Elements of business ethics:
To follow business ethics, a unit need to adhere to following elements of business ethics.
1. Commitment of higher management:
- Role of top or higher management is extremely important for the business unit to follow business ethics.
- Their approach and leadership towards business ethics can motivate and drive all the employees of the organization to fall in line and follow the ethics maintained by the organization.
2. Publishing directional rules:
- Management should draft and print guidelines to be followed for business ethics. These prints then should be put at various important locations of the business unit to constantly remind all the employees about the standards and principles they need to maintain.
- Such activities inspire employees to remain focused towards ethics in all the business situations. For example, such published content would remind employees and even ‘management not to compromise on quality even when sale in low.
3. Establishing structure to follow business ethics:
Business units must establish frame work and structure which can then be deployed practically. For example, the unit should use its framed structure of ethics in recruiting employees or training them or maintaining books of accounts.
4. Employees participation in decision making:
Employees should be motivated to participate in framing ethics i.e. deciding business ethics and implementing ethics.
5. Evaluation of results:
The units must assess the successful implementation of business ethics in the unit. Units should take feedback at all levels and then evaluate how far it has succeeded in following the business ethics.
