If you really want your enterprise to succeed, you have to implement invaluable business ethics that will set your company apart from the rest. The subject of business ethics has been a source of great debate in recent years as the heads of major (and minor) corporations are revealed as less than ethical characters both in the way they do business and in their personal conduct. Jennings says that it’s a mistake for companies to kick off their code of ethics with crackdowns on small details.
Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. With all of the corruption in business today and lack of ethics, people are being misled and a losing a fortune of their income to the greedy business owners.
In business world the organization’s culture sets standards for determining the difference between good or bad, right or wrong, fair or unfair. The clearer the company’s plan for growth, stability, profits and service, the stronger its commitment to ethical business practices.
The unique position that the small business owner is in regarding the formation of an ethics policy yields a great responsibility. At this time, POSCO has amended the code of ethics with tighter ethical standards according to the intent of management innovation that places the highest value on ethics in management.
Absent a fundamental moral principle against using nonpublic information, the ethics of doing so in any given case will depend on the goals, beliefs, and attitudesâ€ of the relevant business community. If managers and stockholders have a duty to customers, suppliers, employees, and the local community,â€ he argues, then it follows that these social actors also have duties to managers and stockholders.