Question

Discuss ethics and trust as critical aspects for sustainable business and suggest how you would instill these if you were a CEO of an international company

Answer 1

Ethics

Ethics typically means a set of values followed by a group of people working in an organization or society which includes activities that are correct or wrong, Beliefs and Laws. Trust is usually having confidence or hope in something.

Ethics and trust as critical aspects for sustainable business

1. Ethical behaviour in business is following code of conducts which are set by the organization which are termed to be good. Example: Honest, Equality, fairness etc. When this is not instilled in the organization the working environment becomes hostile and untrustworthy which would in turn lead to other goodwill and brand issues in the market which affects its sustainability

2. A business to sustain should be free of Harassing employees; discriminating people on basis of nationality, religion, sex, lying and avoiding work etc. This can be done only by inculcating ethical behaviour in organization

3. Being unethical sometimes leads to illegal activities which are against law and hence the organization may face major consequences like legal suit, fines, brand name damage etc which in turn affects sustainability

Instilling ethics can be done through below ways:

1. In many cases ethical behaviour is reciprocal, only when the leader follows ethics; the team will work in his direction.

2. Communicating what is necessary to the business with clarity, and through sharing and delegating tasks appropriately a leader can display ethical behaviour.

3. Abiding by the organization code of conducting and emphasising the team to follow the same is good way to instil ethics.

4. Hiring the right people to the organization who is high on ethics can later form a big team which turns into the organization culture to be ethical.

5. Protecting the team members while they are whistle blowers is an excellent way were a manager displays being an ethical.