Developing Ethics at Workplace Research Paper Example | Topics and Well Written Essays - 2000 words

Developing Ethics at Workplace - Research Paper Example If the employees have the opposite attributes like laziness and show lack of values, the company will not prosper, and the employees should not be there very long† (Eileen, 2008). The Need and Importance of Ethics In order to establish in a competitive environment, the managers must possess ethical values, and use item in the organization. Existence of Business: Business ethics is compulsory for the existence of any business. If the business does not follow any ethical values, the business flops in the market and will creates a bad public image among the customers. Eventually, this will lead to the collapse of the business. Therefore, for a business to succeed and survive in the market, it needs to develop ethical principles. Protecting Rights of Consumers: Business ethics should be developed to look after the rights of the consumers, which includes the right to be informed about the products availability, features, safety, right to be heard, etc. Protecting Employees and Share holders: The employees and the share holders play an important role in the proper functioning of the business. Therefore, ethical values protect them from unethical activities. Increasing Number of Consumers: When the business follows good ethical principles, there will be increase in the number of customers. Customers prefer honest and reasonable dealings. They have the right to file a case against businessmen who indulge in unfair practices. Satisfaction for Customers: Customers are the ones who lead the business. The main objective of any business is to satisfy its customers. Consumers will be happy, only if the company employs business ethics in their dealings. Benefits to Employees: Business ethics provide the employees reasonable wages and compensation benefits. It includes, giving them better working conditions. Maintenance of good relationships between employer and employees. The employee’s proper facilities or amenities. The employees should also have the right to ar gue for their benefits to the management. Benefits to the Society: By reducing unfair trade practices, there will regular supply of better quality products and services to the customers. This results in establishing good relationship with the society. Efficient Performance: If the business practices all the ingredience of business ethics, the employees of the organization contribute and cooperate with the managers. This will lead to increased sales, higher profits, and expansion of the business. Healthy Competition: Business organizations must make use of ethical principles while dealing with the competitors. They must have strong values while opposing the competitors. There must be equal chance for small-scale businesses to survive in the market. â€Å"Buyers Market: In recent times, structural changes have taken place in the concept of business. In the case of many products, sellers market has been converted into buyers market. Under such changed business conditions, business eth ics is needed to stress the importance of consumer satisfaction and service orientation, in place of profit orientation† (Haider, 2010). Reduces Business Misconduct: There are chances of malpractices in some business such as high pricing, black marketing, adulteration, and selling of false products to the customers. This reduces the image and sale of the products. Developing ethical principles