Ethics in Business
Ethics within the business is an integral aspect of how it behaves and manages its operations. The moral and social principles of ethics mean that businesses have to structure their management and business operations to suit the needs of ethics. Ethics do not only affect the relationship between the management and its employees, but also the business and its customers. This involves adherence to a strict code of conduct that enhances social responsibility and workplace ethics. The benefits associated with the promotion of business ethics are profound and affect all aspects of the business, including economics, culture, technological use and implementation, environmental protection, among others. In this analysis, the focus will be made on the viability of adopting business ethics, and some shortfalls signifying a lack of adherence to business ethics.
One of the core ideologies that determine the success of a business is the ability to ensure that all the customer’s needs are met and addressed. This involves the creation of structures and policies that are favorable in enhancing customer happiness and loyalty through the creation of a brand experience. One of the prime methodologies for enhancing customer satisfaction is through adherence to business ethics since it is the fundamental technique that addresses all issues related to ensuring that the customer’s needs are satisfied.
Foremost, social responsibility is one key ethic that a business should embrace. This involves the creation of a system where the society has a sense of belonging and loyalty to the company based on its ability to provide for society. This could involve such activities as ‘going green’ where the company could use environmentally friendly products and instill a sense of care among society and consumers. This could act as a marketing strategy for the company since it has been researched that in an ever-increasing global society, information sharing is a vital aspect of life. Therefore, through the generation of positive attributes, the company could attract a new wave of customers.
However, this versatile information-sharing tool could also act against the company. Negative publicity tends to be the fastest and most shared piece of information, and a company’s lack of adherence to ethical principles, such as mistreatment of customers and society, could result in information flowing that the company is selfish and only after the creation of profits. Therefore, such a phenomenon could be solved through enhancing social responsibility and creating mechanisms to address customers’ concerns, such as through feedback, offering discounts and freeware, or sponsoring community activities such as sports or charity events.
One of the highly risky phenomena for a company is high employee turnover. This could be due to the mistreatment of workers, poor working conditions, and poor safety and health provisions in the workplace, among others. All these issues stem from a lack of adherence to business ethics. This is because ethics define one’s ability to act in a manner that is moral and considerate of others’ plights and problems and aims to resolve them using the best and amicable methodologies. Therefore, poor business ethics result in employee dissatisfaction, inefficiency, poor work output, and poor productivity. This is a result of low employee morale and could ultimately result in the company suffering high costs linked to low profits, poor employee-customer relations, production of substandard products, among many other faults.
Therefore, business ethics is important in enhancing employee satisfaction since it is the root of the company’s success or failure. One of the mechanisms that can be employed that is in conformity with ethics is a change in the management structure where employees have a channel to easily and liberally air their views, opinions, problems, and issues affecting their work. Additionally, there should be a system where there is feedback from the management regarding the steps or policies being created to address their problems. The company should also create a system where the employees are trained and educated on work ethics, business ethics, and people ethics. This can be achieved through seminars and workshops, designed to ensure that they learn ethics in the workplace, including respecting the management and treating their customers correctly.
The business is created with the sole purpose of making profits. Therefore, the business could have its decisions clouded by this objective and result in poor business ethics. For instance, to increase profits, it could overcharge customers, undercharge or not pay its suppliers, deny the employee’s bonus payments, among others. To resolve all these issues, systems should be created that adhere to ethical principles that would ensure that the business follows a strict code of conduct. For instance, to tackle the unethical principle of overcharging customers to increase profits and revenues, the company could explore some cost-cutting measures to reduce expenses. Additionally, engaging in a robust advertising campaign such as sponsoring community activities could act as an awareness tool for informing the community of products sold or stocked by the company.