Ethics is a set of principles dealing with what is morally right and wrong. It is a standard of conduct or a code of behaviour representing ideal behaviour for a group of people. Practicing good ethics involves doing what is right, not always what is best for the individual or company. All around the world, business are designing and implementing business ethics programs. These programs look at legal, social responsibilities, and environmental issues they face.
Business managers need to understand finance and marketing. Why should they study ethics? There are managers who have a negative attitude toward ethics. They simply don't understand why they should be worried about ethics, as long as they continue to make money and stay out of legal trouble. Some managers understand they should be ethical, but since they're making a legal profit they think that it is the limit to their ethical duties. Yet another group of managers think that their ethical duty goes beyond what the law requires.
Often business people ponder the reason for being ethical at work. Is there motivation for them? Will they benefit from good ethics? A company that practices good ethics is more likely to build a good reputation and is more likely to have financial success.
Business owners need to understand the importance of ethics. It is important to practice ethical values for a few reason. One is that it will keep the company out of legal trouble. Another reason is that most people will feel good about themselves knowing that they are practicing good ethics. There are a lot of business that would benefit from ethics trainings, so perhaps it should be more common for a company to train their employees in ethics.
Retrieved from http://web.tepper.cmu.edu/ethics/whybizethics.pdf
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