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The Ethical Practices in The Business Sector in Modern Economy

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Words: 502 |

Page: 1|

3 min read

Published: Sep 12, 2018

Words: 502|Page: 1|3 min read

Published: Sep 12, 2018

Prosperity of modern business is more intricate than decades earlier. Previously, an entrepreneur only neeeded to manufacture or source merchadise and and retail at high traffic points, but due rising agent-customer problems the market grew more concerned about quality of services and goods offered by businesses. This opened a new corporate front known as business ethics and governance. It involved establishment of organizational systems to develop trust laws and policies, which will enable companies utilize ethical image to create world class brands.

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Ethical business practices are getting increased market attention; consumer protection groups, industry associations and agencies are vigorously encouraging and campaigning for product safety, customer management and quality service delivery. Business ethics is day to day process, it defines the way of operation from sourcing phase to after service stage. An organization has to incultate right business values to deliver ethical services. Jurisdictions have become extremely vigilant on provision of quality products, with parliaments enacting laws, such as, Company Act, to govern business activities.

Ethics define every business decision making process, therefore, executives play a significant role in promoting core values aligned to firm's mission and objectives. Companies are investing heavily in induction training to ensure that new employers are instilled with established work environment values. People face ethical dilemmas, such as, utilization of office resources for individual use, ballooning financial figures to paint a picture of superior performance. Some employees can engage in unethical behaviors when faced with a chance to do so. Therefore, it is important to build commitment to credible standards by inducting new recruits.

International Standards Organization (ISO) sets various benchmark frameworks that help management in enhancing business ethics through well thoughtout workplace policies. The growing demand for quality products has forced most business to search for ISO accreditation, which is a clear sign that ethical operations are a driving force in competition advantage acquisition. In major exchange bourse, such as, NASDAQ, London Stock Exchange, Tokyo Stock Exchange, Australia Stock Exchange and Johannesburg Stock Exchange; listed companies are fast adopting ISO systems to help in day to day activities, in order, to ensure wealth maximization for investors. Companies with ethical practices are able maintain long lasting relationships with consumers which translates to a long term revenue stream.

Ideology characterize an organization. Companies seeks to create a particular image that will be integral in interaction with market participants. Customers value trust and honesty, they look to get the highest value from their money and are quick to desert a company which is not meeting this neeed. Therefore, business morality restricts dishonesty and seeks to facilitate adherence to ethical practices.

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Physical wealth is parrarel to ethical possession, a business looking for quick gains through dishonest means will eventually close down. Companies need to build ethical means of conducting businesses. Fall of corporations during internet bubble is a manifestation of effects of poor corporate governance and lack of strong ethical systems. Gandhian philosophy asserts that economic gain should not hinder moral progress. Unethical practices drive away customers, depress profits and create a negative business image.

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Prof. Linda Burke

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The Ethical Practices in the Business Sector in Modern Economy. (2018, July 27). GradesFixer. Retrieved February 29, 2024, from https://gradesfixer.com/free-essay-examples/the-ethical-practices-in-the-business-sector-in-modern-economy/
“The Ethical Practices in the Business Sector in Modern Economy.” GradesFixer, 27 Jul. 2018, gradesfixer.com/free-essay-examples/the-ethical-practices-in-the-business-sector-in-modern-economy/
The Ethical Practices in the Business Sector in Modern Economy. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-ethical-practices-in-the-business-sector-in-modern-economy/> [Accessed 29 Feb. 2024].
The Ethical Practices in the Business Sector in Modern Economy [Internet]. GradesFixer. 2018 Jul 27 [cited 2024 Feb 29]. Available from: https://gradesfixer.com/free-essay-examples/the-ethical-practices-in-the-business-sector-in-modern-economy/
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