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It is a major requirement for companies to have valid ethical practices. These practices should ensure there is proper working environment for the employees. Other important practices include managerial operations and addressing issues affecting the environment such as waste management. There are guidelines followed by companies in order to meet such ethical requirements. This paper will discuss the relevance of the ranking report of companies in the order of notoriety of ethical violations.
Importance of Examining the Ethicality of Health Industries
Health is a very important thing in the life of man. It is the duty of the Health Industry to be a role model towards achievement of ethicality in industrial performance. Industries dealing with health are expected to behave ethically in their business operations. The practice makes sure employers and the societies are served right by the company. There is the need to have benchmarks through which these health industries are investigated to establish their ethicality. This is required because it helps monitor some of the violations that might be caused by the company (Russel 67). These might result in loss of patient confidence. Such practices will definitely influence the health industry negatively. Ranking of industries especially in the health sector in terms of their ethical performance is something relevant because it helps establish their practices.
Ethical health industries will attract more customers and confidence. More people will be willing to have increased stocks thereby making it possible for organization to attract more investors. On the other hand, unethical organizations will lose confidence of their customers (Dominic and Janette 75). Occasionally, these rankings help companies spent much in order to have better practices in place once the lists have been publicized. This is used to improve ethical performances of the industries.
Clash of interest and exploitation of patients are the major ethical violations committed by many industries in the health practice. There are various procedures, which should be adopted, by companies and industries in order to tackle these violations. For instance, improving proper consumer handling and documentation services helps reduce risks hence promote social and ethics responsibilities (Ronald 56). Since ethical violations causes negative impacts on consumers, it is necessary to have workable CSR policy in order to offer quality services to them.
Corporate Responsibility, CR, is a concept undertaken to ensure companies stick to the given ethical requirements. Corporate Social Responsibility (CSR) is increasingly enhancing corporate ethical behaviors (Dominic and Janette 88). The concepts of CSR are becoming of great importance for the well-being of industries and environment. Different institutions in the health industry usually apply CSR concepts in different ways; this is dependent on the major issues faced, and the ones that need to be addressed.
Ethical violation by practitioners in the health industry is something that needs to be discussed frequently. For instance, ranking of these health institutions will make the managers respond accordingly to improve their ethical values and practices. From the discussions, understanding the ethical nature of an industry is an important thing that should be considered by consumers and investors. As well, a company will perform better when it has a valid CSR to enable it address its ethical and social problems (Peter 74).
Corporate social responsibility concepts and regulations are considered important in business management and control. These concepts ensure that businesses have complied with the already set laws and ethical standards. In terms of business ethics, there are various roles which of Corporate Social Responsibilities. For instance, corporate social responsibility promotes the business growth and also helps minimize the possibility of risks. CSR also ensures there is accountability in industrial practices. This motivates business performance and economic development. The environment, the customers and the public are taken care of by the CSR concepts (Russel 47). CSR therefore remains a significance concept as far as business ethics is concerned. As well, corporate social responsibility helps to get rid of performance risks and at the same increases business penetration. After implementing the social responsibility concepts, industries know where they rank in terms of their ethical violations. This serves as a measure of how the industry is more prone or less to such mentioned violations. Corporate responsibility practices therefore play a great role in making sure corporate responsibility is maintained. Corporate social responsibility is an important device used to ensure all health industries stick to the expected roles in the community.
There is always a big relationship between corporate social responsibility and ethics. They both revolve around the social and ethical practices in an organization towards better performance. An industry that adopts a workable CSR model will also have positive ethical practices (Sims 35). Such companies tend to perform better because relevant authorities do not interrupt their business operations frequently.
Corporate Social Responsibility is practiced in organization to white-wash whatever might be unethical. Every behavior and practice is explored to ensure the public is aware of the company's corporate behavior. Towards success of the company, it is necessary to publish these reports frequently because they help in determining the statuses of the health industry in terms of their ethical practices and ethical responsibilities. From the above discussion, we realize that ranking companies according to their ethical performances will help improve their obligations towards the environment, their customers and the general public (Wayne 53). The study will enable consumers determine the best companies as well as the quality of the services and goods provided. As well, this makes sure the companies improve their ethical practices in order to retain the trust of employees, investors and consumers.