Ethical standards in a business
A company should ensure that its ethical values are observed and this means that they should care for the environment they operate in. They should avoid destroying or polluting the environment without finding ways of reducing or eliminating the harmful effects on the environment. A good business is one that not only satisfies customers and makes good profits but one that is eco-friendly (Pless et al. There are times when corporations are put into an ethical dilemma where they have to choose between their revenue and their inner moral views. An ethical dilemma can be defined as a basic conflict of morals and values that are fixed and motivate the reoccurrence of a company's problems. Growing and developing in the right ways should be in a sustainable means.
Sustainable development does not revolve around technology or innovation but as humans. People in general (employees, distributors, members of the public and the environment where a company is located) need to live a non-polluted state, a productive and a healthy state of the situation where there is harmony and balance. Therefore, an entrepreneur must take into consideration all of his responsibilities that include maximizing his profits through growth and development and caring for the environment that he utilizes when making his/her business succeed (Ferrell & Fraedrich, 2015). An entrepreneur must operate his business on high ethical standards. A company should be transparent to its employees of what is going on in the business and how it might affect them. A good company has a good reputation, and this is what keeps the employees motivated.
Companies that observe and practice high ethical standards stand a better chance of keeping efficient and talented employees (Bello, 2012). If the employees are compensated for their hard work and are proud to be working in a particular company, then there is guaranteed morale in the workplace. The employees are motivated to do their best and are willing to cooperate to improve productivity in the workplace. As Annita Roddick stated that being good is a good business, business should operate on high ethical standards for the good of all (O'Toole, 1991). A business has to operate on high ethical standards to achieve complete success. There are consequences involved if a company chooses to violate the ethical rules set out to govern businesses. Their reputation is damaged, and it will be challenging to try and restore the good image they once had once the public has information on their damaged reputation.
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