Business ethics involves applying general ethical principles and standards to business activities, behaviour and decisions. Ethics governs all aspects of life. It is an important foundation on which the society is built on.
Ethics in business directs the core values of the business. It forms the directives which a company should follow in order to run the business legally and in the right stride. Ethics help a business to control malpractices within the company. The relations with the employees and customer satisfaction improves by following ethical business practices.
Ethical practices help the organization to protect their reputation. It makes business activities fair and reasonable for consumers, especially dealing with customer service issues. Ethics is an important part of decision making at all levels of work and management.
It is usually seen that consumer and pressure groups request firms to have their business ethics revolve around ethics and ecology. Often it is seen that the media seems to keep the spotlight on corporate abuses and bad practices. Good work ethics make a company standout and attract people who wish to become a part of the team. Organization’s culture sets standards for determining the difference between fair and unfair business practices.