The world has been perpetually changing and with it, so has business. Some hard-and-fast ethical guidelines have been in place for centuries such as, “thou shalt not steal” or, “thou shalt not murder.” These moral codes are a great starting point from which to build your company’s ethics and values but they’re unlikely to cover all circumstances.
There are numerous factors that can be considered when investigating ethical practices; this is just a small fraction of what you’ll need to know as your business grows: It’s crucial to know the difference between ethics and values. Ethics are a set of standards that govern how you conduct business based on the fundamental principles of honesty and integrity. Values, on the other hand, are your choices regarding what’s important to you; they’re personal beliefs or principles that steer your ethical decisions.
Conversely, it’s easy to get side-tracked from your core values and change your ethics to fit the company’s expectations. Imagine that an e-commerce business is selling clothing and accessories made from a material known for its harmful chemical content. A quality control expert might be able to find certain chemicals in the item at a rate of 10% or less, but it also contains a number of other toxins that are more harmful than the original chemical. The product will be marked with the warning label reading, “Warning! This product contains chemicals that may cause cancer or birth defects.
Top Five Ethical Practices for Your Business
1. Show Respect
No one person or entity is better than another. You must show respect to all your employees, even if they’ve done something wrong.
This doesn’t mean that you should condone bad behavior or turn a blind eye towards misconduct, but rather you need to look at what could have been done differently on your end. It’s important to keep an open mind and review previously established policies to see if there are any gaps in your judgement.
2. Listen To Feedback
To know if your employees have complaints about work, simply ask them. If you’re still unsure about the extent of the problem, put a survey to a vote. The survey results will speak for themselves and you will know how serious things are before taking action on their behalf.
You should make nothing official without the input of employees, however. If you don’t hear their voices, they may just not be that important after all. It never hurts to ask, though.
3. Keep Your Word
You’ve made a promise to a client, so it is within your best interests as well as the client’s to keep it.
If you’re in charge of meeting up with someone from the other side of the world, don’t cancel on them at the last minute because it would be inconvenient for you. If you promise that you’ll be back in two hours and there is no need for rush hour traffic in order to do so, then go ahead and stick to your schedule.
4. Foster A Culture Of Trust
It’s hard to know where to start when building trust with your employees, but a good place is with transparency and honesty. Make sure that everything is out in the open and that employees know what to expect during all stages of the work cycle. It is also important to understand that some people are naturally more trusting than others, so it’s best to avoid making judgements about other employees before you’ve met them.
This is a general quotation from the Hippocratic Oath. The ethical core of medical practice is not to harm or do damage but rather to help and heal those in need. By applying this philosophy, you will be able to give your customers and employees that extra bit of confidence that they need in times of uncertainty or doubt.
5. Carry The Load
If you want your business to succeed, you have to be willing to give up some of yourself along the way. You must be a leader who can continually motivate and inspire your employees; this means taking on stress that was once theirs and not just sitting back and letting them deal with things as they are.
Business is a never-ending learning process, so there’s no way to have all the answers from day one. However, if you know what the answers are and if you take the time to be fully informed, ethical boundaries can be effectively established in your business. It’s important to have a culture that is open to learning and changing along the way but the good news is you can earn the respect and trust of those around you with a little work.
Business ethics refers to an ethical framework relating to business that applies standards of right and wrong, particularly in regard to business conduct such as honesty, selfishness, fairness, justice and integrity, as well as deception and unfair actions such as theft or exploitation. Business ethics (business ethics) are the codified values that serve as the basis for conduct within the fields of commerce. The term “business ethics” was coined by Julian H.