Golden Rules for Business Ethics and Corporate Responsibility

The 10 Golden Rules for Business Ethics and Corporate Responsibility

Introduction

The arrival of the Internet and social media has changed all things that pertain to business and communication. In the past, in a certain niche or industry, there may have been a group of individuals who were recognized as leaders, who lived, worked, or thought in accordance with the mantra of the ever-elusive one and only organization which supposedly had the best interests of all its members in mind. This is where the word “ethics” comes from, and this is what companies should do for their employees and customers. However, the Internet era has brought with it a set of new rules, and among those rules is the Code of Ethical Conduct (COEC) for some of the largest companies in the world.

The Context of Business Ethics and Corporate Responsibility

As you may know, business ethics is the study of moral, ethical, and legal issues associated with a business. One of the most important issues business ethics deals with is the accountability of business corporations. Generally speaking, ethics is often defined as a principle that upholds moral and ethical principles. This means that ethics can be considered as part of the system in which a person makes a living. This is why we are discussing the ethics of business in this article. We are going to be discussing about ethical standards, corporate ethics, and ethical guidelines.

The Importance of Business Ethics and Corporate Responsibility

People today do business with many of the same companies on a daily basis. Sometimes it’s necessary to work with a company for a number of years before you can assess its business practices. It’s important to become a part of your business’s success. That means that the company has to have a sense of ethics and take a look at what’s good for the company and what isn’t. There are many indicators that a company is guilty of breaking the law or holding things up. The general rules for ethics and corporate responsibility can help you spot a company that is out of line. Forbes lists some of the more prominent ethics laws in place. These include the Do Not Call list, various laws regarding internet gambling and for the protection of children.

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Basic Principles of Business Ethics and Corporate Responsibility

The 10 Golden Rules for Business Ethics and Corporate Responsibility HUMAN RIGHTS It’s all about respect, there’s no question. All these things are very simple things that a lot of companies simply ignore. Respect your customers, they’re your consumers; respect your employees, they’re your workers; respect your suppliers, they’re your competitors; respect your competition, treat them with respect, don’t cheat them; respect the environment. I think that’s the first thing: respect your environment, the earth. All these things are very simple; they just need to be respected. But if we have respect, then there’s the respect for the people and there’s the respect for your company. There are all these fundamental things.

Company Culture as a Foundation for Business Ethics

Corporate cultures have the power to shape people’s ethical beliefs and actions. In the globalized business world, where so many people live in different parts of the world, the business world plays a central role in our daily lives. This is why it is all the more important to ensure that ethical principles and practices are being followed in every aspect of our lives. But how can you expect any business to uphold these standards if no one is talking about them? This is why you need to create an environment where ethics and values are never only talked about, but where they are really encouraged and incorporated into the everyday working culture. Ethical practices should be at the heart of every business. But this can only happen if these practices are widely understood.

Conclusion

For a business person or for a person who has studied in a business school to make ethical choices the following are the golden rules. They should be viewed as fundamental principles and they should be followed for the well-being of all stakeholders: Individuals: respect the self-respect of each person to enjoy the rewards of his own labour Corporations: respect the rights of people and protect the environment. Politics: the internal relations of companies must be transparent, and the choice of the managers must be democratic. Economics: the functions of the corporation are primarily those of a producer and of a place where goods are made for consumption.

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