7 Principles of Business Ethics: Responsibility, Care and Respect, Honesty, Healthy Competition, Loyalty, Transparency and Respect for the Rule of Law

Jill Young, professor at the School of Business at the University of the South, believes that integrity is the most important ethical concept as it covers a wide range of areas. Having standards in place is only part of the story; any company can put words on paper and talk about its values. However, as the headlines continually remind us, ethical failures and breaches of trust still occur. It is not enough to create and communicate a code of values and ethics; people must live by those standards in everything they do.

Customers and the public will judge a company by its actions. Every person who interacts with or impacts a customer must provide value and make them feel valued. These two forms of value are experienced individually with each person who is part of the customer's value chain. This is where the integrity of a company is revealed; it is reflected in the reliability and reliability that a company demonstrates in every interaction and transaction. When ethics and integrity are present in a company, everyone can count on words to be backed up by corresponding actions and behaviors. When they aren't, the result is confusion, disappointment, disgust and dysfunction, both inside and outside the organization.

The most recent lesson on the importance of business ethics came with the collapse of Wall Street. Business ethics goes beyond a simple moral code of good and evil; it tries to reconcile what companies must do legally with what is right. All companies must develop ethical models and practices that guide employees in their actions and ensure that they prioritize the interests and well-being of those they serve. A business environment that promotes and defends strong values is often a happier and more productive workplace, says Jarc, and customers receive good service, so they keep coming back. It is essential to understand the underlying principles that drive desired ethical behavior and how the lack of these moral principles contributes to the failure of many otherwise intelligent and talented people and of the companies they represent. Business ethics relates to employees, customers, society, the environment, shareholders and stakeholders. The concept of business ethics began in the 1960s when companies became aware of the growing consumption-based society that showed concern for the environment, social causes and corporate responsibility.

Companies must ensure that technology is protected to the maximum of its possibilities as many store customer information and collect data that can be used by those with bad intentions. An anonymous reporting channel can help companies identify questionable practices and reassure employees that they won't face any consequences for reporting a problem.