Consumers may let a company take advantage of them once, but if they believe they have been treated unfairly, such as by being overcharged, they will not be repeat customers. Having a loyal customer base is one of the keys to long-range business success, since serving an existing customer does not involve marketing costs, whereas acquiring a new one does.
Often the management of a business may be tempted to cut corners in search of profit, such as refusing to fully comply with environmental legislation or labour laws, ignoring workers' health hazards or using inferior materials in its goods.
The penalties for being caught can be severe, including legal fees and fines or sanctions by governmental agencies. The advantages of business ethics become crystal clear in these situations since companies that maintain the highest ethical standards are very unlikely to find themselves in such situations. Talented individuals at all levels of an organization want to be compensated fairly for their work and dedication.
They want career advancement within the organization to be based on the quality of the work they do and not on favouritism. They want to be part of a company whose management team tells them the truth about what is going on, such as when layoffs or reorganizations are being contemplated. Keithley Tongai is a Consultant intern at Industrial Psychology Consultants Pvt Ltd, a business management and human resources consulting firm.
From startups to conglomerates, companies of all sizes have stepped up their game to recruit and keep top employees by giving larger, better, and more unusual perks and bonuses. Yet, according to a article in A company vehicle policy is a guideline given by companies regarding the use of company vehicles. A company vehicle policy establishes which employees are eligible for a company vehicle. It also outlines the requirements for By Taurai Masunda. Despite all the hype about the significance of human capital many organisations are not doing enough to build staff capacity through well -structured training programmes.
The training program should be based on formal training and By Newturn Wikirefu. Introduction Job evaluation is the process in which various jobs are analyzed systematically to substantiate their relevant worth in the organization.
The job is evaluated based on its content and therefore is ranked according to By Thandeka Madziwanyika. Hiring individuals for your organisation is not just about finding the right person who brings about results. Be socially responsible. Don't pollute the environment; recycle when possible. Heed protests of company policy or actions. Give back to the community through charity fund-raising or other worthy causes. Payoff : Goodwill that enhances your reputation as a positive force in the community.
Back up your products and services. Provide what you promise on your service contracts and in your advertising. Example: A Canadian roofing company won't accept payment on roof replacement or repair until after a rainfall proves the roof doesn't leak.
Payoff : Repeat business as customers learn they can trust you not to cheat them — and these people tell their friends. Here are two proven ways to ensure that ethical conduct holds sway at your company: Adopt a code of ethics. This is a formal statement that sets standards of behavior for everyone in the company. Your code can range widely, from confidentiality keeping trade secrets to dealing with sexual harassment.
Specify any penalties for violations. If the company goals in your long-range plan are respected and referred to frequently, add following the ethics code to them. Do a quick "ethics check" when necessary. If you're not sure whether a decision or action would be ethical, ask yourself: Is it legal?
Would I be violating federal, state or municipal law? Is it in accordance with company policy? Is it fair? Would anyone lose out? Would I be proud of my action? How would I feel if my family and friends read about it on the front page of the newspaper? How would our customers react? Would they be more inclined to trust us, or feel cheated or betrayed? We underscore ethics throughout our online MBA program, preparing students to promote an exceptional culture of ethics wherever they choose to work.
Another reason why business ethics is important is that it can improve profitability. A well-implemented ethics program can also reduce losses. Companies that practice questionable ethics may also experience a decrease in stock price and severed business partnerships, which can affect profitability.
In addition, business ethics is linked to customer loyalty. Over half of U. On the flip side, three in 10 consumers will express support for ethical companies on social media. Business ethics cultivates trust, which strengthens branding and sales.
Ethics programs are an exceptional tool for promoting moral conduct. Organizations also need employees dedicated to ethical decision-making. Fill out the form this page to download our online MBA program guide and learn how the University of Redlands can help you develop as a skilled and ethical business leader. Email Admissions. What Is Business Ethics? Take a look at Redlands MBA 1. Business ethics is an essential skill. Business ethics drives employee behavior.
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