Ethics might not be something new to people and businesses but still there are individuals and businesses who do not understand the need of the same. It is ironical that ethics which should be considered as an integral part is rather considered as an option.
The decision to behave ethically is solely dependent on the individuals and they must decide what is the right course of action even at the most testing times. In other terms, resorting to unethical practices might churn out short-term profits but it does not mean that the path taken will always lead to success. Success without integrity is absolutely nothing which has been agreed by the most successful personalities across the globe.
While adopting ethics might not provide results instantaneously, not aligning with ethical practices would cause serious and irreparable damage. No matter the size, industry or level of profitability of an organization, business ethics are one of the most important aspects of long-term success. Let’s break down business ethics into two parameters as below:
Ethics in Leadership: Setting an example is very crucial when it comes to ethics and since the management team is highly responsible for day-to-day operations, it is highly important that they inspire the employees to behave ethically. Setting clear objectives to employees about ethics, periodical instructions and reminders about ethical behaviours will help the management to impose the need of ethical behaviour to the employees. Building a foundation of ethical behaviour helps create long lasting positive effects for a company, including the ability to attract and retain highly talented individuals and building and maintaining a positive reputation within the community. Running a business in an ethical manner from the top down builds a stronger bond between individuals and the management team, further creating stability within the company.
Ethics in Employees: When ethics is set as an guidebook, it is actually easy for the employees to take decisions in a short duration which in turn increases productivity and employee morale. When employees complete their tasks with integrity and honesty, the whole organization is on the winning side. Employees who work for a corporation that demands a high standard of business ethics in all facets of operations are more likely to perform their job duties at a higher level and are also more inclined to stay loyal to that organization.
Benefits of Ethics in business:
Ethical behaviour and corporate social responsibility can bring significant benefits to a business. For example, they may:
- Attract customers to the firm’s products, which means boosting sales and profits
- Make employees want to stay with the business, reduce labour turnover and therefore increase productivity
- Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees
- Attract investors and keep the company’s share price high, thereby protecting the business from takeover.
Vembu prides itself in being an ethical organization and believes in professing the same to its employees. Therefore it is not a surprise that our customers and partners have immense faith in our products and us.
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