This paper discusses the concept and the importance of business ethics. Business ethics are the set of morals and principles under which a business operates. The conduct of a business should adhere to social interests and the business itself. Moreover, standards of a business operation are influenced by the economic and social elements prevailing. The varying sources of business are law, religion, and culture. The formulation of the principles of business ethics is from these sources. Business ethics are of importance, including the correspondence to the basic needs of humans, which is crucial. Also, business ethics builds trust among employees in an organization. Additionally, business ethics protects the interest of the society example by Corporate Social Responsibility.
concept of business ethics and the importance of business ethics
EVALUATING THE CATEGORIES OF BUSINESS ETHICS.
In understanding the concept of business ethics, analysis of other elements such as the categories is crucial. There are varying categories of business ethics. First, corporate social responsibility that makes every business individual morally obligated to the immediate society. Secondly, economic responsibility is concerned with the efficient utilization of resources to make legitimate profits. Thirdly, technical morality is concerned with businesses’ moral application of technology and management of effects. Next is legal responsibility concerned with the adherence to the set legal framework by the business. Lastly is organizational loyalty that expects high loyalty levels to the organization and not personal interests. Internalizing the principles of business ethics is simplified once the categories are understood.
evaluating the categories of business ethics
THE CONCEPT AND THE IMPORTANCE OF BUSINESS ETHICS AND THE PRINCIPLES OF BUSINESS ETHICS IN TODAY’S ORGANIZATIONS
The principles of business ethics are the guiding principles applied in the running of a business. Furthermore, they explain the behaviors an individual should and should not involve in business operations. One is honesty; business operators should uphold truthfulness at all times in all their dealings. Secondly, the integrity of all business operators should always do the right thing without being told. The third is fairness; business operators should maintain equality among their customers. Fourth is respect; business operators should uphold ultimate levels of respect towards their customers and counterparts. Lastly, accountability, answerability of business operators is crucial in having an ethical business. These principles, as a result, bring out the importance of business ethics.
principles of business ethics
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