American business ethics prioritize maximizing profit while upholding values and laws. Common concepts include fair labor standards, financial responsibility, and honest marketing. Companies are expected to maintain accurate financial records, treat employees ethically, and practice Corporate Social Responsibility. Bribery and insider trading are considered unethical.
American business ethics are based on the idea that it is possible to maximize wealth and profit while being committed to upholding values and laws. Many business ethics concepts used routinely in the United States cover a wide range of business functions and departments. General professional conduct, social values, anti-discrimination, fair labor standards, financial responsibility, and honest marketing are among the most common American business ethics.
Refraining from using false advertising when marketing products or services is one of the most common American business ethics. Businesses that advertise products or services in any medium, whether online or in print, radio or television, are considered unethical if their commercials or advertisements misrepresent their offerings in any way to the public. For example, one type of misleading advertising is “bait and switch” where upon ordering the advertised product, the consumer is sent a different item of lower quality but told to pay the same price or more.
All types of companies in the United States, whether they are small or large, are expected to maintain accurate financial records and pay the taxes they owe. Financial responsibility is one of the most basic business ethics; Sales records and receipts must be properly accounted for to produce accurate profit or loss statements. Ethical employment relationships are another common concept expected of all types and sizes of American companies. Companies should treat employees ethically by providing a safe workplace with reasonable working hours and conditions. Anti-discrimination in hiring practices is one of the most contested American business ethics in terms of women and racial minorities.
Corporate Social Responsibility (CSR) is a popular form of American business ethics. It basically means that a company carefully considers its sources of production. Social ethics include not supporting child or slave labor. Environmental concerns are also a common form of CSR; many companies today use packaging from recycled sources and paper from non-endangered forests. CSR values are often used in many marketing campaigns in the US and other countries.
A wide variety of ethics of professional conduct are common throughout the United States. Bribery, where a person in a business is paid personally rather than professionally to use the company’s services or preempt a person to receive something that other customers have to wait for, is considered unethical in America. Inside trading is another of the more common American business ethics. This refers to selling or buying a shareholder based on the unfair advantage of having inside information rather than through how other shareholders are informed.
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