Definition of business ethics – business ethics play a big role today as ethics means what right and wrong. Not only do businesses today need to follow the law but they need to do something beyond following the law businesses should do extra in any way that they can. This helps businesses get good reputation and also their customers trust. All businesses should have their own ethical values and therefore these values should be applied to everything, for example anything from achieving their objectives to treating their employees’ right.
Ethical activities – this involves businesses concentrating on making a contribution towards the community and ...view middle of the document...
Corporate governance – a limited company consists of directors; they make the decisions and the operational managers answer to the directors on various levels. A public limited company however has shareholders; they trust the directors and the managers to control the business in an ethical way.
Corporate social responsibility – this involves a business not only following a law but also considering going beyond the law and doing something better for the sake of the business making themselves look better. A business that helps the environment and is ethical gain more customers as customers are now more aware of what is happening to the daily world.
Environment – businesses and customers are more aware of what is happening around the world; global warming. This is why it is more important for businesses to do something ethical about it; businesses provide recyclable bins and lately stores have started to charge for their bags, this encourages customers to recycle their bags.
Sustainability – our planet cannot sustain; keep up with the increasing levels of industrial development. This is why businesses should always sustain their policies about the environment.
Human rights – this applies to all of the businesses, as it is one of the most ethical factor. No businesses should discriminate against their religion, gender religion, disability or sexual orientation; it is illegal within UK and there can be some serious consequences for the business if they don’t follow this rule.
Corruption – this involves being unfair with gaining something within the business for example an individual within the business giving the job to someone they know and not giving anyone else a chance; the fairness of this business has been corrupted.
Trading fairly – this involves businesses making their customers feel safe about buying the product and knowing that it is going to be good quality. This also involves the business being carried out in an open manner. Lastly, competition taking place on grounds that are fair for all of their parties.
Legal and regulatory compliance – businesses should follow laws in order to be corporately socially responsible. These laws are designed in order to protect businesses customers, employees, and wider environment.
Business practices – there are laws in order to try and stop the ethical issues from happening. However there isn’t as many laws to stop everything; businesses should cut corners in order to achieve their aims and objectives, businesses should have their own normal and acceptable practices in order to be socially responsible.
Working conditions – businesses should entitle their employees to fair and open working conditions. This doesn’t only involve wages it also involves things like discrimination, harassment, privacy, etc.