Question

What is business ethics? Mention the basic elements of business ethics

Answer 1

Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.[1] These ethics originate from individuals, organizational statements or from the legal system. These norms, values, ethical, and unethical practices are what is used to guide business. They help those businesses maintain a better connection with their stakeholders.[2]

Answer 2

Business Ethics

Ethics is concerned with what is right and what is right and what is wrong in human behaviour judged on the basis of a standard form of conduct or behaviour of individuals as approved by society.

Ethics can also refer to codes or other system for controlling.Business ethics concerns itself with the relationship between business objectives ,practices and techniques and the good of society.

Elements of Business Ethics

• Top Management Commitment

Top Management has a crucial role in guiding the organisation towards ethically upright behaviour. To achieve the best result , the chief officers and other high level officers need to be strongly committed to ethical conduct.

• Publication of Code

Enterprises with effective ethics programmes do define the principles of conduct for whole organization in the form of written document it is referred as Code.

• Involving employees at all levels

It is the employees at different levels who implement ethics policies to make ethical business a reality. Therefore, the involvement of employees is must in all levels.

• Measuring Results

It is difficult to accurately measure the end result of ethics programmes, the firms can certainly audit to monitor compliance with ethical standards.

Ground Rules of Ethics :

1. Be trust worthy
2. Have respect for others
3. Own Responsibility
4. Be fair in dealing
5. Be caring towards the well being of others.