Business ethics refers to the professional moral principles that are required to be implemented as guidelines by the business during its daily operations. It additionally includes individual actions and mode of conduct within the business (Cortina, 2017). Nevertheless, businesses need to formulate adequate policies that advocate for ethics adherence by all business stakeholders. Business ethics usually exist in the following forms:
Ethics of Accounting
This form of ethics involves observing paper procedures and methods of accounting, keeping records of account and issuing financial statements of account annually as well as publishing them in the dailies. It additionally requires that the business should not engage in accounting activities that aims at adjusting financial information so as to evade taxes or reduce its financial obligations towards taxation.
Human Resource Management Ethics
Businesses are required to maintain proper recruitment, promotion, training, performance appraisal, and transfer records (Benton, 2008). They are also supposed to safeguard against discrimination of various forms. Employees should be treated with human dignity and respect. Any unethical and inhuman practices should be discouraged. Clear policies should be stipulated, and an outline of penalties associated with such offenses should be made known to all stakeholders as a correction mechanism.
Sales and Marketing Ethics
These form of ethics requires that companies carry out honest advertising, give customers value for their money, offer after sale services and give a true picture of the sales volume rather than exaggerate or under present their sales volume. This ethical requirement is normally abused by business organizations during advertisements as most organizations engage in false adverts and sales offers which only aim at attracting customers' attention.
These form of ethics require that firms produce genuine quality products or services. These should be offered in good time. It also requires that the safety of customers is guaranteed when the products are being made. There should also be continuous improvement of the products with a review of methods and ingredients used as well as reviewing their safety from time to time.
Business and Community Relationship Ethics
These form of ethics involve getting concerned about and participating in community activities and programs. The firm should ensure that it maintains environmental friendly practices to avoid pollution or degradation of the environment. The firm should also respond to the needs of the community around for instance, by building schools, water projects and hospitals (Cortina, 2017). Through community involvement in the business project, the project eventually achieves a collective success and protection as it is communally owned. Additionally, this communal ownership and involvement also encourage environmental protection efforts through proper disposal of waste materials together with engagement in activities that aims at conserving the natural environment such as planting of trees within the neighboring community.
International Business Ethics
These form of ethics require that a firm respects cultural diversity employs internationally accepted business ethics, and updates itself on globalization and global standards (Benton, 2008). The business should respect the laws and policies outlined in the host country where they are conducting business.
In conclusion, policy and ethical principles require that a business and its stakeholders separate between wrong and right actions and eventually adopt the right choice of action. Unethical modes of conducts are easily identified within a business field and should be exposed to relevant punishment as outlined by the various legislations and business policies. For example, child labour adoption is prohibited in business activities, unlawful use of materials or processes which are copyrighted together with engagement in bribery and corruption are not acceptable according to government legislation and can be punished through termination of the business license.
Benton, R. (2008). Business, Ethics, and the Environment: Imagining a Sustainable Future, by Joseph R. DesJardins. Upper Saddle River, N.J.: Pearson Prentice Hall, 2007. Business Ethics Quarterly, 18(04), 567-581. doi:10.1017/s1052150x00010071
Cortina, A. (2017). Corporate Social Responsibility and Business Ethics. Corporate Citizenship, Contractarianism, and Ethical Theory, 69-78. doi:10.4324/9781351161008-5
Cite this page
Free Essay on Introduction to Business Policy and Ethics. (2022, Dec 01). Retrieved from https://speedypaper.com/essays/introduction-to-business-policy-and-ethics
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- Public Relation Analysis of Metro Trains: Dumb Ways to Die. Free Essay.
- Free Essay Sample on Boardroom Diversity
- Essay Example: My First Intimate Relationship as a Life-Changing Experience
- Free Paper Sample: Sociology in Sports
- Free Sample of Annotated Bibliography on Homelessness in the State of Hawaii
- The 10 Project Management Knowledge Areas - Essay Sample
- Free Essay on Coaching and Counselling