Role of Ethics in Business
The word ‘Ethics’ means principle. Principles are made to guide people towards peace and prosperity.
Ethics is important in business to gain long termed profits. By this the company feels safe and secure. The company may not develop faster but haves a trust of their customers. So ethics play a very imp. Role in business.
Ethics are the moral values, culture and belief which should be followed by the organization to be successful. If a company wants to attain more profit in short duration they will go for unethical practices because through ethical means company gets a profit but it takes a long time.
The top management of the company makes sure that the ethical practices should be followed by each individual within the organization then only company will attain the trust of the customers. Ethics not only gains trust of customers, but also of stakeholders, shareholders, owners, investors and employees of the organization.
Ethics knows the difference between what you have a right to do and what is right to do. It is true that morals and values differs for an individual, concerns come in our professional lives. When people at work pressurize you to things, often we ignore our ethics.
Morals and values are extremely individualistic. It’s incorrect to say that you can’t succeed if you are ethical in business. You will probably take some more time to succeed. You can’t force someone to follow ethics.
Ethics will gain importance in the coming years because you can no longer fool people in India with the advent of media and rising literacy rate.
Today’s youth wants to work in a company that is highly respected, same can be said about consumers who want to purchase from a well-known sources.
Doing ethical business will create confidence in the mind of stakeholders. Business vs safety is very important criteria because doing business with safety norms and ethical practices gives more value than the business without ethical practices.