Importance and needs of Business Ethics

In today’s competitive world, holding a professional degree isn’t enough to guarantee a high-flying career. The candidates need to possess extraordinary skills, personality traits and knowledge of the corporate world to ace in their career. Today, every organization expects its employees to work towards its upliftment. In addition to that, an organization expects its employees to abide by its business ethics.  

Business ethics, in general, refers to a set of principles that need to be followed by employees working in an organization. It plays a key role in the functioning of an organization in the corporate world. It establishes a code of conduct, rules & regulation and standard processes that need to be followed by employees. Furthermore, it sets standards within which an organization regulates its operations and behavior. Hence, business ethics facilitate businesses to find the right and wrong path in business and forge towards growth. The aim of business ethics at different levels are:

Personal Level

In an organization, individuals should not misuse organizational or individual properties at a personal level. The employees should mutually help each other in the accomplishment of goals rather than looking for profits or getting indulged in politics.

Societal Level

Under the societal level, there must be no discrimination within the organization and the workers must not be treated harshly by the people in power. In the internal policies, the organization must seek for optimum utilization of resources so as to induce a better living and clean environment for employees and stakeholders.

Stakeholder Level

For the success of an organization, stakeholders play an important role. Thus, it must ensure proper care of stakeholders. All employees should properly follow ethics concerned with suppliers, financial institutions, shareholders, etc.

Internal Policy Level

The internal policy level of the organization ensures fair dealings of the business with its stakeholders. There has to be a proper formal communication at all the three levels of the organization. Furthermore, the department leaders must be fit enough to motivate the employees for enhanced productivity and betterment of the organization.

In order to fulfill these aims, there is a great need of business ethics in the organization.

The need of Business Ethics

According to Forbes, more than 86 percent of consumers choose a business that stands for its strong ethics and sustainability. Hence, a business can drive more customers and elevate its profitability if it follows business ethics. Similarly, employees especially millennials, prefer working with an ethical agency.

It is quite clear from the arguments above that business ethics no matter in which form, is important in the corporate world. It strengthens business and facilitates it to continue with its economic and social obligations perfectly. A balance must be maintained by business ethics at every level to facilitate the company in sustaining competition at large. Hence, every business today has its own set of ethics. Businesses also look for disciplined individuals who can abide by their ethics while performing their jobs.

In such a scenario, individuals should not just gain knowledge and skills but they should also be trained to follow business ethics. At MIT School of Distance Education (MIT-SDE), we offer management courses that train the candidates completely for the corporate world. Our courses are in sync with industrial trends and needs of modern-day businesses. Hence, candidates are immediately absorbed in the industry soon after passing out. If you wish to enhance your career prospects, then enroll at MIT-SDE right away!