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In the business industry, the importance of practicing ethically has been valued by a variety of organizations. As an individual is hired within a company, the Human Resources department will make them aware of the Code of Conduct within the organization; they will be expected to display these values in their work to be successful. The Code of Ethics and establishment supports often reflects the higher powers that are running the business. For example, if a company exhibits high morality it will be well known in the corporate industry as an honorable establishment, allowing them to maintain a positive reputation within the industry. This will open numerous opportunities for potential consumers and bring business to the company. A company that encompasses these qualities, will oftentimes experience high productivity and gain profits. This positively impacts the organization in terms of its public relations stance. On the other hand, when an individual behaves immorally it can negatively affect the company. The company may begin to experience legal trouble, as the Code of Conduct typically overlaps with the laws in North America. For example, in 2015, Volkswagen was caught in a diesel-emissions test-related scandal where the company was promoting a more eco-friendly car to sell more vehicles to consumers. With this cheating device installed in their products, they were able to sell more cars to the public by allowing them to believe the product they were purchasing was better for the environment than other vehicles on the market. In this instance, Volkswagen was exposed and faced with a variety of fines and lawsuits in different countries. This situation was easily avoidable as they could have acted in a moral way, such as finding a real way to positively impact the environment in their car manufacturing. If they were to apply a more ethical approach this company could have avoided such a hefty punishment, instead, they chose the easy route to profit, and the company was negatively affected; losing profit. Many companies face issues such as this as they choose not to abide by true ethics, rules, and regulations.
Understanding the importance of ethics, sources of ethics, and the goals of ethics determines the conclusion and following recommendations on the standards we must live up to in regard to ethical behaviors:
According to Joshua Joseph, ethics is defined as “Sets of formal and informal standards of conduct that people use to guide their behavior at work. These standards are partly based on core values such as honesty, respect, and trust, but they also can be learned directly from the actions of others” (Joseph, nd.)
It is important to remain ethical in a professional environment.
Familiarize yourself with the ethical standards, vision, and mission statement your company has, and do not waver from it
Depending on your field of work or study the ethical and moral standards vary greatly.
If you witness an individual, company or organization act in an unethical manner you can take steps to ensure that their misbehaviors have consequences.
Companies that are ethical and treat their employees fair often have a higher production rate, higher revenues, lower turnover rate, and honorable reputation.
Companies that are unethical and treat their employees unfairly often have lower morale among staff, lower revenues, legal issues, a high turnover rate, and are known as unreliable and dishonest.
Taking into consideration the importance of ethics and how they differ from industry to industry, we recommend that all businesses should make ethics a top priority, instead of focusing on filling their pockets. The repercussions of unethical behaviors can be detrimental to a company's reputation, productivity, and revenues. Following ethical standards will allow one to succeed and will lead to strong company/customer relations.
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