Role of Ethics in 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.

They say that "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.

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.

Ethics is moral standards of individual to being good at corporate sector and socially with society.

To build such better image of company by internally and externally ethical culture of corporate in mind of stakeholder play very vital role.

Ethics will gain importance in the coming years because you can no longer fool people in India with the advent of media and rising literacy rate.

Today's youth wants to work in a company that is highly respected, same can be said about consumers who want to purchase from a well known sources.

So ethics is no longer a fad but is going to be a compulsory norm for companies.

And the day it will be; India will truly be a superpower.

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.

If we talk about the ethics in business, ethics means legally achieving the company objectives and filling the bank balance. But Indian business is totally corrupted it means if we want start new venture we have to pay some amount in illegally then only we can get permission, and starting to end of the day business people are involving in illegal activities.

So, present days its some more difficult to find ethics in business.

Ethics in any business plays a vital role in long term. Doing unethical practices may give quick and huge benefits but it is like digging your own well. If any business firm or any individual who commit unethical practices will not be successful in long term. Best example is the IT giant satyam.

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.

Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.

Business ethics has both normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods. The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns.

As ethical behavior comes to the forefront, more and more companies will be taking these steps to ensure that the ethics of their company and its employees are unassailable.