Importance of ethics in business planning

It includes an enforcement procedure that is administered by AICP. It also sets aspirational standards that require conscious striving to attain. Customer Relations Strategy If a customer believes she was lied to, she may not do business with the company again and could go so far as to post a complaint about the company on Internet forums.

All ethical questions are focused on making a decision. Together, they aid in establishing organizational objectives that set the tone for ethics and social responsibility and decide on strategies to meet objectives. Employee Ethics When management is leading an organization in an ethical manner, employees follow in those footsteps.

A media company that produces TV content aimed at children may feel an ethical obligation to promote good values and eschew off-color material in its programming.

Furthermore, it would include steps for organizational efforts to protect and improve the environment, promote sustainable development and avoid fraud, waste and abuse. The Code is formally subscribed to by each certified planner. This goes a long way in aligning behaviors within the organization towards achievement of one common goal or mission.

This perception is held far and wide even by those who do not even know what business the organization is into. A striking example of industry-specific business ethics is in the energy field. Ethical issues and social responsibility should be included in the final prioritized list for the organization.

Ethics in Leadership The management team sets the tone for how the entire company runs on a day-to-day basis. One method to accomplish excellence in ethics and social responsibility is to establish venues to share lessons learned from successful projects and specific organizational knowledge that community or societal groups need or consider beneficial Griffin, Employees who work for a corporation that demands a high standard of business ethics in all facets of operations are more likely to perform their job duties at a higher level and are also more inclined to stay loyal to that organization.

As part of the annual planning process, the business owner assesses whether staff levels are adequate to complete all the tasks he will assign. Therefore, infusing ethics in the strategic planning process creates the opportunity for the organization to create educational experiences for people to develop ethical behaviors and socially responsive attitudes.

They also hold the organization accountable in honoring obligations in a spirit of honesty and fairness while maintaining economic health and viability Maersk Line: A striking example of industry-specific business ethics is in the energy field.

Definition of Ethics

An organization driven by values is revered by its employees also. While the public interest is a question of continuous debate, both in its general principles and in its case-by-case applications, it requires a conscientiously held view of the policies and actions that best serve the entire community.

Retrieved April 6,from http: An ethical judgment often also requires a conscientious balancing, based on the facts and context of a particular situation and on the entire set of ethical principles. For example, the need to provide full public information may compete with the need to respect confidences.

Being ethical and socially responsible is characteristically not inherent. It also asks what we can do to be a force for good and show that we are a force for good. Why is business ethics important?

As part of the annual planning process, the business owner assesses whether staff levels are adequate to complete all the tasks he will assign.

Ethical business behavior may be defined by law, but it also can be defined by business leadership. Companies have more and more of an incentive to be ethical as the area of socially responsible and ethical investing keeps growing. Principles, practices, and potential 3rd ed.

A particular area in which technology companies must make tough ethical decisions is marketing. Ethics shape the decisions and actions of each individual in a small business, from the owner on down.

How are Ethical Considerations Incorporated Into Planning & Policy Making in an Organization?

Building on a foundation of ethical behavior helps create long-lasting positive effects for a company, including the ability to attract and retain highly talented individuals, and building and maintaining a positive reputation within the community.Ethics issues can arise in a wide variety of business situations.

For example, conflicts of interest arise when an employee has personal interests, relationships or commitments that may override an unbiased and impartial exercise of independent business judgment or interfere with the fulfillment of the employee’s duties to the company.

Ethics are a consideration from the very early stages of a company’s development, when the business owner crafts a mission statement in his business plan that describes the kind of company he.

While ethics should be part of the company's mission statement, long-term strategic plan, public pronouncements, and codes of conduct, unless it is also a "cornerstone of the organizational culture," it will not be effectively integrated into the business strategy, he said. Importance of Ethics Most of us would agree that it is ethics in practice that makes sense; just having it carefully drafted and redrafted in books may not serve the purpose.

Of course all of us want businesses to be fair, clean and beneficial to the society. The importance of business ethics reaches far beyond employee loyalty and morale or the strength of a management team bond.

As with all business initiatives, the ethical operation of a company is directly related to profitability in both the short and long term. Nov 16,  · Business has become one of the primary players in structuring the global economy and, by extension, global governance. This places new demands on business leaders.

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Importance of ethics in business planning
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