Ethics in Business

It is important that big corporations have strong ethical values in order to set a higher standard for their employees and other companies.

 

Overview

Companies play a major role in society. When big corporations act unethically, there can be market crashes, lawsuits, and serious safety issues. Companies should have clear ethical values so that their employees understand what actions to take. Investopedia outlines the many benefits of business ethics.

 

Fundamental Business Ethics

The above image depicts the basic ethical values that a business should have.

Source: Wallstreet Mojo

https://www.wallstreetmojo.com/business-ethics/

 

Importance

It is important that companies create a standard of behavior that aligns with their ethical values. Companies that do not outline their values risk immoral activities throughout their branches. The values should create a trustworthy and respectful environment.

 

Benefits

Companies that are ethical are more likely to succeed. Investors will be attracted to a company if they have strong values. This is because before investing, they will want to ensure that the company is not a liability which relates to whether or not they have ethical/ legal standards.

Employee retention increases when the work environment is welcoming and honest. There are plenty of places to work; however, high-demand workers will be more inclined to choose a company that aligns with them morally.

 

Risks

The biggest risk of an unethical work environment is an unethical leader. If employees see their boss acting unethically, they are likely to follow suit.

When new workers see someone in charge lying at work, they will likely think that being immoral will allow them to rise in the ranks. It is important that higher-ups have strong morals to prevent this. Executives are important to set a strong moral code.

 

Conclusion

Overall, it is important that companies outline their ethical values with a clear written guide that is publicized.

As I search for a job, I am always careful to check the values of a company. I am someone who prides myself in doing the right thing. It would go against my values to work for a company that does not hold itself in the same regard.