The Benefits & Importance of Ethics in the Workplace
- Asset Protection. A strong ethical culture within your business is important in safeguarding your assets. ...
- Productivity and Teamwork. Workplace ethics is integral in fostering increased productivity and teamwork among your employees. It helps in aligning the values of your business with those of your workers.
- Public Image. You earn a lot of respect and cultivate a strong image in the public domain when you make ethical choices.
- Decision-Making. Ethical conduct in the workplace encourages a culture of making decisions based on ethics. It also enhances accountability and transparency when undertaking any business decisions.
What are the benefits of ethical conduct in business?
The public would consider your business to be operating with honor and integrity while valuing people over profits. Building a strong public image through ethical conduct also earns you more clients. Customers would develop trust in you and do business with your organization. Decision-Making
What is the value of workplace ethics?
The Value of Strong Workplace Ethics Workplace ethics refers to the way employees in an organization govern themselves and their overall work attitude, but it can also refer to the morality, or lack thereof, permeating a workplace.
Why is it important to have a strong ethical culture?
Decision-Making Ethical conduct in the workplace encourages a culture of making decisions based on ethics. It also enhances accountability and transparency when undertaking any business decisions. During turbulent times, a strong ethical culture guides you in managing such conflicts by making the right moves.
What are the benefits of an ethical management team?
Here are 5 key benefits to consider: An Ethical Management Team is Good for Business – In a company where there is the perception that management really values their employees, their vendors and their customers, the performance of the company is notably better, especially in times of an economic downturn.
Which of the following summarizes the difference between a firm's vision and mission quizlet?
A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this vision.
Do vision statements help firms gain and sustain competitive advantage?
Do vision statements help firms gain and sustain competitive advantage? It depends on if the vision statement is customer-oriented or product-oriented. Customer-oriented strategy tend to be better.
Why are businesses with product-oriented vision statements?
Product-oriented vision statements define a business in terms of a good or service provided. Customer-oriented vision statements define business in terms of providing solutions to customer needs. Customer- oriented vision statements provide managers with ore strategic flexibility than product-oriented missions.
What is best described as a set of goal directed actions a firm takes to gain and sustain superior performance relative to competitors?
Strategy is a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
How does a firm achieve sustained competitive advantage?
How do Firms Gain a Sustainable Competitive Advantage? A firm uses its capabilities and resources to offer products and services that customers want. When a firm uses them optimally to produce a product at the lowest cost and with more features, it creates a cost or differentiation advantage.
How can a firm establish and sustain competitive advantage?
There are three strategies for establishing a competitive advantage: Cost Leadership, Differentiation, and Focus (Cost-focus and Differentiation-focus).
Why anchoring a firm in ethical core values is essential for long term success?
Briefly justify why anchoring a firm in ethical core values is essential for long-term success. Ethical core values underlay the vision statement to ensure the stability of the strategy, and thus lay the groundwork for long-term success.
What are good core values for a company?
Ten examples of company core valuesIntegrity. Acting with strong ethics is a priority for everyone representing the organization as well as the company's behavior as a whole.Honesty. It's not just the best policy. ... Fairness. ... Accountability. ... Promise to Customers. ... Diversity and Inclusion. ... Learning. ... Teamwork.More items...•
What is meant by core values of a company?
Core values are the deeply ingrained principles that guide all of a company's actions; they serve as its cultural cornerstones. Collins and Porras succinctly define core values as being inherent and sacrosanct; they can never be compromised, either for convenience or short-term economic gain.
What are the strategic implications of product oriented and customer oriented vision statements?
Customer-oriented vision statements allow companies to adapt to changing environments whilst product-oriented vision statements limit that ability. A product-oriented vision defines a business in terms of a good or service provided. It tends to force managers to take a more myopic view of the competitive landscape.
Who is most responsible for devising the corporate strategy?
One of the most important roles of the CEO and the senior leadership team is to develop and successfully execute their company's strategic plan. One of the most important roles of a board is to provide input during the development of the plan and vote on its adoption.
When it successfully formulates and implements a value creating strategy?
Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. A firm has a competitive advantage when it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.
Why is it important to have an ethical manner in the workplace?
When management is leading an organization in an ethical manner, employees follow in those footsteps. Employees make better decisions in less time with business ethics as a guiding principle; this increases productivity and overall employee morale. When employees complete work in a way that is based on honesty and integrity, the whole organization benefits. Employees who work for a corporation that demands a high standard of business ethics in all facets of operations are more likely to perform their job duties at a higher level and are also more inclined to stay loyal to that organization.
What is business ethics?
Benefits of Business Ethics. The Bottom Line. The system of moral and ethical beliefs that guides the values, behaviors, and decisions of a business organization and the individuals within that organization is known as business ethics. Some ethical requirements for businesses are codified into law;
What is ethical quandary?
The nature of a business's operations has a major influence on the ethical issues with which it must contend. For example, an ethical quandary arises for an investment brokerage when the best decision for a client and their money does not coincide with what pays the brokerage the highest commission.
What are some examples of industry specific business ethics?
A striking example of industry-specific business ethics is in the energy field. Companies that produce energy, particularly nonrenewable energy, face unrelenting scrutiny on how they treat the environment.
What is the area of technology that requires ethical decisions?
A particular area in which technology companies must make tough ethical decisions is marketing . Advancements in data mining technology enable businesses to track their customers' movements online and sell that data to marketing companies or use it to match customers with advertising promotions.
Why is it important to maintain a positive public image?
To retain a positive image, businesses must be committed to operating on an ethical foundation as it relates to the treatment of employees, respecting the surrounding environment, and fair market practices in terms of price and consumer treatment.
How does a management team help a company?
When the prevailing management philosophy is based on ethical practices and behavior, leaders within an organization can direct employees by example and guide them in making decisions that are not only beneficial to them as individuals, but also to the organization as a whole. Building on a foundation of ethical behavior helps create long-lasting positive effects for a company, including the ability to attract and retain highly talented individuals, and building and maintaining a positive reputation within the community. Running a business in an ethical manner from the top down builds a stronger bond between individuals on the management team, further creating stability within the company.
Why is ethical management important?
An Ethical Management Team is Good for Business – In a company where there is the perception that management really values their employees, their vendors and their customers, the performance of the company is notably better , especially in times of an economic downturn. When the management team behaves ethically, there is the perception that the contribution of each employee is rewarded and appreciated; that the interests of each customer and employee become a priority. Here’s the tricky part; unless the management team, from the president or CEO on down, embraces the same ethical construct, no program or policy works. In fact, when the attitude of the management team is one of “do as we say, not as we do,” productivity and business can decline.
What is ethical organization?
An Ethical Organization is a Healthy Organization – A corporate culture that is built on a solid ethical foundation has a stronger base of employee satisfaction.
What happens when there are lower rates of observed acts of unethical behavior?
When there are lower rates of observed acts of unethical behavior, employees are less likely to “steal” time, product or supplies and to increase the reporting of misconduct to the leadership of the company. All of this translates to lower expenses.
Is it "us" or "them" in an ethical environment?
In an ethical environment, it is not “them” versus “us.”. Leaders are perceived as being humble and aggressive (in a good sense) in their professional courage to do what is necessary to have an ethical compass.
What is the value of ethics?
The Value of Strong Workplace Ethics. Ethics are the guiding principles that determine how employees conduct themselves in the workplace. While ethics and workplace behavior have always been at the forefront of organizational efforts, there are still issues that occur today regarding ethical lapses in corporate conduct and judgment.
What is the role of ethics in the workplace?
The Role of Workplace Ethics. Ethical lapses of any kind have the tendency to snowball in a work environment. Once employees see others breaking the rules without repercussions, they may start to think it’s excusable for them to do so as well.
What are ethical lapses?
Some of the most common examples of workplace ethical lapses fall under the following categories: 1 Preferential Treatment. Employees who receive special treatment at work, whether from patronage, friendship, or sexual and/or romantic relationships, are privy to unfair and unethical favoritism, which should be reported by fellow employees. 2 Gossiping. Spreading untrue rumors about colleagues, company projects and plans, or anything else related to work culture is both unethical and indicative that an employee cannot be trusted when it comes to discretion and privacy. 3 Dishonesty. This can manifest in several different ways, though common ones include taking credit for other people’s work or misleading information about progress on a project. Dishonesty comes in many different forms and is another trait that can derail an employee’s career no matter how small or harmless it may seem in the moment. 4 Selfishness. Thinking only of your own interests, even in seemingly insignificant situations such as hoarding office supplies, leaving dishes unwashed in the kitchen, not remaking coffee or refilling the printer paper, is not a behavior conducive to cooperation, and is likely to be considered inconsiderate or even unethical by coworkers.
How does ethics work in the workplace?
Workplace ethics are reflected in how organizations treat their suppliers and customers, how they interact with others, how they perform their tasks, and how they communicate both internally and externally.
Why should companies have a code of conduct?
Companies should always have an employee code of conduct available, so all members of an organization can have a clear understanding on where the company stands on different ethical matters. If some unethical behaviors to some may seem harmless and go unaddressed, it will speak a lot to both the individual’s character and the tolerance of misconduct by the organization.
What is workplace ethics?
Workplace ethics refers to the way employees in an organization govern themselves and their overall work attitude, but it can also refer to the morality, or lack thereof, permeating a workplace. The way a company operates and is perceived by both the public and competitors often comes down to the workplace ethics.
What happens if an organization doesn't combat unethical behavior?
Unethical behavior that goes on without being reprimanded undermines the moral fabric of an organization, leading to larger problems than the unethical issue in question.
Why is ethical conduct important in the workplace?
Ethical conduct in the workplace encourages a culture of making decisions based on ethics. It also enhances accountability and transparency when undertaking any business decisions. During turbulent times, a strong ethical culture guides you in managing such conflicts by making the right moves.
Why is workplace ethics important?
Productivity and Teamwork. Workplace ethics is integral in fostering increased productivity and teamwork among your employees. It helps in aligning the values of your business with those of your workers.
Why is it important to have an ethical culture?
A strong ethical culture within your business is important in safeguarding your assets. Employees who abide by your workplace ethics would be able to protect and respect your business’s assets. For example, they would avoid making personal long distance calls using the business’s lines. Workers can only respect company property when you treat them ...
Why is it important to build a strong public image?
The public would consider your business to be operating with honor and integrity while valuing people over profits. Building a strong public image through ethical conduct also earns you more clients. Customers would develop trust in you and do business with your organization.
How to respect company property?
Workers can only respect company property when you treat them with respect and dignity, which makes them feel proud to be working for your business. Ensure that your workers perform in an environment with integrity and strong ethics. It increases employee pride and discourages them from stealing supplies or equipment.
Do non-unionized employees have stronger ethical cultures?
The Ethics Resource Center reports that non-unionized employees perceive stronger ethical cultures within their organizations than their unionized counterparts. The non-profit organization also reports that young workers are more likely to perceive weak ethical cultures within their companies than older ones.
How to increase strategic flexibility?
increase their strategic flexibility by developing product-oriented vision statements.
What is true help?
True Help is a nonprofit organization that works toward rehabilitating the homeless. The credo of the organization is "help us help you." For an organization like True Help, which of the following statements would make an appropriate mission?
Who decides who the product managers will be for a company?
The CEO decides who the product managers will be for a company.
Why do organizations need to foster ethical values?
Additionally, organizations need to foster ethical values not just to help their companies but simply because it’s the right thing to do.
What is the ethical core value of teamwork?
The ethical core value of teamwork doesn’t just entail people working toward a common goal. It deals with respect and concern for other group members. Strong teams brainstorm with each other, collaborate, and support one another in achieving goals, which leads to greater productivity, progress, and innovation. In other words, team members make each other and the companies they work for better.
What is ethical behavior in business?
Ethical behavior in business should also include fairness. This means treating each individual as an equal, no matter a person’s position within the company. An organization that champions fairness promotes workplace diversity, encouraging people of different backgrounds and points of view to influence how the company operates.
What does fairness mean in the workplace?
Fairness in the workplace can be something as simple as not showing favoritism. The company Arbeit is one business that promotes fairness throughout its organization. Greg Jones, a customer research analyst for the company, says that fairness means “trying to be a blank page and giving everyone the same pen with which to write their story. It means all opportunities, advancement, and recognition being offered in equal measure to all qualified parties.”
What is the value of integrity?
The value of integrity often informs ethical decision making. In other words, companies that display integrity do what’s right even if experiencing tremendous pressure to go a different way. For example, this might look like holding fast to core beliefs and taking the high ground rather than the easy road. As media mogul Oprah Winfrey explains, “Real integrity is doing the right thing, knowing that nobody’s going to know whether you did it or not.”
How does honesty manifest in business?
One way honesty can manifest in business is through advertising. A fascinating case of this comes from a Dutch hotel company called the Hans Brinker Budget Hotel. This business is well-known for offering an unapologetically poor customer experience. Their hilariously straightforward ad campaigns have made them world-renowned for being terrible. One campaign featured posters with phrases like, “Sorry for being excellent at losing your luggage” and “Sorry for being the best at ignoring your complaints.” This brutal honesty attracts budget-minded people looking for a place to rest their heads. By setting the right expectations, people also feel like they know exactly what they’re getting into when they book a room here.
What company has shown integrity and transparency?
One company that has shown integrity and transparency is Asana. Instead of keeping high-level board meetings a secret, executives routinely release detailed notes to their employees about their discussions and the decisions they’ve made. This keeps workers in the loop on all that is happening inside the company. Executives show they value integrity by being open with all their employees and not hiding things from them.
Ethics in Leadership
Employee Ethics
- When management leads an organization in an ethical manner, employees follow in those footsteps. Employees make better decisions in less time when business ethics are a guiding principle. This increases productivity and overall employee morale. When employees work in a way that is based on honesty and integrity, the whole organization benefits. Employees who wor…
Ethics by Industry
- Business ethics differ from industry to industry, and nation to nation. The nature of a business' operations has a major influence on the ethical issues with which it must contend.
Benefits of Business Ethics
- The importance of business ethics reaches far beyond employee loyalty and morale or the strength of a management team bond. As with all business initiatives, the ethical operation of a company is directly related to profitability in both the short and long term. The reputationof a business in the surrounding community, among other businesses, and f...
The Bottom Line
- With consistent ethical behavior comes an increasingly positive public image. There are few other considerations as important to potential investors and current shareholders. To retain a positive image, businesses must be committed to operating on an ethical foundation as it relates to the treatment of employees, respecting the surrounding environment, and fair market practices in te…
Asset Protection
- A strong ethical culture within your business is important in safeguarding your assets. Employees who abide by your workplace ethics would be able to protect and respect your business’s assets. For example, they would avoid making personal long distance calls using the business’s lines. Workers can only respect company property when you treat them with respect and dignity, whic…
Productivity and Teamwork
- Workplace ethics is integral in fostering increased productivity and teamwork among your employees. It helps in aligning the values of your business with those of your workers. Achieving this alignment requires that you encourage consistent dialogue regarding the values of your business, which enhances community, integrity and openness among employees. Ethics enable …
Public Image
- You earn a lot of respect and cultivate a strong image in the public domain when you make ethical choices. For instance, you can fulfill your corporate social responsibility by reducing waste discharge from your business. The public would consider your business to be operating with honor and integrity while valuing people over profits. Building a strong public image through ethi…
Decision-Making
- Ethical conduct in the workplace encourages a culture of making decisions based on ethics. It also enhances accountability and transparency when undertaking any business decisions. During turbulent times, a strong ethical culture guides you in managing such conflicts by making the right moves. It can help you to introduce change successfully in you...