Now coming towards the importance of ethics in business, it’s very important. In today’s corporate world ethics is something which is non-existence.
I honestly believe that whatever business you do, if you hold one principle, this world would benefit a lot from it. This principle is bringing win win situations to both suppliers, and your employees. It is only through these, royalty and faith slowly develops. I believe the fundamental principal in business ethics is to be true to your workers, clients, and customers in all your actions. This is the only way to create a sustainable business that customers will love buying services/products from, workers happy working (with reasonable benefits).
Ethics in business world is a wide topic to explain, But the basic concept is:
1. It prevents unethical acts in the organization's workforce --- top management as well as workers.
2. Employers ethics programs help employees to solve ethical problem they faced in working with co-workers.
3. Management themselves also bar from unethical acts like showing wrong accounting summary and profits.
4. It also helps to build collaborative environment among workers.
A business cannot claim to be ethical firm if it ignores unethical practices by its suppliers – e.g. * Use of child labor and forced labor * Production in sweatshops * Violation of the basic rights of workers * Ignoring health, safety and