The word'ethics' is derived from the Greek word 'ethos' which means 'character'. The term describes morals, values and principles that form the basis of character. For e..g. honesty, truthfulness, fair play, etc. Business ethics / corporate ethics examine ethical problems and principles in a business environment. It includes the conduct of both individual and organisation.
IMPORTANCE / ADVANTAGES OF BUSINESS ETHICS
- Enhances the product / service quality provided by an organisation.
- Enhances the image of an organisation
- Promotes customer loyalty
- Enhances the good will of an organisation
- Creates and establishes values in business dealings
- Ensures proper utilization of resources
- Increases productivity
- Works in ways that serve the best interests of society
- Ensures environment friendly policies
- Ensures transparency in the organisation
- Looks after the rights of employees.
The above can be brought about by honest leadership and an active management. This enables transparency, impartiality as well as opens communication channels. One example of such a company is the TATA Company which believes in giving back to society.
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