What are ethical principles in business?
Awareness of ethical principles, and applying them, are both absolutely crucial when it comes to business. It is important for attracting new clients, but also to create a good working atmosphere for employees. Therefore, ethical principles should form the moral basis of any business.
There are a number of ethical principles with regard to business. Honesty and integrity are two of the most important. Future clients and customers need to be able to trust a business, otherwise they will not want to commit to doing business with them. Promise-keeping and trustworthiness are also linked to customer engagement: a company that commits to what they set out to do, that is honest in keeping their promises, and are trustworthy, usually receive more positive feedback from customers. This will, in return, lead to the recruitment of more customers.
This naturally links in with the ethical principle of abiding the law, as it is important for a company to follow necessary legal processes and adhere to legal rules in order to be successful.
Another important ethical principle in business is to show concern and respect for others. This is not only regarding customers and clients, but it is also important with regard staff. Every member of staff must be treated fairly, respectfully and equally. This will lead to better staff morale, which in return will lead to better performance, more staff loyalty and less staff turnover.
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