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A corporate ethics policy outlines expected behavior for employees and the company, with honesty, quality assurance, fairness, respect, compassion, and integrity as universal principles. Good business ethics and social responsibility are important to avoid litigation and fines.
The corporate ethics policy, also commonly called the corporate ethics policy, is the company’s statement, or guidelines, about the expected behavior of employees and the company itself in dealing with others. The corporate ethics policy serves as a definition of what is right or wrong, moral or unethical. The main goal of any business is to make money; capitalism at its greatest height. Making as much money as possible is not a threat to the concept of business ethics, but how a company does it determines whether it is right or wrong.
There are general business ethics that are expected or required by forces outside the company such as the government or industry watchdogs. The American Business Ethics Policy is the general guideline for American businesses on their business ethics practices and concerns how society behaves towards the community, the environment, competition and all other factors that influence his activity. For a company to avoid spending money on litigation and fines, it should instill good business ethics and values on each of its employees.
In general, the company’s ethics policy is guided by some universal standard principles. The first basic principle is honesty; the company should swear to always tell the truth without misleading people. The information provided should be true to the type of relationship involved. The other principle is quality assurance; this means that the company keeps what it promises in terms of quality, quantity and within the promised time. The company should take lengthy steps to fulfill its commitments.
The corporate ethics policy should also require fairness and respect on all adapted corporate management ethics. This leads to indisputable business ethics practices that neither separate nor discriminate based on class, race, religion, health, education, and many more. All people who come into contact with the company are treated equally. Respect should be directed to all employees, customers, suppliers, government and society at large. Proper business ethics will include business ethics and social responsibility to the immediate community. A business ethics research will unveil the most suitable business ethics for individual businesses for each specific industry.
Compassion and integrity must also be insisted upon, outlined and followed by any corporate ethics policy. Compassion involves being aware of what others are feeling or undergoing. The company should show attention to all audiences, rather than stand aside. Even when the company is faced with personal, professional and social conflicts, it should maintain its ethical stance. No amount of pressure should force them to stray from their corporate ethics and values. Sometimes a business might be faced with a problem that requires an unorthodox solution to save its well-being. An example is when the company is required to pay bribes to cover up a mistake that would cost its reputation and reduce financial stability. Business management ethics would require you to approach music in the right way.
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