In this article, I will explain the nature, features, and characteristics of business ethics…
Nature or Features of Business Ethics-
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The nature of business ethics is also known as features of business ethics. It includes various points related to their ethics of business which is related to the corporate sector…
So, the nature of business ethics arises two types of questions but the answer to both questions are the same and the questions are:
1. Discuss the nature of business ethics.
2. Explain the nature of business ethics.
1. Ethical Values:
Business ethics is totally focused on their morality factor because, in today’s world, community firms play a vital role in society and its actions are directly affected by the welfare and well-being of the society. Business affects society in terms of which type of products it supplies and produces.
So, that is the reason, it is mandatory that the business community conduct its activities with self-check, self-inspection, self-control, self-sacrifices and also keeping always in mind the ethical values of community and their society.
2. Relative Term:
Ethics is a term of relation with the concept of morality and immorality. It differs from an individual to an individual, society to society, culture to culture, country to country. It helps to define the moral and immoral term of business ethics.
3. The interest of Society:
In this features of business ethics, Business ethics said that business should first do excellent to society and community and then to itself because social welfare is also the objective of a business.
Business is an important institution and they have various social responsibilities to protect the category of all formal or informal groups which are directly or indirectly related to the organization like employees, shareholders, consumers, and their stakeholders also to contribute to the growth of the business.
4. Business Social Relationship:
Business ethics helps to set or formulate the terms and standards to understand social affection or relationship of business. It describes what community or society expects from business and what it presumes about the business.
5. Provides the framework:
Business is an institution which includes various social and economic rules and regulations. Business is always trying to restrict its activities (formal or informal) within the limits of the social, cultural, regional, religion, and economic environment.
Business ethics is a type of code of conduct which includes the guidance of norms and behavior of an individual i.e., how to behave yourself, how to follow the norms, how to improve yourself, and so on. It gives protection to consumers and other social members such as shareholders, society, and employees.
7. Not against profit-making:
Business ethics is not in against real or fair profit making. However, it is totally against those profits which are earned by cheating and exploiting their customers, employees, and investors. It helps to support business activities but by accurate or fair means and not through illegal activities.
8. Needs willing acceptance:
Business ethics cannot be forced by law and other aspects. It must be accepted as self-indulgence by any businessman. It should come from the inner part of the soul. Businessman follows the guidelines of ethical trade activities by own and not by force of any law.
Characteristics of Business Ethics-
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The characteristics of ethics in business include various points such as:-
1. Stakeholder Balance:
This is the first characteristics of business ethics and it means that the business policies follow the two basic points like protect the interest of shareholder values or balancing the needs of multiple stakeholders.
Stakeholders include inner and outer business peoples such as employees, the local community, and the customers.
2. Mission and Vision Driven:
In this characteritics of business ethics, ethical business is commonly focused on something more than profit, and those things are values and beliefs. When these values are supported by management and valued by individuals, the workforce becomes more effective and united by common goals rather than simply co-existing to pursue profits.
These type of values and beliefs are performed better for their employees and their relationship with the public and its market.
3. Process Integrity:
This is the third characteritics of business ethics and it means that the organizational culture is the product of hundreds of various processes that take place on a regular basis. These processes can be healthy or unhealthy, depending upon various factors effective to the process.
For Example, ‘healthy’ competition is a formulation of success, equal treatment by management and distribution of foils. Unhealthy competition is totally different, they have misaligned goals and unequal treatment of the better performers.
So, that is the reason, human resource managers help to review the integral processes and protect them with transparency.
4. Long-term Perspective:
In this characteristics of business ethics, companies follow the long term process with their ethical values and beliefs. This long term view should not only relate to wealth or profits but it also relates to the community and their standards. It helps to reflect the self-reflection policy so that the employees of an organization can freely take decisions and improve themselves also.
Thinking in the long term perspective also allow businesses to make the plan effective for their future growth and developments.
So, these are the explanation of nature, features, and characteristics of business ethics…