Business ethics values honesty, integrity, and fairness, but exact behavior varies by country and company. Honesty involves ethical advertising and fair pricing, integrity includes social and environmental responsibility, and fairness means treating all parties objectively and creating win-win situations. Personal ethics should guide ethical business practices from top management to all workers.
The basic concepts of business ethics can be summarized as the values of honesty, integrity and fairness. The exact behavior will depend on the country and company. Honesty has to do with ethical advertising and a reasonable cost for quality product or service, as well as the company keeping its word to everyone it deals with and in everything it does. Integrity covers a broad range of ethics but includes issues such as social and environmental responsibility. Fairness is one of the basic concepts of business ethics as it can refer to the simplest form of treating all people in business relationships, whether they are buyers, employees or customers, fairly.
Fairness in business dealings means being objective and having an interest in creating a win-win situation for both parties, whether you are an employer or an employee of the company. The basic business ethics concepts of fairness can be tested through the analysis of both parties’ negotiations and business relationships by an objective observer. Sometimes referred to as a level playing field, ethical business relationships are supposed to be profitable or beneficial to both parties. Fair play ethical business concepts include that a profit must be made, but not at the expense of deception.
Integrity in business includes the social aspect of being considerate and fair to others while making a profit. It also means keeping agreements and promises. Whether an employer promises an employee a raise or a salesperson is committed to providing high-quality merchandise, the basic business ethics concepts of integrity mean keeping your word and following through. Trustworthiness and truthfulness are basic integrity ethical concepts that are used in all aspects of business, from serving customers to hiring and firing employees.
Honesty applies to every part of running a business while making a profit. Honesty also refers to fairness and integrity as it means telling the truth to others. Honest companies sell quality products at reasonable prices. They make money through ethical business strategies rather than trying to take advantage of others through dishonest pricing.
Personal ethics are generally considered the basis for conducting ethical business. Basic business ethics concepts should flow from the top ownership and management of a business to all workers. Leadership ethics also influence customer relationships and how well the values are applied in the workplace.
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