Business and ethics are two poles of earth
Business and ethics are two poles of earth
Introduction
The recession was a lesson for leading global companies and businessmen that accounting frauds and unethical practices will lead to massive collapse. Unfortunately, the lesson is far from learnt if it is still being debated whether business and ethics are two opposite poles of the earth. How can a business flourish if it is engaging in malpractices? It will not grow beyond a certain point.
Corruption is a systemic problem and people are busy search for the solution. The solution is to understand that good business is based on sound ethics. Anyone can make quick money through unethical means. But the corporate empire will not prosper if lining the pockets of bureaucrats and politicians is seen as being the way out of problems. No business will grow and flourish if there are irregularities in its procedures or functioning.
Viewpoint
• Ethics is all about doing the right thing. The culture of a company plays a huge role in determining its ethics. Businessmen who value transparency and accountability are rewarded for their perseverance in the long run. Business houses which are associated with integrity and ethical practices attract the top talent and the best minds in the industry.
• Ethical behavior and corporate social responsibilty are the hallmark of succesful business enterprises that value their principles. Ethical business practices also attract a wider range of customers for opting for the services and products of the company. It can boost the brand of the business if ethical practices are followed. Loyal clientele will prefer companies that are honest in their functioning as this inspires consumer trust.
• No one wants to buy products or services from unscrupulous businesses that do not give following sound policies and ethical practicies. Employees also tend to be more loyal if they perceive that the business is being run on ethical principles.
• The legacy of any business is influenced by its reputation. Ethical practices ensure that the firm or company enjoys a good status in society. Employees will be proud to work for the company. More investors will come in for collaborations and more profits will be generated if a business follows ethical values.
• India’s corporate sector should be motivated to follow good business practices. Ethics is the very core of a successful business. The respect associated with stable global companies that follow ethical practices is not easy to emulate in the face of demands of bribe from local administration and ministers. But businesses must make an attempt to follow ethical practices and use corporate strategies to evade demands for kickbacks.
• The share price of the company is also influenced by its business practices. Any scandal or scam can dent investor confidence and leave the business in shambles.
Conclusion
Profit is the motive of a successful entrepenur. Business which is ethical generates more cash. Business can never be separated from ethics, if you want to be sucessful in the long run. So, definitely they are not the two poles of the earth.
The economic climate is changing across the globe and there is less tolerance for corporate kickbacks and bribes now. The public is unforgiving and media do not hesitate to report facts. Business leaders should follow ethical practices if they want their companies to become established interantional brands.
Small businesses should also adhere to ethical practices if they want to expand.
Discussion
- RE: Business and ethics are two poles of earth -Deepa Kaushik (05/06/14)
- Business and ethics are not so wide to be described. Business definitely has some ethics, but those ethics would not follow the core lines of honesty and modesty. Business runs on certain guidelines and regulations that a businessman needs to follow to keep up with the trend.
There is difference between smart work and hard work. Similarly there remains the difference between cheating and smart work. Business runs on smart work. One needs to be sharp and focussed to taste the victory in the business. But cheating is something against morale that even business ethics don’t hold true.
If we compare the ethics of moral ground and honesty in to the business, then it would be an impossible mission to achieve. Achieving zero error could be only on paper, hence the thing holds true for business as well. Working on core grounds of honesty can never make a person a successful businessman. He needs to be smart and accurate in his actions in order to get a long way with this business venture.
Business undoubtedly have hidden terms and conditions of ethics and philosophies which are a certain modest guidelines to project, but following exactly opposite in practical world. Still, as this is in practice worldwide, this has become an unwritten rule and ethic of the business principle.
- Business and ethics are two poles of earth -Lubna Lakdawala (04/02/14)
Business and ethics are two poles of earth
Ethics are an individual's moral judgments about right and wrong. Business ethics are the ethics on which morally right decisions are taken within an organization made by individuals or groups. The decision to whether or do not depends upon an individual and his morals. A person with strong ethical values will follow ethics religiously. Many a times an individual only wants to gain higher profits ethically or unethically.
Business ethics are a highly debated topic. While some say all is fair in love war and business, the rest follow ethics in business religiously. Following ethics in business has its advantages as well as disadvantages. One of the most important advantages while working ethical on business is that it keeps the investors, employees and customers happy. It gives them great satisfaction to know that the organization they are associated with is working ethically. Working in an ethical organization is beneficial for the employee also, as they feel secure that their work or action is not related to any unethical activities.
The business world is very competitive and aggressive, with new companies’ coming up every day and new developments happening regularly. Origanizaations are under immense pressure. Some organizations believe that if they are not competitive enough they cannot survive in the business world. To succeed in this competitive world many organizations allow their employees to follow unethical means. These organizations want to succeed and they do not bother about the means. Unethical means in business may give temporary success but they are detrimental to the organization.
Many companies have their own ethical guidelines which have be followed by all employers, suppliers, investors etc associated with the company. They maintain a handbook which is given to employee at the time of joining. For example the Tata groups of companies are known for their ethical behavior. Following ethical behavior helps the organization on many levels, they not have face any legal implications for their actions. Many organizations have an edge over the other companies in this competitive by truly following and practicing ethical behavior.
Organizations which actually follow ethics in business are very few in number. Ethical behaviors are like a vicious cycle one unethical deed leads to another and it goes on. After so many organizations shutting because of their unethical behaviors, companies now recognize the advantages of following ethical behavior in business. Along with peace of mind ethical behavior also ensures low term success.
Basically, business and ethics are not two poles of the earth. Both can definitely be run together successfully. It is just that the individual running the business should have high moral values.
