Business Ethics How important is it for your company

1. Business Ethics – How important is it for your company? Business Ethics can be considered as the implementation of adequate business policies in order to tactfully manage controversial and conflicting issues. Such issues could include a variety of things such as insider trading, corporate social responsibility, bribery, corruption, business governance and fiduciary duties. Business Ethics can then be essentially understood as a compilation of laws and norms that help organize a business and foster a sense of trust between the clients and the organization.

2. Why Business Ethics is important Business ethics as a concept arose in the 1960s. It was borne out of the decade’s increased attention towards social issues. Business ethics thus gave birth to a more socially aware customer base where the aim was to construct a consumer- oriented society that dealt with issues like social and environmental causes and corporate governance. The business ethics definition and connotations have changed drastically since its inception. Business ethics principles therefore do not deal in binaries of black and white-morally wrong or morally right any more. It attempts at maintaining a fine line between what businesses must do in order to remain ethically relevant while keeping up with their competitive edge over other businesses. Thus governing norms are important because they tend to have lasting impressions on many fronts. A company’s reputation might be at stake with the increased awareness towards governmental, social and environmental issues, whereby an investor or a potential customer could back out if they spot a company partaking in unethical business practices. Like a person who owns stakes in the company cannot sell the share ones faced with a cut in salary, because he/she shall be privy to insider information. Similarly there could be a data breach on part of the company or a customer’s privacy could be impinged upon due to poor corporate governance. Business ethics helps effectively handle all of these issues and prevents the company name from being demeaned. What kind of practices does business ethics restrict? A typical case would be makeup companies which violate their own ingredient list in the name of organic products. For example if a certain brand called Eco Beauty claims to make a green skincare range but tampers with its ingredient list to hide the ingredients that do not conform with their company values, it would be considered as a violation of business ethics. Similarly if a certain company claims to provide a certain health benefit such as fat loss or hair growth on the intake of the product, but in reality has nothing to do with the desired effect, it would be considered as a violation as well.

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