~ Mahak Garg
Whenever we came across the word business, what comes first in our mind? Profits, Money, sale, purchase etc. But what is business? Business is a commercial activity where an individual or an organization sells and buys products for earning money and profits. Now, who runs a business? Individual person, Corporations, Companies, Industries etc. Now let us discuss what is a Corporation?
A Corporation is a group of large people or corporations that collaborate to work as a single firm. Corporations enjoy almost all the responsibilities and rights that an individual possesses like borrow money, paying EMIs or taxes, own assets, hire employees etc.
The environment that exists inside a corporation or business is called a Corporate World. The corporate world is a formal place where the sole motive of a corporation is to earn a profit. It all starts with the business, work for business and ends with business.
Well, every community have some rules and regulations, some ethics and values. Similarly, every corporation has some ethics that are called ethics of business or business ethics which are essential to sustain in an organization. Now, what are business ethics? What is its importance? Business ethics are the protocols that an organization and its employees have to follow within an organization or while doing business. Ethics are the backbone of any organization. Ethics helps to maintain decorum among the employees. It is necessary to regulate the behaviour of an organization. It helps them to deal with the situations.
Some ethical values that every organization consists of:-
Loyalty:- Leaders and employees of an organization must be trustworthy and loyal towards their fellow mates, their work and the workplace.
Respect:- An individual must respect everyone at their workplace be it their senior or junior. This leads to the smooth functioning of an organization.
Justice:- Every employee must do justice with their teammates and their work. They must not misuse the power that is given to them. They should not take undue advantage of junior’s mistake.
Leadership:- Every employee of an organization must have leadership skills. He should be able to take responsibilities whenever required. One should be aware of all the opportunities and tasks going on in the organization so that he could handle responsibility anytime. Every employee must try to motivate their colleagues.
Discipline:- An employee must be disciplined. He must complete all the tasks on or before time. He must be particular about the deadlines. His attendance must be perfect in all the meetings and conferences. He /She must have a proper dressing sense.
Values of a Leader
A leader must be polite with the people working under them. He must try to analyze the problem if any of the people are facing. If there are any conflicts persisting in the group, he should have the ability to resolve them in an efficient manner. A leader must be a good guide. He must know when he has to be strict and when he has to be lenient with his teammates. A leader must be a role model for his teammates. This helps to create a strong bond and interaction amongst the employees, and it leads to better functioning of an organization.
Values of an Employee
Employees must be loyal to their work. They must follow the instructions of their leader and follow the rules of the organization. Employees are the backbone of an organization. If they work properly and effectively, the company will definitely yield better outputs and maximum profits. They must respect their fellow mates and work as a team.
Advertising Values and Ethics
Advertising means promoting the product of an organization. While advertising one must keep in my mind the requirements of their consumers. One must advertise in such a way that the consumer is attracted to your product and finds something useful in it for themselves. One must be confident and try to interact with the consumer. One must have presentation skills that could compel the user to buy your product and promote it further.
How to improve Ethics at your Company
The Leader of an organization must appreciate the work of its employees and gives them feedback. If there is any mistake, they must tell them politely so that your employee can improve it during further tasks and take it positively. Instead of pressuring them to work, one must create an environment that your employees are willing to work. A leader must build a strong and personal network with every employee and must have regular interaction with them. Before expecting ethical behaviour from employees, a leader must possess ethical behaviour, only then they can improve ethics in their organization.
Every company may suffer an ethical dilemma at different stages. An ethical dilemma is a dilemma of choosing one out of the two options neither of which is absolutely preferable through an ethical perspective.
Taking credits for others work.
Offering a bad product to your client for your own purpose
Utilizing inside knowledge for your benefit.
In order to solve an ethical dilemma, an organization must develop strict ethical rules within an organization. Every company must
demonstrate their ethical norms to their employees or company may provide ethical training to its employees.
Merits of Business Ethics
New sources of finance and sponsors
Better employee recruitment
Improved brand image
Demerits of Business Ethics
Danger of building false expectations
Not feasible for small companies since it is a long term process
Needs a lot of efforts
Ethical Issues in Business
Harassment and discrimination on the basis of age, salary, sex etc. Health and safety of workers Social Media Rants. Sometimes employees post something for which it is hard to punish them. Companies must own some nondisclosure agreements so that employees cannot leak the personal information outside. Companies must keep accurate financial records of payments, taxes, salary etc.
Working in the Corporate World
Surviving in a corporate world is neither an easy task nor a hard one. There are some rules that may help an individual to get into it.
Be kind to everyone
Try to learn from others
Try to be creative
Be dedicated to your work
So, overall we can see that even after challenges that an organization is facing ethics and values play an important for the smooth functioning and better outputs of an organization. These ethics are mandatory for maintaining decorum in the organization which automatically leads the company to reach heights of success.
MUST-READ: MORAL VALUES AND ETIQUETTES