Business Ethics & Sustainability

Three essential qualities need to be nurtured by any organisation to become an ethical organisation. These are - looking at ethics; institutionalizing processes and making business ethics a way of life in the organisation.

Ethical business practices have far-reaching effects, affecting everything from how employees, customers, and public perceive the company in the light of legality of the business. Often, to act ethically, it may be necessary to make controversial decisions. Ethics refers to the principles that regulate behaviour and ensure that people do the right things. Therefore, ethical business practices are a set of principles that govern the business. They concern employees, customers, and stakeholders as well as society as a whole.

Some unethical business practices are legal but morally questionable. There is nothing to stop businesses partaking in these activities, especially if they think that their products and services are desirable enough that customers will continue to purchase them. In terms of laws, there is nothing to stop them from adopting these practices. However, there are many benefits of ethical business practices. In fact, many ethical actions can have big payoffs over the long term. Employees at ethical companies tend to be more motivated. This leads to higher...

To Read The Full Story, Subscribe To Business Manager

Dr. Upinder Dhar

Vice Chancellor - Faculty of Doctoral Studies and Research, Shri Vaishnav Vidyapeeth Vishwavidyalaya, Indore

View all posts

Add comment

Your email address will not be published. Required fields are marked *

error: Content is protected !!