Ethics in Business an Key for Successful Business.
When we focus on the word ethics it has derived from a Latin word Ethicus or in Greek word Ethics. The origin of these two words Ethos which means Character. When we reach into the term of ethics it is concerned with truth& justice and has a variety of aspects like the expectation of society, fair competition, advertising, public relations, social responsibilities, consumer autonomy, corporate behavior
According to Webster Ethics is defined “As the discipline dealing with what is good and bad with moral duty & obligation”
1.The goodwill of the company
Goodwill is a foremost important aspect for every organization. An ethical organization commands the trust and respect of all its customers, suppliers, shareholders. A good image is essential for institutions because trust can be gained from company ethical goodwill
2. Existence in society
As we know businesses are existed in society and for society so it is part of society and organization responsibility is to run it in an ethical way for the betterment of society
3. Cost is intangible
We can recover the loss in cost of tangible items but an intangible loss like deterioration, a spoil of reputation, loyalty, relation with customers are a loss which is raised because of unethical practices cannot be recovered as it is truly said “Trust Once Gone is Gone Forever.
4.Trust of employees
It is been researched that there is a direct relationship between high moral and increased rate of productivity. Productivity helps an organization to increase profit which can be utilized for further expansion of a business. Moral helps to treat their all employees with equity, encourage good team spirit work culture because of these employees feel good and develop mutual trust.
5.Pride to be the best company
Being a part of society companies themselves are interested in presenting their work. Ethically responsible companies command respect from society and government. These companies have brand value and accepted as leaders in the industry.