Business ethics follow the evolution of public sentiment to reflect morally acceptable operating policies. Ethics can be considered as a code of conduct of a company. Worlds best companies are not only known because of their profit margins but because of the business ethics these companies followed in all respects. Ethics forms an integral part of a company. People show willingness to buy shares of a company only if they are satisfied by its ethical companies. Ethical businesses are also very influential on stakeholders.
Transparency is the essence of ethics. Company should be transparent about ist policies and schemes to stakeholders and others considered. The company shouldn't discriminate on any grounds. Child labour should be strictly prohibited. The company must follow a collaborative approach it vendors and customers as a part of a company. Employees can be considered to be the cornerstones of the company. Therefore, the company must keep its employees satisfied.
They should include free medical aid, welfare department, grievance cell, leave with pay, provident funds, bonus, grativity, etc. schemes for their welfare. Companies should be environmental friendly. They must make a sincere attempt to avoid polluting it. Their attitude should have a kinship with cause of environment and ecology which results in a slew of initiatives that place good earth above bottom line. Companies should work for the betterment of the society. A part of its profit should be ploughed back to society with a view of bringing reforms and making it a better place to live in. It should provide funds for tree plantation, treatment for unprivileged, employing the handicapped persons, encouraging persons, etc.
It is true that businesses cannot operate in vacuum. Hence, it is essential that to keep the stakeholders satisfied. Giving employees high wages and other facilities enhances their motivation. This improves their...