The advantages / benefits of Business ethics are –
- Social Well – being: Focus on business Ethics has improved social will –being. Exploitation of workers, monopolistic price fixing and profiteering, intimidation and harassment of employees at workplace, etc. cannot be practiced by business enterprises now. The Society has demanded that business enterprises place high value on fairness and equal rights, thus resulting in improved social welfare.
- Public Image: the fact that an organization regularly gives attention to its ethics can portray a strong and positive corporate image to the public. Society regards organizations as valuing people more than profit, and striving to operate with utmost integrity, fairness and equity.
- Maintaining moral course in times of change: Business ethics is useful during times of fundamental change, where there is no clear moral compass to guide leaders though complex conflicts about what is right or wrong. Continuing attention to ethics in the workplace sensitizes leaders and staff for maintaining consistency in their actions.
- Teamwork and Productivity: Where a Firm finds disparity between its preferred value and the values actually reflected by workplace behaviour, continuous attention and dialogue regarding values, builds openness, integrity and community, all critical ingredients of strong terms in the workplace. Employees feel strong alignment between their values and those of the organization. They react with strong motivation and performance.
- Employee- Friendly Policies: Attention to ethics ensures highly ethical policies and procedures in the workplace. For example, in the matter of ethical treatment of employee vis-a –vis hiring, evaluating,, disciplining, training, terminating, etc. most Firms feel that it is far better to incur the cost of mechanisms to ensure ethical practices than to incur costs of litigation later.
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