Business Ethics

Ethics extends beyond a company's legal obligations to include discretionary judgments and behaviour driven by principles.

'Business ethics' refers to the application of everyday moral and ethical values to the workplace. The ideas and standards that govern ethical corporate behaviour are known as business ethics.

Professional ethics is similar, but it focuses on the anticipated behaviours of professionals like doctors, lawyers, accountants, and engineers who are obligated to follow certain principles or codes of conduct as members of a professional body or holders of a professional degree.

Personal, professional, and organisational levels are the three types of levels of ethics- all the three levels are all linked together.

Requirements

In order to be ethical in business, everyone has to be aware of -

(a) The requirement to follow norms, such as I the law of the nation, (ii) community customs and expectations, (iii) moral standards, (iv) organisational policies, and (v) general considerations such as the needs of others and justice.

(b) How a company's products, services, and actions affect its stakeholders (workers, customers, suppliers, shareholders, and the broader community) in either a favourable or negative way.