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6/21/22

BASIC CONCEPT OF BUSINESS ETHICS: Types and principles

 
Business ethics

Basic Concept of business ethics:

Below are the Concept that are found in the business organizations issues of political, social, legal and economic factors are taking into consideration while other concept take into cognisant the issue of individual problems involving the worker or employee.
  • Moral values and rights
  • The concept of justice
  • Business practice that are unethical
  • Business as a corporate organization
  • Business ethics as a good value system

Moral values and rights;

The basic concept of business ethics involves the activities of business environment which includes the moral or ethical issues. As a moral value Business ethics encourage the employee to express him self to the fullest not limiting his right to lay down his grievance and say what is on his mind, morally the business employees must behaive in such a way that will not undermind his integrity. This concept is very important for coexistence between employees and employers for efficient growth of the general organization.

The Concept of justice;

This concept of business take into consideration the allocation of both the losses and gains or benefits to all sector of the business environment, given everyone a self of belonging, were by resources are allocated accordingly to all member staff. To encourage the unity among the various branches of the business environment it could be a social responsibility that is soppsupp to be provided by big or multinational business company's.

Business practice that are unethical;

Business ethics always fround at companies that are involved in breaking the law guiding thier activities, most of all this big business firms go against the ethics and practice unethical behavior. This bad activities carried out by such organization are aimed at maximizing profit to the detriment of the customers, and they do this in a manner that will look like they are not breaking the law, given free promo to the customers while the product is not of good quality or it is an expired goods with high quantity but low value. The concept of business ethics is against such practice.

Business as a corporate organization;

For a business to be called a corporate organization it must pass through the legal process of registration and implentation were by the full right and benefits attached to a business that is registered is taking into consideration as for individuals also in the nation. This Concept of business ethics allows the business to aguire loans from financial institutions because it is legally known as a business entity. As a cooperate business it can sue and be sued in cases were their is a disagreement between both customers and the business firm in the nation and they are subject to the law of the land.

Business ethics as a good value system;

Business ethics is seen as good value system because it guide the behavior of employees, employers and business firms puting the interest of the general public over the interest of maximizing profit for the business organization. The aim of any business entity is to make profit  but let not be at the detriment of the people in the society who are at the revieving end. Good business ethics protect and is beneficial to businesses and the customers in the following ways;
  • It helps checkmate the breaking of law enacted by the authorities.
  • It discourages the activities of fruadulent people that are involved in business transactions.
  • It give the business a self of belonging by registration of their business
  • Provide protection in cases of damages by hudlums or fire outbreak through compasetion by the legal authorities such as government agencies

What is business ethics:

Business ethics can simply be said as a set rules and regulations that guide the business organizations, the practice of business ethics became more relavant during the 1980s and 1990, also today this ethics applied in most Businesses around the world for accountability and transperiency. The Concept of business ethics always arise when their is conflict of interest in any business organization or transactions, avoiding the problem of business scandals. 

Business ethics is responsible for coordinating the behavior of employees in a business environment, with the staff hand book guiding the way workers go about with their duties and responsibilities.


Why business ethics is important:

Business Ethics



Below are the reason why business ethics is important in any society or nation providing a guide line for doing business;
  • It is an important skill
  • Guides employees behavior
  • It encourage proffesionalism
  • Builds the staff through on a job training
  • Create rules and regulations

It is an important skill;

The skills possess by individuals and entreprenuers are all credited to the business ethics that guide such proffesion or work, given room for growth and development in the business world.

Guides employees behavior;

Another importance of business ethics is that it control the activities of businesses, guiding their actions to prevent any fraudulent move by individuals or corporate organization that are into low standard production or even privacy that undermine the quality of goods and services that are provided in the economy.

It encourages proffesionalism;

Business ethics encourage a good standard practice and set a goal in which every Business firms must abide to it, being proffesional is one of the main objective of business ethics, proffesionality comes with specialization, checking the excessive of quacks and unlicensed individuals who are into a specific practice such a medical practitioner etc.

Build the staff through on a job training;

Another importance of business ethics is that it provide the opportunities for staff development in an organization. At this point an employee can be sponsored by the organization to go on training to acquire more knowledge and skills to improve his or her performance at work all this are benefits of organizational business ethics.

Create rules and regulations;

Business ethics is responsible for the creation of rules and regulations in a business firm were by the staff hand explains all the do's and don't  of the organization. Coordinating the behavior of the workers and employees, providing direction transactions both internal and external. When a member staff performance is excellently well he is rewarded and motivated because it is embedded in the rules of the business organization that when a employees abide by the rules an regulations he will be rewarded for examples the most punctual staff can be able to receive Appraisals from the organization.

Examples of business ethics:

An example of business ethics is law placed by Business organization on the issue of late coming, when a staff come to work at an in appropriate time the law will affect him negatively and he could be qeuried by his supervisors an superiors. This example of business ethics is taken seriously by must organization that aim at improving the level of the business in the economy.

Another example is appraisals by organizations given to staffs who have distinguish them self to be a law abiding employees in all remification

Basic Principles of business ethics:

  • Being accountable
  • Mutual respect
  • Being honest
  • Conflict resolution
  • Commitment
  • Loyalty
  • Respect for law and order
  • Good morally

Being accountable;

Accountability is given the chance to display what you did with the resources at your disposal as a manager or a supervisor. This type of business ethics is concerned with the result expected from any transactions or project that should be delivered for the overall benefits of the business environment. For example the political class are shoulders with the responsibility of providing good road , water, power , infrastructure etc. Being accountable to the resources of the nation that is at their disposal is very important for growth and development checkmating their financial mismanagement.

Mutual respect;

As they saying goes respect is reciprocal, this principles guide individuals to respectful to any any on that come their way especially for those who are at the customer care department the must give absolute attention to thier client complains an make sure that they solve the challenges facing their customers so as to retain their relavance in a highly competitive business environment.

Being honest; 

In all business dealings make sure your honestly is seen,  organizations that are have integrity are always honest, even as an individual this virtue is very important for the success of your career, because dishonest people end up with nothing at the end of the day. Honesty is a principle of business ethics that seek to protect the dignity and integrity of the business organization.

Conflict resolution;

The ability to control and solve problems that may arise in an organization in another principle that should not be taken likely it is very important to make sure that the organization is free of frackals among member staff and a resolution machanism should be put in place to correct and decipline any one that is found guilty so a to move on to the next level, a good working environment that is free of bitterness will experience growth and development.

Commitment;

As a staff commitment is what will give you recognition in any business organization, online managers are interested on how commited an employee is and he or she will be graded and promoted according to his performance and dedication to work. This principle has help many organization to grow and expand their branches because they have committed staff that are willing to sacrifice for growth and development of the business.

Basic Types of business ethics:

  • Social responsibility
  • Co-oparate responsibility
  • Personal responsibility
  • Transperiency
  • Accountability

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