We live in a time of quick-fixes; a time when people no longer regard the value of genuine effort and hard work. Ours is a time when many people prefer to cut corners to achieve their goals instead of making conscious efforts to get to the goal. People want to make money but they want to work. This attitude has also permeated into the workplace in firms and organizations. Most organizations and businesses see being ethical and law-abiding as a hindrance to business growth. As such, they do all sorts of unethical things to be profitable and sustainable in their business. This essay is meant to debunk the view that being ethics stunts growth in business. Ethics is not growth-inhibiting. We will be showing this by highlighting the benefits of ethics to firms and organizations.
In the first place, ethics is the branch of knowledge that deals with moral principles. Ethics is the moral principles that govern the behavior, decisions, actions and conduct of an individual or group. Relating it to business, business ethics therefore refers to the moral principles guiding the affairs and activities of businesses. In other words, business ethics refers to sets of standards and guidelines for morally right and wrong conduct in business. Business ethics has a lot of benefits to offer organizations that are ethical.
When organizations and firms hold themselves to high ethical standard and practice, the stakeholders in a business can experience significant improvements. For instance, when organizations are committed to being ethical in their conduct and activities, such organizations usually treat employees better and also encourage their staff to act in the same way towards the organization. This in turn creates a workplace environment where individuals feel respected, heard and satisfied in their roles. With this higher rate of satisfaction comes increased commitment and loyalty from the side of the employees leading to an optimal performance of the organizations. An ethical company can easily attract new investors, talented employees and loyal customers.
Also, over the years, research and experience have shown that firms and organizations that act responsibly and ethically have better workplace cultures than the ones that are not ethical. For instance, in firms and organizations where inclusion, respect and equality are maintained, the ambience in the work place is always convivial. This in turn creates a robust ethical culture for the company’s workforce where stakeholders feel safe, protected, valued and engaged.
Another benefit of maintaining ethical standards is that organizations that are ethical are also law-abiding. To be ethical is to be law-abiding. For instance, a manufacturing company that is committed to eco-friendly practices may also be subject to complying with legal guidelines for sustainable waste removal procedures to avoid environmental pollution. As such, when firms establish and keep to strong ethical guidelines and codes of conduct, they are indirectly complying with established legal obligations and avoiding charges and suits from the court of law.
Lastly, being ethical also improves the public reputation and image of firms and organizations. In this age of media and technology, consumers and the general public have become more interested in how organizations treat their employees. The public is ready to hold firms accountable for their actions and inactions. Apparently, no company wants to be painted in a bad light. Hence, setting out ethical standards in the workplace and abiding by them will help an organization enjoy an improved public image.
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