Overview
Ethics are the principles of right and wrong that are accepted by an individual, a social group, or society as a whole. When it comes to professional ethics, we take into consideration our personal values, family background, culture, education, and religion or philosophy before making important decisions. These factors provide the framework from which we base our decisions and justify our actions. Unfortunately not everything in life is so cut and dry, there often exist many gray areas that can lead to ethical dilemmas, since what one person thinks is the right course of action might not always appeal to everyone else’s ethical sensibilities. For many the words “business” and “ethics” form an oxymoron. We are frequently inundated with reports of ethical misconduct in the business world—misappropriated finances, inflated earnings, labor misconduct, and environmental recklessness are just a few of the many egregious acts to which we have become familiar. In this reading, we will explore the importance of business ethics and closely study how it relates to corporate success. We will take a look at several stellar examples of companies that regularly exhibit high ethical standards. While you read, consider how your personal ethics come into play when you make business and personal decisions that affect others.
Codes of Conduct
The first step towards implementing ethical business practices is to clarify what types of behaviors a company wishes to promote and what activities are considered unacceptable or prohibited in the workplace environment. As part of this step, an organization should adopt a thorough, all encompassing code of conduct, also known in some circles as a code of ethics. A code of conduct outlines the specific actions that employees must take in order to comply with the values and philosophy of the organization,
