Business Ethics Principles

Oyinlola Somoye Written by Oyinlola Somoye · 1 min read >

Business Ethics is about applying ethical principles when making business decisions and actions. The organization takes the duties of stakeholders into account when making decisions. Ethics is about doing the right thing, it is about using the right methods to achieve our targets.

We shall be discussing some of these business ethical principles and how to achieve them:

  1. Common Good: This is a fundamental principle of ethics, it means you are not selfish in your approach as an organization and you are not doing things for selfish reasons. In making this decision, have I considered the interest of others? You have to think about the interest of others. It is not only about you but also about others. For example, if you are producing fake products or selling products that are substandard people will not come back to your business and patronize you. Remember, Business ethics is about taking other people’s interests into account in our decision-making.
  2. Respect and Care: This is another fundamental ethical principle, respect and care are very important ethical principles. As an organization, you must recognize the intrinsic values and dignity of our employees and other stakeholders that contribute to the development of the organization.  Human beings have an intrinsic value of human dignity which needs to be respected whether the person is the highest or lowest person in our organization. If people do not respect us, it can have a negative impact on us. Policies and procedures must be put in place to promote the well-being of employees and other stakeholders.
  3. Efficiency: To run your organization efficiently, you must train your staff in ways that will increase their efficiency. For example, the Human Resources Department of an organization organize different training programs and seminars for staff and this is so important because if your staff are not well trained in their role it will affect the efficiency level and productivity level of the organization. Remember, Ethics is about human excellence, it helps us to live flourishing life and help others to flourish too.
  4. Role Responsibility:  Role responsibility is another ethical principle for organizations to take note of, it is important for people to always understand their roles in the organization because if people do not understand their roles, they cannot perform well to the best of their ability. Role responsibility is about knowing how my role fits into the overall corporate objective.
  5. Using the right means to achieve targets: Business ethics is about what we ought to be doing not what we are doing, you want to flourish and others flourish too. If you flourish and others do not flourish, you might be affected eventually because your actions can impact the organization.

In conclusion, people need to be careful about what they do because our actions can bring down an organization. We should always use the right means to achieve our set goals, targets, and plans. Unethical issues can have an impact both on the unethical person and the ethical person in the organization. For example, unethical issues can make an organization collapse, and then what happens is employees will lose their jobs, and shareholders will also lose their investment.



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