Business Ethics

The term ‘Business Ethics’ refers to the system of moral principles and rules of the conduct applied to business. Business being a social organ shall not be conducted in a way detrimental to the interests of the society and the business sector itself. Every profession or group frames certain do’s and do not’s for its members. The members are given a standard in which they are supposed to operate. These standards are influenced by the prevailing economic and social situations. The codes of conduct are periodically reviewed to suit the changing circumstances.

“Business ethics in short can be defined as the systematic study of ethical matters pertaining to the business, industry or related activities, institutions and beliefs. Business ethics is the systematic handling of values in business and industry.” —John Donaldson

Honesty

You need to be honest in all of your actions, and every communication you make. When people see you making honest decisions, they start to trust your company because you’re not only being truthful, you’re being upfront and candid. People appreciate the fact they can take you at your word, as customers only ever do business with those they trust. Being an ethical executive means you do not deceive others by misrepresenting the facts, overstating and exaggerating or only giving partial truths. If you’ve inadvertently given the wrong impression, provide the relevant information to your customers and correct their misunderstanding as soon as possible.

integrity

Being ethical in business means maintaining a high level of personal integrity. This is how you earn the trust of others, whether they are your customers, team or your superiors. In this definition integrity means having a consistent character that is demonstrated by an alignment of your thoughts, words and action. Sometimes it requires you to have moral courage to do the right thing, and it takes inner strength to live up to mistakes and admit when a fault has been made.

Keeping Your Promises

Your word is one of the most important tools in your arsenal as a business manager. Keep every promise that you make, and always fulfill a commitment. The trust you build as an ethical executive means people like doing business with you, as you take every reasonable effort to fulfill not only the letter, but the spirit of the promises and commitments you have made. You can learn more about building trust in a business in this course.

Loyalty

You need to be loyal to both your company, your team and yourself, while operating within a strong moral compass. If you demonstrate your loyalty it builds trust, and shows that you place a high value on advancing the interests of both the company and your colleagues. You should not ever place loyalty above your other principles, or use it as an excuse for unethical behavior. Demonstrate your loyalty but always make an independent judgment, and never use information that you have gained in confidence for your own personal advancement.

Fair

In all of your actions, you must strive to be fair and just. An ethical executive is committed to fairness in all that they do, and do not seek to exercise their power for an unfair advantage or use indecent methods to gain a competitive edge. They also never take undue advantage of another person’s difficulties and mistakes. Being an ethical executive means that you are committed to being fair, employ justice in your decisions and treat all people equally, with tolerance and acceptance of diversity.

Caring

This involves having a genuine concern for others, as well as a sense of compassion. An ethical business manager is caring, benevolent and kind to both customers and staff, and seeks to reach their goals while causing the least amount of harm and the greatest amount of good. Being caring means understanding that there will be an impact on every stakeholder following a decision, and they always consider the financial, emotional and long term business consequences of an action. They don’t simply discount the needs of other

Respect

Being ethical means treating everyone with respect, demonstrating this by being courteous and having an equal treatment of people regardless of who they are. Respect is given because everyone deserves dignity, privacy and rights, and they adhere to the rule that you must strive to treat others the way you would like to be treated.

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