Business ethics are a set of guidelines that define the way a company should conduct itself. These principles are usually codified in an ethical code of conduct. They focus on the moral values of www.hbs-netzwerk-pao.de/2023/06/13/what-are-business-ethics integrity, honesty and fairness as well as transparency and social responsibility. These standards are intended to guide the actions and decisions of corporate leaders as well as employees. They may also encompass corporate governance, communication/disclosure practices, and philanthropy.
A company’s ethical business practices must be mindful of the interests of its employees, customers, suppliers, and the local community. A company should adhere to its agreements with these parties and it is unprofessional to conceal important information like terms of sale or warranties for products. A company should also be working to protect the environment and help their community through empowerment programs or investment programs.
Managers make ethical decisions that are often complicated and can be difficult to discern. The recent downfall of Elizabeth Holmes and her multibillion-dollar blood-testing company Theranos serves as an example of the dangers of not having a sound business ethics framework in place to guide your company’s decision-making processes.
Many companies are unsure of how to apply business ethics to their business operations. The problem is that many business ethicists cannot provide guidance that will be useful to managers who are actually using it. The problem is that the ethical decisions faced by businesspeople are not merely the matter of right and wrong, but often result in conflicts between competing interest groups.