What is business? Business is an economic system in which various good or services are exchanged through money or other goods and services. Business is one of the most popular business activities which produces and distributes goods and services which are required by the people of an economy. Producing goods and services, satisfying the needs of human and making money out of it is all what business does. There is a chain that is followed in the industry of business; the manufacturers handover the products to the wholesalers, the wholesalers then distribute the products between the shopkeepers and through shopkeepers the common people get the access of the products.
Ethics are not something that a person is born with. What are ethics in business? Business ethics is the understanding of moral principles that defines the way in which a business functions. It defines the perception and the mannerism of a businessman in which he runs his business.
But, what are business ethics issues?
Looking at the growing escalation towards the advancement in business management today, the business ethics are the most important aspects of an employee’s characteristics. In business, there are certain protocols that a person has to abide by.
Ethical Problems in a Business Environment
Compromising Environmental Safety: The environment safety is something that should be kept in mind while including any constructional addition. Companies should consider environment friendly implementations. Although, there are companies which never put the environment on stake to make business profitable, the majority of companies still need to work on issues like global warming, air pollution, deforestation, etc.
Social Media Operations: Social media these days is one of the best sources of promotion. But, it has some negative factors as well when used in workplace. There can be breach in the official policies, employees may indulge in social media activities causing wrong application of the office hours and resources.
Child Labor: Child labor is the practice of making use of children for labor in various industries. It is an issue that countries still face today. Although there is a minority of companies who do not support child labor, the majority still practices it especially in the ground level operation like in the constructional sites, factories etc. A childhood is solely meant for learning, the industrial sectors are a huge medium to contribute in the extinction of child labor.
What are the ethical principles in business?
In business, there are a certain set of rules and protocols that a person has to abide by.
- Commitment For Work: Commitment is very important in any work profile. It is the combination of hard work, dedication and love towards one’s job. Without commitment, the desired goal cannot be achieved especially in business where the job demands the investment of so much time and energy.
- Compliance Of Law: Every company has its rules and regulations which the employees are expected to abide by. The rules and regulations are made keeping in mind certain aspects like privacy, security of the company’s resources, information, timings etc.
- Loyalty: Loyalty is such a principle in business that actually keeps it going. If an employee is not loyal enough to the company, the company might face a breach in its policies and confidentiality.
- Honesty: When a person is working in an organization, no matter in which profile, it is his responsibility to put his best. An honest employee of an organization is the embodiment of trust, guidance, commitment, dedication and hard work.
Some Ethical Business Practices
- Diversity In The Workplace: Diversity in workplace refers to the difference in the employees in terms of religion, caste, language, age, gender, personality, education etc. Why is diversity in workplace important? It has many advantages like variety in viewpoints, talents from different fields, different ideas of strategical implementations etc.
- Provide Rights To The Employees: There should be proper rights for the employees in the workplace like freedom of privacy, proper compensations, sufficient leaves, safety, equality in terms of age, gender, caste, creed, religion etc.
- Liberalism: A company should always be open to new ideas, from both employees and customers/clients. Because implementation of new ideas contributes in a company’s growth and brings opportunities.
- Accept failure: Every business faces failure at some point, so it is wise to be ready to endure failure and not to be reduced by it.
So, the entire concept of ethical business practices, revolves around the behavior, priority and mannerism by which the people in a business conduct themselves and the business itself. The corporate ethics are the most important elements that have the very potential of making or breaking the business.