct the research by accessing both resources to create another clear picture of the original business research records.
Most managers encounter dilemmas when struggling to balance between ethics and profits. The temptation to maximise earnings by compromising on ethics is usually high during the initial stages of the business since entrepreneurs are willing to do anything to have the company running and moving towards achieving the set objectives. Tolerating unethical practices can lead to increased gains in the short term but eventually become harmful and unprofitable in the long-term.
Ethics regarding business is the analysis of issues that arise in the course of business. It involves understanding the difference between morally right activities and morally wrong activities. From the perspective of business, ethics define the process of attaining economic goals by incorporating social activities. Success must be backed up with positive moral behavior on the side of the company. The enterprise must ensure equity and fairness when dealing with all its stakeholders. Ethics is a vital concept in every institution. Therefore, no room should be allowed for compromise.
Any business should consider three principal factors to uphold ethical conduct. It should adhere to all the criminal laws relating to its operation in its country of operation. It should protect itself from a civil lawsuit by ensuring that all the activities it undertakes are following the provisions. The business should also maintain a right image in all its operations so that it is judged positively by the society in which it operates.
Ethical balance is also dependent on how individuals in the organization behave. The employees must be of stable emotions exhibit all the other positive traits in their personality to enable them to make moral decisions for the business. The organization should strictly adhere to all the positive core values in their services to earn respect from their customers and also other companies with which they deal. Some of the positive values include trustworthiness, dependability and integrity. It should also be dedicated, loving and considerate in its operations not forgetting persistence and faithfulness.
Current institutions must understand that ethics is vital to their success in the long run. Companies’ management should be determined to achieve long-term success and avoid shortcuts regarding adherence to ethical conduct just to gain short-term profits. A company’s most valuable asset is gain trust from customers, employees and the general public which can only be attained with full compliance with ethics and morality in business.
Many people that work in the business field want to get ahead and become successful. They feel that one of the best ways to advance in this field is to go back to school for an MBA. There are some things you should know when graduating with your MBA to help you get ahead in the business world.
Explore New Areas
When studying for the MBA it is important to take courses and learn information outside of the area that you are comfortable with. Many people do not want to take finance or marketing courses because they may not have much experience with these topics. It is important to be well rounded and have skills in different areas, such as ethics, sales and marketing. Not only will you expand your education you will be more valuable to a company if you know several different areas.
In addition to having a degree it is important to network and meet other people in the field. This is a great way to build business relationships and get an idea of what other professionals are working on. In addition to having the education it is important to meet people in the field and keep an eye open for companies that are hiring.
Join a Study Group
Being part of a study group will help you learn more than just the information for your MBA, it will help you learn how to interact and lead people as well. You will learn how to be a leader and work with a diverse group of people with different ideas. Joining a study group will also help you learn to work with others as part of a team.
These are some things that you should know when you are able to graduate with your MBA. This degree will show that you have the education needed to be successful and these tips will help you with the softer skills in order to success in the business world.