Business ethics is a structured critical evaluation of how individuals and institutions should conduct their operations in a commercial field. In every business organization, there are always internal and external pressures. These are always in a conflict given that individuals are usually motivated by their self interests for making profit making. Instead of focusing on the general public, they may get involved in unhealthy practices which can end up negatively affecting the market. This paper is exclusively giving a critical analysis of the major roles of business ethics. This will be done by first looking at its principles.
Principles of Business Ethics
The study, understanding and responding to the proper policies addressing contentious issues in business such as bribery, corporate governance, discrimination, hoarding, misinformation, insider trading, environmental conservation and Corporate Social Responsibility is of great importance for establishing a healthy and competitive corporate world. Although business ethics is guided by the law, it is incumbent upon the entrepreneurs to decide on the kind of frame work to follow in order to gain the confidence of the public (Coffee, J. C. J., 2001). However, before doing this, it is important to follow the following principles:
There is no customer who can work with dishonest business people or organizations. If trust is at the core of any business, it will be possible for it to gain acceptance of the general public. This is mainly because it will provide an assurance of reliance, strength and ability to cooperate with its clients. This recognition is fundamental since it determines the kind of customer base to be established.
Respect is also a very important element of business ethics because it can help an organization to equally treat all the people regardless of their differences, ages, titles, positions, gender or economic prowess. If each of these is treated with the professional dignity they deserve, they will do all that they can to cooperate with the business organization. It is this collaboration which will help in the success of any business.
Have Clear Documents
In order to ensure that there is a strict observance of the ethical requirements, it is advisable to evaluate all the business records. If this is done to the print materials of the brochures and any other advertisement aimed at popularizing the business operations of the organization. This will be important because it will make it possible for the organization to practice recommended ethical standards required of it.
Become Community Involved
Since no business exists in a vacuum, it is paramount to be conscious of the welfare of the other external players. These include the government, clients and other competing organizations. In this case, being ethical means that the organization should be concerned about the welfare of others. Hence, it should come up with policies to make it offer services beneficial to all the people in its surrounding without causing any harm to them.
Advantages of Business Ethics
The following are some of the major roles of business ethics in the corporate world today:
To begin with, business ethics is used as a tool of guidance for the business and its workforce. Any organization with an accepted standard of conduct can establish itself strongly in the market. It will help it in many ways. More importantly, it can be used to determine the conduct of employees on how they should serve the organization with its clients. If they conform to these standards, they will diligently serve the organization (Coffee, J. C. J., 2001). As a result, they will end up appealing to their clients who will be confident in their services. If this is done, it will be possible for such an organization to grow.
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Besides, business ethics can help in creating a conducive business environment. This will not only be limited to the organization, but be extended to the general public. For instance, if an organization adheres to the issues surrounding environmental ethics, it will do only those things which can help it to establish a good rapport with the government and the clientele. For instance, if it helps the relevant authorities to tackle environmental pollution, it will be possible for it to have a good reputation. Hence, it will appeal to the people in its target market because they view it to be concerned about their welfare.
Last but not least, business ethics is an important commercial practice since it can be used as a motivation tool in a business organization. If the organization is concerned about the ethical safety of its employees, it will shun away from any unethical doings such as canvassing, bribery, favoritism, nepotism, gender biasness or any other discriminatory practice. If it can stick to the generally accepted recruitment standards by pegging employment and promotion on qualifications, it will stand a better chance of motivating its workforce. In other words, offering such rewards to the deserving means that the organization is committed to the ethical standards for the good of all the workers (Coffee, J. C. J., 2001).
Conclusively, an organization committed to the ethical standards of business will not only motivate its workforce, but also put it in a better position to enjoy competitive advantage. This will eventually enable it to succeed and achieve it goals.
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