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Ethical business practices prioritize the common good of employees, customers, and competitors. They include fair hiring and promotions, treating customers honestly, and being transparent about sales programs. Top-down implementation is crucial to ensure adherence and prevent negative consequences.
Ethical business practices are actions and attitudes held by a company and its employees that are held professionally and morally responsible. These types of practices typically seek to further the company’s goals without sacrificing the common good of employees, customers, and even competitors. This often includes programs to ensure fair hiring and promotions within a company, treating customers fairly, and being honest about programs to increase sales. Ethical practices are often initiated as a “top down” program, with corporate executives and company executives serving as role models for other employees.
For many companies, ethical business practices needn’t interrupt their pursuit of profit and career growth. It is often wrongly assumed that a business should do anything to make money and get ahead, but many businesses have been successful while acting ethically and in service of the common good and the corporate good. These types of business practices can start with programs that donate money to charities or other organizations in need and extend to how customers and employees are treated by a business.
Many ethical business practices are related to how employees within a company are hired, treated and promoted. This often includes policies that discourage discrimination, attempt to avoid fraternization issues among different levels of employees, and seek to find fair ways to resolve conflicts within the company. These practices also often include ensuring that employees receive reasonable working conditions, are treated with respect, and that retirement investments are adequately protected.
These practices often include treating customers with respect and honesty, not using personal information provided by customers in unscrupulous ways, and charging customers fairly for goods or services. When these types of practices are not adhered to or broken, many customers show their dissatisfaction by not giving more to their business.
One of the best ways to implement and ensure the proper establishment of ethical business practices is as a “top down” program. Those at the top of a company are often seen as professional role models for other employees and if they act unethically, many lower level employees will follow suit. This can lead to extra costs for a business through theft, decreased productivity, and potential lawsuits. There could also be adverse consequences to the value of a publicly traded company if the company’s responsible officers are unethical.
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