The main motive or objective of every business organisation is to maximize its profits. All the inputs or resources of a business enterprise that are required to run it are taken from the society. Now, as the organisation is taking everything from the society, then it becomes the prime responsibility of that organisation to pay back to the society.
How business organisations can pay back to the society?
A business organisation can do this by taking care of various interest groups which are there in the society by giving them good quality products at fair prices. They can also do this by providing them a wide variety of products. As far as the workers are concerned, the organization can pay them back by paying them fair wage rates and a conducive environment where they can work. These three simple steps show excellent business ethics.
Ethical behavior of business organisations
In this light, a business organisation is not only an enterprise, but they are supposed to behave ethically. By the word ‘ethics,’ we mean that one can decide between the right and wrong. What is right and wrong is decided by the standards that a society develops.
Same goes for a business organisation that all their behaviours are judged based on standards that are approved by the society. For instance, the society decides what would be the working environments, such as, there should be drinking water, enough light, well-ventilated rooms, sufficient lunch break, etc.
If such requirements are not fulfilled, then it would be against the ethics of the society. Therefore, there would be a need that the organisation must try to improve this by learning the elements of business ethics.
Elements of business ethics
1. Top management behaviour
No matter how big the organisation is, such as, Investors Hangout, the people who are the face of the organisation must have the prime responsibility of propagating or making sure that everyone in the organisation behaves ethically. For that, they must be the ambassadors of propagating the ethical behaviour throughout the organisation, such as, by selecting candidates based on merit, etc.
2. Publication of a code of conduct
Throughout the organisation, the principles of behaviour should be written down and displayed as a code. It can regarding safety measures to be taken, the interpersonal behaviour of the employees, the way the employees behave with the customers, etc.
3. Employee participation
The employees must be given respect by taking their advice in decision-making processes. Also, the opinion of employees is important when a project is running in the organisation. The reason behind this is that employees are an important part of your business family. They have the proper work experience to guide you in making better decisions that can bring good results for your organisation.
The behaviour of organisation’s officials, a code of conduct and consulting your employees in important matters are all related to business ethics. It is the responsibility of every organisation to give the society their share of money and respect.