Code of Ethics

Accountability

Ethical businesses accept responsibility for all decisions made as a company and admit their mistakes to all of those who may be affected by a misstep including shareholders, employees and the public. In addition to taking accountability, they also accept any consequences that result and do so transparently.

Lawfulness

Business ethics also include abiding by legal regulations and obligations regarding their business activities like taxes, worker safety and employment and labor laws. Companies that work within the boundaries of the legal system are more credible and honorable, which can establish a strong positive reputation as an employer that encourages high-quality candidates to apply for roles.

Fairness

Companies should strive to act fairly and commit to exercising their power justly. Leaders should only use honorable methods to gain an advantage over the competition. Also, fairness relates to equality, which means having an open mind and treating everyone fairly. Fairness and equality can be involved in hiring practices, marketing initiatives, business partnerships and competing within the market for new consumers or clients.

Trustworthiness and Loyalty

Companies that keep promises and fulfill commitments to their employees, business partners and customers display their commitment to business ethics. It is a monumental component to success in business because people typically like to work with and buy from those they believe are dependable and principled. It encompasses all relationships a business has including those with staff, partners, investors and consumers. It allows a business to make decisions benefiting these relationships and overcome influences from outside conflicting interests. This shows the business values the advancement of the company and employees over an owner's personal gain.

Compassion and Respect

Ethical companies demonstrate genuine kindness, understanding and care for the livelihood of others. In business, this means accomplishing business goals to produce the most good while causing the least amount of damage. When a business decision needs to be made, careful consideration of the options and how each one may affect a person or community helps reduce the potential negative impacts, depending on the industry. Having basic respect for the rights, privacy and dignity of people—including individuals within and outside the company—is an important business ethical standard. Companies that treat all humans with respect regardless of religion, sex, race, nationality or other signifier are often reviewed positively in the public eye.

Providing excellence

Ethical organizations strive to provide excellence by always working to deliver the greatest quality of service or products to their clients and customers. They pursue creativity and innovation, looking for the best ways to deliver their goods and seek to constantly improve their performance, customer satisfaction and employee morale.

Examples of business ethics

Here are examples of the most common personal ethics for professionals: Transparency Integrity Trustworthiness Loyalty Equality Compassion Respect Lawfulness Providing excellence Responsibility Upholding reputation Accountability

Business ethics

are a set of moral guidelines that influence how a company serves its customers and treats its employees. Every industry and individual business has its own ethical conduct that affects its organizational procedures and systems.

Transparency and Integrity

involves accurately representing facts, telling a truth in its entirety and communicating clearly and openly about everything a company does and says. It is the foundation of a strong relationship with customers, which directly impacts the success and stability of a company. The more candidness a company shows, the more the public is likely to trust in its service, product or mission. This is especially true during public relations crises when full disclosure is imperative to overcoming business issues. Sticking with a decision, especially when pressured to do otherwise, shows honor and courage. Companies that do what they believe is morally right based on equality and fairness can demonstrate strength and commendable character.

Code of Ethics

is a set of principles for employees to adhere to when conducting business to comply with company standards. A business code of ethics, usually based on the core values of the business, outlines the company mission statement, how professionals should approach dilemmas and the standards to which they hold their employees. An individual's code of ethics can include their beliefs, values and background.