Rewards for "Good" Business Ethics

Rewards for "Good" Business Ethics

Rewards for "Good" Business Ethics

Business ethics can be viewed as the principles and standards that guide behavior in the world of business. Especially in today's society, understanding and practicing the concepts of ethics is a key factor that many organizations stress among employees. In order for organizations to survive in such a competitive and changing environment, managers and supervisors must develop strong ethical standards that can be implemented throughout the company. In fact, many companies feel that good business ethics results in good business (Hager 65). Many organizations are finding that practicing "good" business ethics can bring forward extraordinary rewards.

Business ethics is an evolving field of study in where organizations are constantly researching and improving areas on ethical concerns. Companies have increased the programs and workshops offered to help management and employees develop strong ethical principles. Organizations recognize that effective business ethics programs are good for business performance (Ferrell, Fraedrich and Ferrell 12). Ultimately, businesses are pushing for ethics to be a part of the core organizational values within the company's domain. Conquering such a task can allow organizations to build the framework needed to reach business success and profitability.

Along with success and profitability, organizations practicing "good" business ethics are rewarded with trustworthy employees. Establishing success within an enterprise is inevitably based on a network of trust binding management, employees, shareholders, lenders, suppliers, and customers (Brockunier and Heffner 528). In the business world today, creating dependable and ethical relationships with fellow business peers plays a critical role in accomplishing success within the company. Organizations must learn to assemble ethical standards within the company so that there can be a stable work environment consisting of honest workers with high motivation and morale. Conducting business in an ethical and responsible manner generates trust and leads to relationships that promote productivity and innovation.

Practicing "good" business ethics enables organizations to regulate employee conduct, as well as, develop a strong corporate atmosphere. Companies that implement ethical programs can prevent and control misconduct among employees. The more an organization is dedicated to taking care of employees, the more employees will take care of the organization (Ferrell, Fraedrich and Ferrell 233). Programs aimed to assist employees in ethical conduct and performance allows businesses to have a sense of overall commitment by each worker. Organizations that find ways to build value for employees reduce the risk of penalizing these workers, thus incorporate an effective work environment.

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