Ethics & It’s Importance

Ethics is very significant in the world of business. It is the study of morally appropriate behavior and decisions and examining what should be done. Ethics helps to mold and shape human behavior. It aids employees to perform their roles.

Ethics in Finance: The following are the importance of ethics in finance:

  • Following truthfulness and authenticity in business transactions
  • Seeking the fulfillment of mutual interests
  • Getting the economies and financial units freed from greed-based methodologies.

Ethics in Human Resource Management: They are as follows:

  • Having a right to work and be compensated for the same
  • Possessing a right for free association and participation
  • Enjoying a right for fair treatment in an enterprise
  • Holding a right to work in a hazard-free environment.
  • Blowing whistle (an activity where an employee can raise voice against any wrong practice of anyone in an enterprise).

Ethics in Marketing: These are as follows:

  • Misinforming the customers about the products or services
  • Deciding high prices for the products and services
  • Creating false impression on the customers/consumers about the features of products
  • Promoting sexual attitudes through advertising; thus, affecting the young generation and children.

Ethics in Production:

It deals with the responsibility of an organization to make sure that products and processes of production is not causing harm to the environment. It throws light on the following issues:

    • Avoiding rendering services or producing products that are hazardous to health. For example, tobacco and alcohol
    • Maintaining ethical relations with the environment and avoiding environmental pollution.