Competitiveness, innovation and ambition are critical for a business to succeed, but they need to be kept in check with a strong moral compass, and business done in the right way. Regardless of whether you believe good business ethics contribute to profits or not, poor ethics will have a major impact on your bottom line.
You can study what it takes to create an ethical organization in this course. Here are two proven ways to ensure that ethical conduct holds sway at your company: The company reputation is very important, as well as the pride and morale of their employees.
Share your code of ethics with customers. In addition, people are known to respond to incentives whether positive or negative.
Performance reviews already include factors that are difficult to measure objectively, such as teamwork and creativity. Respect is given because everyone deserves dignity, privacy and rights, and they adhere to the rule that you must strive to treat others the way you would like to be treated.
Although there are several governing agencies, like the American College of Medical Quality, decisions about incentives are often left to physicians.
To demonstrate their strong character, these workers embody these positive traits daily, likely distinguishing themselves from the rest.
Self-Disciplined Character Those with a good work ethic often also possess generally strong A description of rewards for having good business ethics.
People who possess a strong work ethic embody certain principles that guide their work behavior, leading them to produce high-quality work consistently and without the prodding that some individuals require to stay on track.
Her work appears on eHow, Trails. In a business, ethics has very positive benefits, and you can learn more about them in this course. For instance, sales professionals are often paid bonuses for meeting quota.
Ensuring ethical practices in the workplace, such as with personnel policies, can stave off expensive litigation or fines in the future.
Offer protection in preempting or defending against lawsuits. Examples of Incentives and Ethics Several industries have addressed the ethics question because of the sensitive nature in which their funds are used. When an unethical company finds itself with no customers, no investors and no suppliers, it will be forced to change its ways or go out of business; constant striving for better and more ethical dealings in this way produces a cycle of continuous improvement.
Being fair also means being open minded, admitting when they have made a mistake, and adjusting their beliefs and positions when it is appropriate. Here are 12 principles that form the basis of business ethics, and are what you need to hold yourself accountable to: Take those concerns seriously, and ensure confidentiality.
Act quickly to put an end to any kind of harassment, and show the same high level of respect for all your employees. Loyalty You need to be loyal to both your company, your team and yourself, while operating within a strong moral compass. Obeying the law An ethical executive always obeys the law, and never breaks the rules, regulations or laws surrounding their business activities.
A company which sets out to work within its own ethical guidelines is also less at risk of being fined for poor behaviour, and less likely to find themselves in breach of one of the multitude of laws concerning required behaviour — for example, laws around payments to corrupt regimes, or environmental practice policies.
Many managers and company owners feel that rewarding ethical behavior is rewarding people for something that ought to be a bare minimum standard. This is a formal statement that sets standards of behavior for everyone in the company. What makes for good business ethics?
Often this dedication leads them to change jobs less frequently, as they become committed to the positions in which they work and are not eager to abandon these posts.
Upholding the promises it has made is crucial to maintaining that reputation. They are also often very honest and trustworthy, as they view these traits as befitting the high-quality employees they seek to become.
Goodwill that enhances your reputation as a positive force in the community.For instance, if an automobile repair shop rewards mechanics for getting repair jobs done quickly or puts service consultants on a commission plan, then the mechanics will have an incentive to rush their work and the service consultants will have an incentive to talk customers into getting work they don't really need.
An Introduction to the Rewards for 'Good' Business Ethics PAGES 1. WORDS View Full Essay. More essays like this: business ethics, good business ethics, behavior in business. Not sure what I'd do without @Kibin - Alfredo Alvarez, student @ Miami University.
Exactly what I needed. Dec 10, · For a quick minute introduction to Business Ethics for everyone, try this short course in Business Ethics and Code of Conduct. The Importance of Business Ethics to a Company: Working as an ethical business has many benefits, not least of which is the ability to attract and keep investors, employees and billsimas.com: Laran Joseph.
Apr 04, · 12 Business Ethics Examples. April 4, For responsible decision making in a business environment, a good set of ethics is key.
Regardless of whether you believe good business ethics contribute to profits or not, poor ethics will have a major impact on your bottom line. Without standards you have misinformed, misguided Author: Travis Bennett. OVERVIEW .
Good ethics make good business sense. Your company stands to profit from a reputation for acting with honesty and integrity. Environics International recently surveyed 25, people in 23 countries; 50% said they "pay attention" to the social behavior of companies.
About the Author. Erin Schreiner is a freelance writer and teacher who holds a bachelor's degree from Bowling Green State University. She .Download