The concept of business ethics dates back to the earliest forms of bartering, which centered around the principle of fair exchange. Since then, countless philosophers have explored its roots. However, it is only since the 1970s, when anti-big business protests spurred an interest in the issue, that it has become an academic field of its own. Since then, government legislation and business codes of conduct have both incorporated business ethics into their practices.
Business ethics are important because they ensure a company operates in a morally and legally acceptable manner. This not only protects the company’s reputation, but also helps it attract quality employees. Many job seekers are attracted to companies with high ethical standards, and those who are employed by them are likely to stay in the company. Consequently, business ethics are important in any industry. While it is not always possible to enforce business ethics, it does help to ensure that all business practices are in keeping with the law.
Business ethics are the moral principles and rules that guide an organization’s conduct. They are often governed by laws, but can also guide corporate social responsibility, employee relationships, and relationships with vendors and clients. In addition, business ethics ensure that everyone is treated equally and fairly within a company. And because business ethics are closely related to the law, many businesses are governed by a code of ethics that guides their decisions. For example, they should never pay employees less than their fair wages, treat them better, or make discrimination against certain groups a priority.
Business ethics is an important topic for managers who want to ensure that their decisions are ethical. Traditionally, the answers to the question of why managers should be ethical were not very compelling. Now, business ethics research reflects a response to these shortcomings. Many professors are taking stock of the field and calling for fundamental changes in the way business ethics is taught in business schools. There are promising new approaches being proposed, and they may provide a much-needed guide to managers who are confused about business ethics.