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Essay / Ethical Business Practices in the Modern Economy
Prospering for modern businesses is more complex than decades ago. Previously, an entrepreneur only needed to manufacture or source goods and retail them at high traffic points, but due to the growing problems between agents and customers, the market has become more concerned about the quality of services and goods offered by companies. This has opened up a new business front known as business ethics and governance. This involved setting up organizational systems to develop trust laws and policies, which will enable companies to use an ethical image to create world-class brands. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get an original essay Ethical business practices are attracting increasing market attention; Consumer protection groups, industry associations and agencies vigorously encourage and campaign for product safety, customer management and quality service delivery. Business ethics is a daily process, it defines the mode of operation from the procurement phase to the after-service stage. An organization must inculcate good business values to provide ethical services. Jurisdictions have become extremely vigilant about the provision of quality products, with parliaments enacting laws, such as the Companies Act, to govern business activities. Ethics defines every business decision-making process. Therefore, leaders play an important role in promoting core values aligned with the company's mission. and objectives. Companies invest heavily in initial training to ensure new employers are instilled in the established values of the workplace. People face ethical dilemmas, such as using office resources for individual gain, inflating financial figures to paint a picture of superior performance. Some employees may engage in unethical behavior when given the opportunity. Therefore, it is important to strengthen commitment to credible standards when welcoming new recruits. The International Organization for Standardization (ISO) establishes various frameworks that help management improve business ethics through well-thought-out workplace policies. The growing demand for quality products has forced most companies to seek ISO accreditation, which clearly shows that ethical operations are a driving force in gaining a competitive advantage. On major stock exchanges, such as NASDAQ, London Stock Exchange, Tokyo Stock Exchange, Australian Stock Exchange and Johannesburg Stock Exchange; Listed companies are rapidly adopting ISO systems to assist them in their daily operations, to ensure investor wealth is maximized. Companies with ethical practices are able to maintain lasting relationships with consumers, which results in a long-term revenue stream. Ideology characterizes an organization. Companies seek to create a special image that will be an integral part of interaction with market participants. Customers value trust and honesty, they seek to get the most for their money and are quick to abandon a business that does not meet this need. Therefore, business morality restricts dishonesty and seeks to..