What Advantages do Business Practices Programs Provide to Organizations?
Business leaders increasingly recognize the direct relationship between fulfilling a company's responsibilities and corporate survival. An effective business practices program ensures:
A Marketplace Advantage: Customers and investors cite corporate practices and values as primary considerations in their decision-making.
Superior Employee Performance: Companies with sound business practices and established values report improved employee morale, reduced employee turnover and increased productivity.
Reputation Management: Once damaged by scandal or unethical behavior, a company's reputation may never recover - resulting in lost revenue, low employee morale and increased governmental and public scrutiny. Emphasizing responsible business conduct is the surest means of preserving a company's intangible assets.
Powerful Legal and Financial Incentives: International regulatory developments provide strong legal and financial incentives to corporations that establish standards of conduct and provide ethics education and training to employees.
An ethical code (otherwise an ethical policy, code of conduct, statement of business practice or a set of business principles) can be a management tool for establishing and articulating the corporate values, responsibilities, obligations, and ethical ambitions of an organisation and the way it functions.
It provides guidance to employees on how to handle situations which pose a dilemma between alternative right courses of action, or when faced with pressure to consider right and wrong.
It makes sense to think that businesses and governments around the world decide on the kinds of capital to use (and in what proportions to use them) by weighing the costs and benefits of various possible combinations of equipment types. Clearly, the costs and benefits associated with a particular composition of capital vary from country to country and from business to business within a country.
Cultural differences-People who must communicate regularly across borders must be careful about adopting new technologies that alter the context...