In simple terms, ethics is a system of moral principles. It is based on well-founded standards of right and wrong that prescribe what humans ought to do. It is usually considered in terms of rights, obligations, benefits to society, fairness, or specific virtues. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you will do things differently” – Warren Buffet. We might be capable enough to do anything that falls under our capability, but doing the right thing takes courage and commitment. Business ethics refers to implementing appropriate business policies and practices with regard to arguably controversial subjects like CSR, insider trading and so on. Ethical behaviour can favourably benefit an organization. For example, improving ones reputation can help boost sales and profits. But the development, implementation and maintenance of ethical practices can limit a company's freedom to maximise profit as it might incur higher overheads, higher costs and so on. The presentation details the various advantages and disadvantages of Business Ethics.

Abhijith S

354 resources

0

1

0

Like