Business Ethics is a term we often come across in the world of corporate business. Ethics generally distinguishes between the right and the wrong. But you might argue that,”what is right for one person may not be for the other. ” True! But there are certain principles that are widely accepted by everyone that guides the behavior of individuals or a business enterprise. Shall we say that Business Ethics is a UNWRITTEN CODE OF CONDUCT which governs the conduct of a business enterprise and also helps it in reaching the right decision.
CORPORATE SOCIAL RESPONSIBILITY comes into the big picture when you talk about business or professional ethics. When a person gears up himself to start a business, he studies the market as to how supportive it would be to carry on his business. For this he segments the market, evaluates the demography, approaches financial institutions like banks for loans, creates a big cacophony about the government’s red tapism to acquire licenses to do his business and when all these criteria accords a green signal he ventures into the market with a confidence that is backed up by all the above factors.
Say by the end of the first year, he has done great business and the time comes for income tax or sales tax payments, a small voice cuckoos from within, asking him to think twice or to venture the possibilities of EVADING TAX. Once he tastes the essence of success and the POWER OF MONEY he deviates from the RIGHT CONDUCT and BEHAVIOR. He conveniently abstains himself from performing his duties towards customers, employees, government, share holders, stake holders, etc.
Mind you, being ethical is a statutory phenomenon and not a thing to be taken for granted. If your motivation and effort lies SOLELY TOWARDS PROFIT, thriving longer in the market will become a matter of concern.
“Whatever is that you take, you have to repay. “This is applicable both in personal life as well in business. Yogics have ascertained the fact time and again that you have to dissolve your karma or past actions to be a liberated soul. Neo world scientists also second this thought,” every action has an equal and opposite reaction. “Being ethical is not that demanding or tough as you have conceived it to be. In simpler terms, it even teaches you to be highly compassionate towards your fellowmen.
Various aspects affecting ethical behavior in a business organization would be
- Policies regarding moral duty and obligation
- Accounting ethics
- Corporate culture
- Ethics in management development programmes
- Dealing with “gray areas”
- Disciplinary procedures
- Review and updating the ethical code
- Increased concern about the well informed public
- Government regulations
- Value based management practices
- Enlightening the managers of top cadre
- Rewards and recognitions for people with right conduct and the list goes on and on.
Corruption, Bribery, Black marketing are some of the JARGONS that are strictly prohibited words and actions in the dictionary of ethics.
Sound ethical practices not only creates an IMAGE for your company, but also the recognition among your own employees that you could relish. Being ethical is not that difficult, only that it calls for undeterred determination and inbuilt conscience.
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