Business is about making and exchanging values. So if you want to pursue a career in business and are a person who cares about moral and philosophical values then here is the perfect career option for you: Business ethics.
The first thing that pops in our mind is: Is business ethics is a western concept? What is business ethics?
The word Ethics is derived from the Greek word ‘ethos’. Ethics is a branch of philosophy that is concerned with human behaviour and conduct. Ethics is generally referred to as what’s moral, good, right, just and honest. Ethics guides an individual to live a morally just life.
When this ‘Ethics’ is added beside ‘Business’. It becomes Business Ethics.
Business ethics
Business ethics deals with the moral and ethical problem that arises in a business environment it refers to a rule value norms, and standard of a modern organization that governs the action and behavior of an individual employee.
Business ethics aims to ensure consistent moral behavior within the organization – from the executive, levels to newly hired. It influences the conduct of every employee their interpersonal relationship and their relation with external customers.
So let’s back to our main question… Is business ethics a western concept?
Were eastern countries aloof of the concept of business ethics?
Is Business Ethics a western concept?
Ethics is a known concept in the west and east both Business ethics has an evolutionary origin. References of Business ethics have been found in both ancient eastern books and western ancient books too. For example, the concept of Business ethics can be found in ancient texts of Greece, India, China, etc.
But the term “Business Ethics” was first come into common use in the USA in 1970. In those times, unethical conduct was increasing among Corporations. And to deal with it Business Schools started teaching Business Ethics as a subject.
Since then Academians and Scholars begin to study Business ethics as a subject. Therefore we can say Business ethics is a western concept partially.
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Principles of business ethics
Business ethics act as guidelines that Businessmen employees look upon to judge what is right and not. Here are some basic principles of Business ethics-
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Principle of Trust
While working in an Organization trust forms a base of making relationships within.
An Employer trusts his Employees to work hard for the progress of a Company and Employees trust Employers to pay them and treat them nicely.
Also a Consumer trust Entrepreneur for the quality of a product, an Entrepreneur trusts the Consumer to buy his products.
Therefore it is important to maintain trust so that everything can work smoothly.
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Principle of Honesty
Honesty is all about being transparent and being honest about your: Work, Word, and Action.
An employee should stay honest in his work; an employer should be honest to his word. Similarly, an Entrepreneur should stay honest about his action.
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Principle of Integrity
If a person is of integrity he won’t do a wrong thing or cheat someone even if the situation is not an advantage for him, therefore, he won’t harm society or individuals in any way.
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Principle of Loyalty
An employee should be loyal to his company and employer. This will help in the mutual development of both employee and employer both.
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Principle of Respect
Mutual respect between an employee and an employer and between employees is important for the workplace to run smoothly.
Why is Business ethics important?
Let us now see some benefits of following Business ethics in an organization-
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Employee retention:
Strong Business ethics and religiously following them develops a healthy workplace. Whereby an employee stays loyal to the company and employer appreciates and acknowledges employees work.
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Teamwork:
Employees form a strong bond with each other and consequently start respecting and working together efficiently.
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Effective leadership:
Managers who follow Business ethics can become influential and effective leaders as they treat every team member respectfully and sets an example for everyone to follow.
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Increased overall progress:
An effective influential leader like a manager and loyal hardworking employee contributes to the overall progress of the company.
Ethical behavior, not only improve the overall progress of a company but also fosters employees efficiency and Business relation.
