Studying business ethics for all business people should be a must and top priority in order to keep their business legally profitable. To begin, when business people have good business ethics and personal ethics they bring the company to a highly profitable level, because their ethical and legal conduct will only increase the reputation of the business. No one business person knows everything there is to know about business ethics and studying business ethics only adds more tools to the toolbox allowing the business to prosper with a good reputation. When a business has unethical conduct amongst their employees and employers, the business’ reputation falters. When a business’ reputation is grim their profits fall as consumers protest their customer service and products. Not only does a business reputation fade by not studying and knowing business ethics it can also lead a business to legal ramifications that could send those unethical business persons to jail and even have the company shut down. In other words, business ethics is the foundation that all businesses should work their business up. It is not always easy to see the difference between ethical and unethical business practice, but it is always attainable through continuous business ethics study.
There are several possible benefits to companies, individuals, societies, and the overall world of business when it comes to studying and knowing business ethics. I have mentioned a couple benefits for companies studying business ethics, but it is worth re-addressing the benefits. When companies have strong ethical reputations they have a stronger competitive advantage over their competitors in the marketplace. A company’s ethical reputation will have an obvious impact on the purchasing and investment decisions of Americans.
In order to have sound business ethics it is imperative to also have sound individual ethics. However, I would like to note that just because an individual has good personal ethics doesn’t mean they could make good ethical decisions within an organization if they have limited experience in the area they are making the decision. In fact, it could actually work in an opposite way. Outside of this, studying business ethics on an individual level can benefit that individual in several ways. First and foremost, studying business ethics on a personal level will assist in recognizing ethical dilemmas and using the tools learned to resolve the issues recognized. In addition, studying business ethics can help an individual with coping with conflicts between organizational leadership beliefs and personal beliefs.
The benefits of studying business ethics in society and the world of business as a whole coupled with learning ethics on a personal and business level really boil down to four contributions. These four ethical contributions benefit the business, employees (individuals), society, and the world of business: employee commitment, investor loyalty, customer satisfaction, and profits. When employees are committed, they are happy and learn to maintain ethical conduct on a personal level, because the people they work for are ethical. When a business is ethical, investors are not afraid to invest in the company because they know they will make a profit. As a society, customer satisfaction is a necessity to making profit. All of this in the world of business begins with the foundation of studying and learning business ethics. One key contributing factor can sum all of this up, social responsibility, which covers what is fair, just, or in keeping respect within the world of business ethics.