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Discuss various elements of business ethics. [ 5 marks ] ✓

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Answer 1

Key Elements for Business Ethics

Importance of Business Ethics. Following ethical business practices is valuable for long-term gains and success. ...Trustworthiness and Honesty. Trustworthiness is a key element of business ethics because the client must have deep trust in your company. ...Confidentiality. ...Technical Integrity. ...Creating an Open Environment.



OR


Key Elements for Business Ethics


Business ethics is a critical component that helps an organization achieve success. Most organizations expect employees to follow a code of ethics, which are sometimes simply referred to as "rules." This code encompasses various standards of integrity with respect to relationships with customers, other employees and others associated with the organization. Following ethical practices can earn trust for the organization that translates into long-term benefits.

Importance of Business Ethics

Following ethical business practices is valuable for long-term gains and success. Corporate executives should never consider adhering to ethics as a hindrance to success. An unethical course of action may give you short-term benefits such as cost or time savings, but the benefit will not sustain you and you will end up wasting time and money to fix the problem. The importance of following business ethics must come from top management. Shady business dealings do not foster a positive environment for growth in the organization.

Trustworthiness and Honesty

Trustworthiness is a key element of business ethics because the client must have deep trust in your company. This goes beyond the organization’s ability to do quality and timely work and deliver it on time. It also refers to the client’s trust that as an organization you are truthful, fair and follow honorable business practices. Honesty refers to making honest commitments to clients. Always commit to what you can achieve and the timeline required. Do not make empty promises to a client.

Confidentiality

You have considerable details about your clients’ businesses because you work together on various projects. It is imperative to maintain the confidentiality of these details. The team members must adhere to strict, written internal confidentiality policies. The confidentiality clause should be part of their employment terms. Where possible, confidentiality should be ensured through password protection and SSL encryption.

Technical Integrity

Technology has made business simple in many ways with the Internet as the ultimate resource for information. While using technology to its optimum, make technical integrity a part of the organization’s ethics. The organization should not infringe on copyright law—adopt complete integrity in software and hardware usage.

Creating an Open Environment

A key element of any business ethics program is to create an environment where an employee can come forward to report any wrongdoing or non-adherence to ethics without fear of retaliation. An organization should foster an open environment to encourage employees to report wrongdoing. It is also the organization's responsibility to protect employees from retaliatory attacks.

Answer 2

$\huge \mathfrak {Answer:-}$

$\bold{Business\:ethics:-}$

Business ethics can be defined as the code of conduct that a business must follow, such that it takes up only those activities that are desirable from the viewpoint of society.

The purpose of business ethics is to guide managers and other employees in an organisation in performing their jobs in a manner that is socially acceptable.

Business ethics should be followed in the day-to-day working of a business enterprise.

The following are some of the elements of business ethics.

$\bold{(a)\:Commitment\:by\:top \:management:}$

Top-level officers, such as the CEO's and other higher level managers, must sincerely follow the ethical code of conduct. They should also guide other employees in their organisation in adopting the code.

$\bold{(b)\:Publication\:of \:a\:code:}$

An enterprise must clearly define the ethical code of conduct to be followed in the organisation. The code should include quality standards for work, laws governing production and employee health and safety standards.

$\bold{(c) \:Establishment\:of\:compliance\:mechanism:}$

In addition to setting performance standards, an enterprise must also devise a mechanism through which it can measure the actions of individual employees. This should be done in order to confirm whether the ethical standards are being met.

$\bold{(d)\:Involvement\:of \:employees\:at\:all\:levels:}$

The successful implementation of ethical standards depends to a large extent on the involvement of employees at different levels. This is because it is the employees who actually implement the ethical codes.

$\bold{(e) \:Measurement\:of\:results:}$

Although it is difficult to measure the end results of implementation of ethical standards, the top management should take steps to monitor compliance. Also, it must take serious action against any unethical behaviour in the organisation.

$\huge {Be\:Brainly}$❤️