Sora McEvoy, H.B. Beal
Bottom Line---The ethics of a business are not only good for the bottom line of a company, but also for the health and wellbeing of its employees, and therefore society as a whole.
Business ethics refers to the standards of moral and ethical beliefs which guide the protocols and behaviors of an organization. An ethical company that has implemented good business ethics exemplifies values such as integrity, social responsibility, fairness and environmentalism.
It is important for organizations to operate ethically to ensure a safe work environment. It is also crucial to exhibit good business ethics to maintain a positive image, both to the public as well as with the employees. Other companies are more inclined to work with a business with a good reputation. This reputation also attracts a loyal customer base and maintains the talented workforce, which can lead to an increase in revenues. Most people prefer to work with a fair, ethical company over one that is unfair and unethical. Just like how a negative reputation can drive customers away, a good one will attract new customers. If employees feel unfairness around them, or they are in an unsafe environment, their dedication to the company will suffer. This emphasizes the importance of fostering an open and fair work environment, where employees feel safe.
Having ethical business policies is not only effective and valuable in businesses, but also in society as a whole. When people work for an ethical company, these values may be transferred to their personal lives. It would be surprising if people had completely separate sets of values that they applied when at work versus their values in their personal lives. If employees spend their work hours in an ethical, respectable, and fair workplace, they will most likely transfer these values into other aspects of their lives. This transference of values will, over time, have the potential to shift the values of society. When a negative workplace culture, such as systemic discrimination, is discouraged in an organization, people may be more inclined to be more accepting in their personal lives. Just as a positive approach to environmentalism at work, may discourage wastefulness in employees’ personal lives. When integrity is promoted at work, people may be more inclined to implement integrity in their personal lives. These comparisons could go on forever and they apply to the organization, employees, and the customers.
Businesses that demonstrate their dedication to good morals and implement values such as integrity, social responsibility, fairness, and environmentalism will be more successful than companies that do not, and they have the potential to positively impact society as a whole. The bottom line is that economic success is not the only benefit to an ethically run business.
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Top picture-Noah Rolland and Jan Delaney.