Discuss the need and objective of business ethics in today's era
Answers
The following point discuss the need and objective for business ethics in today’s era:
1. Survival of Business – If a company does not follow business ethics it will have a bad reputation in the market therefore its survival will become difficult.
2. Protecting Consumer Rights - Business ethics safe guard rights of consumers such as health and safety, proper information and choice.
3. Safeguarding employees and shareholders – Business Ethics protect employees and shareholders against unfair practices and exploitation.
4. Develops strong relations – Business Ethics result in good relations between the society and the business. It will help regulate sufficient supply, more profits and eventually better economic growth.
5. Importance of labor- Good business and work ethics help retain employees through proper salaries, job security and better working conditions. This helps a business to be more stable due to workforce loyalty.
The needs and objectives of the business ethics in today's era is the health and safety, choice and proper information to safeguards the customer with the business ethics.
The job security, better working condition, and proper salary can be achieved by the good business ethics. Good relationship and business in the society can also be developed with the business ethics. It helps us to increase the profit and economic growth of the business with ethics.