FA265 business ethics are a set of rules within an organization that has various benefits such as the retention of employees. Moreover, business ethics are moral principles that act as guidelines for the way that businesses conduct themselves. Furthermore, the law often guides business ethics. However, at other times business ethics provide a guideline that businesses can choose to follow to gain public approval. They also ensure that a certain level of trust exists between the different forms of market participants and consumers. Also, the ethics in business reflect the philosophy of an organization and ensure that it gains money without affecting the individuals or society as a whole.
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IMPORTANCE OF FA265 BUSINESS ETHICS IN THE WORKPLACE
FA265 business ethics increase the professional value of a company. It creates a positive attitude towards work hence increasing the quality of work. Additionally, when managers follow business ethics, they are more likely to treat their employees well hence building the level of trust. Moreover, stronger business ethics encourage managers to show appreciation for the hard work of employees. Resultantly, this increases the retention of employees in a company. The team members that practice business ethics have respect for each other hence they work well together. Consequently, this promotes stronger collaboration and better productivity.
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THE ADVANTAGES OF RETENTION OF EMPLOYEES
Fundamentally, the retention of employees helps to avoid the cost of hiring new employees. Furthermore, it reduces the cost of training recruits. Training requires employees to take time away from their responsibilities at work to educate the recruits on the organization. Moreover, maintaining a good level of trust with employees helps to reduce turnover. High turnover rates disrupt the customer services of a company hence leading to loss of business. Additionally, a company that practices FA265 business ethics is likely to retain its skilled labor force. Consequently, this helps to develop a strong staff.
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