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Principles of Business Ethics

The document outlines 12 principles of business ethics: leadership, accountability, integrity, respect for others, honesty, respect for laws, responsibility, transparency, compassion, fairness, loyalty, and environmental concern. Following these principles helps ensure ethical behavior and decision-making in businesses and prevents unethical actions that can damage companies.

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satyam sk
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852 views2 pages

Principles of Business Ethics

The document outlines 12 principles of business ethics: leadership, accountability, integrity, respect for others, honesty, respect for laws, responsibility, transparency, compassion, fairness, loyalty, and environmental concern. Following these principles helps ensure ethical behavior and decision-making in businesses and prevents unethical actions that can damage companies.

Uploaded by

satyam sk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Principles of Business Ethics

It's essential to understand the underlying principles that drive desired


ethical behavior and how a lack of these moral principles contributes to the
downfall of many otherwise intelligent, talented people and the businesses
they represent.

There are generally 12 business ethics principles:

• Leadership: The conscious effort to adopt, integrate, and emulate


the other 11 principles to guide decisions and behavior in all aspects
of professional and personal life.
• Accountability: Holding yourself and others responsible for their
actions. Commitment to following ethical practices and ensuring
others follow ethics guidelines.
• Integrity: Incorporates other principles—honesty, trustworthiness,
and reliability. Someone with integrity consistently does the right
thing and strives to hold themselves to a higher standard.
• Respect for others: To foster ethical behavior and environments in
the workplace, respecting others is a critical component. Everyone
deserves dignity, privacy, equality, opportunity, compassion, and
empathy.
• Honesty: Truth in all matters is key to fostering an ethical climate.
Partial truths, omissions, and under or overstating don't help a
business improve its performance. Bad news should be
communicated and received in the same manner as good news so
that solutions can be developed.
• Respect for laws: Ethical leadership should include enforcing all
local, state, and federal laws. If there is a legal grey area, leaders
should err on the side of legality rather than exploiting a gap.
• Responsibility: Promote ownership within an organization, allow
employees to be responsible for their work, and be accountable for
yours.
• Transparency: Stakeholders are people with an interest in a
business, such as shareholders, employees, the community a firm
operates in, and the family members of the employees. Without
divulging trade secrets, companies should ensure information about
their financials, price changes, hiring and firing practices, wages and
salaries, and promotions are available to those interested in the
business's success.
• Compassion: Employees, the community surrounding a business,
business partners, and customers should all be treated with concern
for their well-being.
• Fairness: Everyone should have the same opportunities and be
treated the same. If a practice or behavior would make you feel
uncomfortable or place personal or corporate benefit in front of
equality, common courtesy, and respect, it is likely not fair.
• Loyalty: Leadership should demonstrate confidentially and
commitment to their employees and the company. Inspiring loyalty in
employees and management ensures that they are committed to
best practices.
• Environmental concern: In a world where resources are limited,
ecosystems have been damaged by past practices, and the climate
is changing, it is of utmost importance to be aware of and concerned
about the environmental impacts a business has. All employees
should be encouraged to discover and report solutions for practices
that can add to damages already done.

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