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The relation between business and ethics
The importance of ethics in business
Levels of business ethics
The relationship between business and ethics can be compared to marriage and morality.
Almost in similar lines, business and ethics have their connection. Any family running above moral guidelines gets respect from the society. Likewise, a business run within ethical framework gets respect amidst its stakeholders.
1. The society level
2. The industry level
3. The company level
4. The individual manager level
An ethics strategy is essential to create an ethical strategies
A clear ethics strategy is needed to better enable the organization to realise its ethical goals.
1: Setting the ethical standards
2: Setting up an ethics committee
3: Building ethical awareness
4: Measuring and monitoring ethical status
5: Taking action
6: Maintaining an ethical culture
3- The 12 most important ethical principals.
4- The relation between ethics and business
5- The importance of ethics in business
6- Ethics strategies
7- Level of business ethics
8- The impact of ethics and lack
of it in business
9- How to maintain ethics
Ethics is defined as a moral philosophy or code of morals practiced by a person or group of people
An organization or economic system where goods and services are exchanged for one another or for money.
Business ethics (also corporate ethics) :
Is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
12 ethical principals
7. Respect for others.
8. Law abiding
9. Commitment to excellence 10. Leadership.
11. Reputation and morale.
Be honest in all communications and actions.
Be loyal within the framework of other ethical principles
Build and protect and build the company’s good reputation and the morale of it’s employees
Strive to be fair and just in all dealings
Demonstrate compassion and a genuine concern for the well-being of others
It adheres to the Golden Rule striving to treat others the way they would like to be treated.
Analyzing some of the equivalents of some of the moral aspects of a marital bond as applicable to business ethics
Commitment to Loyalty
Absence of Unethical Extraneous Relationships
Ethics Behind Profits
Ethics concern an individual's moral judgements about right and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company..
Attract customers to the firm’s products, which means boosting sales and profits
Make employees want to stay with the business, reduce labour turnover and therefore increase productivity
Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees
Attract investors and keep the company’s share price high, thereby protecting the business from takeover.
How to improve ethical principles in an organization ?
One key to changing employee attitudes and behaviors is to be the best example yourself as a manager.
The impact of ethics in business
Ethics in business nowadays is being unnoticed because the mindsets of the people are focused on gaining profit.
Business should also take into consideration the ethical values because somehow ethics can contribute in the success of a business.
Business manager has to find the right connection between values ethics and strategies.
Ethical criteria must be included as part of strategy progress before profit decision.
Ethical practices in business can :
- benefit a company financially
- help a company gain the elements it needs to grow.
- give a company a positive professional reputation among vendors, clients and potential business partners.
- help create strong business relationships for the benefit of the company and its business contacts.
Effects of a Lack of Ethics on a Business Environment
Often a lack of ethics appears because of poor planning and faults elsewhere in the business. Employees are expected to meet unreachable quotas and goals, so they engage an unethical behavior to attempt to reach those goals.
Unethical behavior or a lack of corporate social responsibility may :
- damage a firm's reputation.
- make it less appealing to stakeholders.
- Profits could fall .
In addition , a lack of ethics has a negative effect on :
1- Employee performance.
2- Employee relations.
3- Company credibility.
" Ethics after all, are not supposed to be abstract principles. they are supposed to be doctrines for the way we behave, the way we work, the way we conduct ourselves in life as well as business"
Presented by :
- Amekaoui Zineb
- Benjillali Maroua
- Bou-Hamou Chaymae
- El Filali Sarah
- El Ouardi Afaf
Thank you for your attention !