What is “Business Ethics” and where do ethical standards come from?

Expert Solution

Business ethics are the moral principles that guide the behavior of business. Ethic culture is very important in business environment. It is very essential to make a right kind of environment at work place and do the right things.

Ethical standards refers to the principles that are followed to maintain greater value of trust and fairness. The ethical standards come from values, artifacts and assumption of organization culture.

Values – It refers to the principles and norms of the society that govern the behavior are called values. Values are originated from different places. They are: Values are inherited from family, friends, values are learned from others such as work place, values are created based on the type of environment the person is in such as school. religion, technology, historic event, life changing event, etc.
Artifacts – It refers to those aspects which are visible and can be seen. For example ceremonies, dress code, etc.
Assumption – It is the deepest level of the culture. It generally develops out of the values but is difficult to identify. It directs the individual to exhibit acceptable behavior and show correct thought process in the society.

It is important for managers to monitor and control their employees and ensure that they are working as per company's values and expectations. The reasons ethic is important for businesses are: -

It makes the business sustainable and more environment friendly by making safe products and minimizing social and economic impact.
It creates positive impression in customer's mind.
It helps in improving the staff productivity by involving them in decision making process to make the business green. Green firm offers healthier and safer work environment and also attract best employees.
Ethical culture also attracts investors which increase the company's share price.
It improves the reputation of the organization.
It plays important role in guiding the organization to meet the goal effectively.

keosha answered 7 months ago

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