The Importance Of Ethical Business Is Not New - 1334 Words

The importance of ethical business is not new. Every long-term successful business has clearly understood the need for ethical business practices. There are lessons to be learned, both positive and negative, from businesses around the world. CEOs must work hard to find a balance between profits and public image by learning from history, understanding the evolution of business ethics, and understanding the social responsibility of businesses. CEOs in the business world today are in a precarious position. They are accountable to shareholders to keep profits high while avoiding any scandal or implication of shady dealings. CEOs are also accountable to stakeholders to ensure business practices are acceptable for all parties. Stakeholders are those that are required to keep an organization functioning, such as employees and customers. It is the responsibility of top leadership to ensure the success or failure of the organization is not solely judged by profit margins. Leadership must provide stakeholders with a road map for the organization. â€Å"Individual and organizational character is strengthened if the mission of an organization is clear, if workers have maximum opportunity for growth, and if the larger social conditions allow corporations to thrive without resorting to underhanded tactics†(Terris, 2005). If an organization puts employees and customers ahead of shareholders, the organization can be more s uccessful in the long run. Employees that feel wanted andShow MoreRelatedImportance of Ethics in International Business1541 Words   |  7 PagesImportance of Ethics in International Business Executive Summary Ethics in the business world is important and global. Ethics  indicate what is right and what is wrong in  business branches and also lead employees and stakeholders with moral values. Due to the globalization of markets and production processes, business people have to deal with ethical issues in cross-cultural settings at an increasing number. The purpose of this paper is to explain the importance of international business, emphasiseRead MoreThe Role Of Corporate Social Responsibility On Csr1666 Words   |  7 Pagesdevelop and sustain differentiated brand names. The importance and eminence of Corporate Social Responsibility (CSR) across the business world started to increase during 1998-2007. Role conflicts often arise when competing demands like business goals and social goals are in question. The increase in the sense of social responsibility,stakeholder pressures and concerns for the environment has heightened the focus of businesses on CSR. A business that fulfils its CSR sufficiently can expect an improvementRead MoreThe Importance of Ethics and Values in Business Sustainability1326 Words   |  6 PagesBusiness Management Research Assignment (chapter 5 11) Q1: The importance of ethics and values in business sustainability: Ethics has to do with an individual’s judgment and their morals. Their ethics help us determine right from wrong. â€Å"Values are attitudes towards things like truths, justice, honesty etc.†( Nieuwenhuizen, Oosthuizen Drotskie 2012:95) Ethics and values are important within a business organisation because they influence morals and decisions within an organisation and need toRead MoreBusiness Ethics And Ethical Practices1503 Words   |  7 PagesBusiness ethics and ethical practices have been focuses by many businesses in recent years. Business ethics can help the company to create and develop it workplace culture as well as to increase the productivity of employees. 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The assumption beingRead MoreEthical Climate in Organisation1646 Words   |  7 Pages1.0 Introduction In modern business environment it is imperative to have an ethical climate. Traditional commerce is fundamentally based upon performance and profit. With the ever changing workforce, it is imperative that organisations open themselves up to reorganisation, including the application of ethical and moral decision-making, and incorporating interest of ethics in the corporate structure. 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Thierry Pilenko said that â€Å"It is in the power of the leaders, stakeholders and employees to make sure that the ethics are the core values in order to maintain good reputation†Read MoreThe Importance Of Management And The Success Of A Company1192 Words   |  5 PagesEvaluating the importance of management and integrity as essential elements to the success of a company Introduction When it comes to the coordination of activities of an or organization or a company in order to achieve its desired objectives, the importance of management should never be underestimated, management itself is a large and complex topic with all organizations having its goals and objective in which its management process will need to attain desired success for the company, using GlobalRead MoreEthics in Banking Essay1345 Words   |  6 PagesBanking ethics are the moral or ethical principles that certain banks choose to abide by. There is not a universal code of ethical conduct, but the banks that vaunt their ethical credentials evaluate the ethical standing of potential investors and partners. Also, these banks choose the companies that they in turn invest in with their ethical policy in mind. The number of ethical questions that the banking industry faces are many and multifaceted. Full service relationships with customers areRead Morethe legal ethical and technological conerns paper1087 Words   |  5 Pages The Legal, Ethical, and Technological Concerns Paper For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological