What are Business Ethics?

Business ethics relate to the way a company behaves and are often based on the personal morals of the company manager. Here are some important features of what might be considered business ethics:

  • Integrity – Standing your ground and not bowing to pressure for what you believe is right is known as integrity. Companies who demonstrate doing what is morally right above taking other decisions will be strong and have character.
  • Loyalty – Loyalty should be present in all business relationships such as those with clients, customers, suppliers and staff. It means that businesses do what’s right for their important relationships and not personal gain.

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  • Fairness – Businesses should act justly and fairly in all dealings. Fairness also relates to practicing equality. These qualities can be applied during the recruitment process, in marketing campaigns and in partnership relationships.
  • Lawfulness – Companies should always operate within legal regulations. This applies to all areas including those of employment law, health and safety and taxation, for example. If a company has acted in breach of a contract, you might be entitled to a Constructive Dismissal Claim. Find out more at Employmentlawfriend.co.uk
  • Accountability – Ethical companies accept responsibility for their actions and own up to their mistakes. They accept consequences and act with transparency.

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  • Excellence – An ethical business will strive to provide excellence in the service or products they offer. The focus is on innovation, improvement and constantly aiming to offer a better service to clients and customers in terms of satisfaction and employee morale.
  • Respect – Ethical companies operate with respect for the rights of all. It also applies to respect for privacy and the protection of customer information.

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