What do you understand by the concept of morality ? In what ways morality influences the business operations?
Answers
Some people argue that a company's sole purpose is to maximize profits and that focusing on any other concerns is a violation of fiduciary responsibility. But just because business is a highly competitive field does not mean that a company has to be amoral. A company can still make money while adhering to an ethical code of business operations. With social media forming an increasingly important role in shaping the reputation of a business, any company that charts its course with a moral compass will enhance its reputation, building a loyal customer base in tune with its good intentions thereby boosting sales and profits.
Good business ethics also reduce employee turnover, cutting recruitment costs. A moral business increases the allure of the business to prospective employees, enhancing the talent of the recruitment pool. A morally run business will see increases productivity because employees will take pride in their work.