Role of Ethics in Business

Ethics in business can be compared to Sun in solar system. As all the planet's and their cycles revolves around the Sun for their survival, similarly, business revolves around ethics for its survival.

Being non ethical indulging into cheats and fraud can benefit a person in business in short run but in long run, unknowingly, the person pays the price of trust, honesty and skill which makes the backbone of business. And everyone knows how a body looks like without a backbone.

Ethics are rules and moral values. A business must use ethics to get a good image with customers and long term relationship with them. By using ethical company can get high profits with great struggle for a long time and unethically company can get high profits easily but for a short period of time.

In my opinion, ethics are the moral values, culture and belief which should be followed by the organisation to be successful. If a company wants to attain more profit in short duration they will go for unethical practices because through ethical means company gets a profit but it takes a long time.

The top management of the company makes sure that the ethical practices should be followed by each individual within the organisation then only company will attain the trust of the customers. Ethics not only gains trust of customers, but also of stakeholders, shareholders, owners, investors and employees of the organisation.

Lastly the business which follows ethical practices will do the development of country as well as the society and the industry in which they operates in.

According to my point of view, we must follow ethics in business then only the business should be sustainable for long period of time. We don't follow means we may face more problem in upcoming period of time. For Eg. like Maggi, the company follow some unethical way so now the product is banned. Hence to survive in long terms ethics should be an vital part of your business.

According to me "Ethics is knowing the difference between what you have a right to do and what is right to do". It is true that morals and values differs for an individual, concerns come in our professional lives. When people at work pressurize you to things, often we ignore our ethics.

For:

- In today's situation with immense pressure and competition, business and ethics can't go together.

- A couple of times because we follow ethics, it hinders us from succeeding because it squanders time.

- Ethics are usually bound and nurtured by religion, family values etc. Such forms cannot work well in business where you are expected to be professional and practical.

- A businessman should know how to handle pressure, stress and competition and not how to be ethical.

- We all want to make quick money. In today's market, being ethical takes a toll on you.

- Ethics unlike a balance sheet don't have visibility. People today judge you based on money and not ethics.

Against:

- Ethics makes you stronger and independent. People can't deceive you easily.

- Not following ethics makes you a selfish person.

- There is nothing wrong in making profit. But, making profit by unethical means could cost a lot of people harm, mentally.

- Customer's perspective is to link with a company with ethics and values. They know that will never be forged.

- Being ethical in business creates a sense of responsibility towards society.

Morals and values are extremely individualistic. It's incorrect to say that you can't succeed if you are ethical in business. You will probably take some more time to succeed. You can't force someone to follow ethics.

Assume that there are two companies which are competitors in a field. Both produces high quality products. To grab the market share of one company, another company follows unethical practices. Because there is no other alternative option.

According to the companies view, its a type of marketing strategy. But if they caught by doing unethical things, then it negatively affects whole business.

You can observe this type of case between Hindustan Unilever vs P&G etc.

Hello. Actually I didn't have any idea on ethics in business. But after seeing your discussions, I've got an idea. Ethics is important in business to gain long termed profits. By this the company feel safe and secure. The company may not develop faster but haves a trust of their customers. So ethics play a very imp. Role in business.

First of all, I would like to aware you the word ethics, ethics means the value, belief & culture. Acc. To my perception, ethical business always keep far away to get trouble and it is shown proove to be best for long term time period. Non-ethical business is the quickest way to get more profit for the short time period, after that it is not be able to carry on further business because till that time, lots of problems will have got by the co. Ethical business has transparent transactions which is answerable to the stakeholder of the co. With their fully satisfaction easily.

Ethics are the values, roles and responsibilities which every one should adopt in personal as well as professional life to get succcess.

Ethics is the discipline dealing with what is good and bad and with moral duty and obligation. Ethics in business nowadays is being unnoticed because the mindsets of the people are focused on gaining profit. Although the business' main objective is to gain more profit and survive in the long run, they should also take into consideration the ethical values because somehow ethics can contribute in the success of a business as cited in the article on Integrity and Ethical values of Dan Feder. Having integrity and excellence can gain trust and loyalty from customers or people around the business.