Do business really need to act ethically?

Business ethics help ensure a good reputation for your company. When you have a reputation for consistently being ethical in how you source and build products, and treat employees, customers and the community, more people will want to do business with you. Even social media ethics is important for your reputation.

Why is it important for a company to follow the laws and act ethically?

One important reason to establish business ethics laws and regulations is because many companies are multinational corporations and have employees or deal with manufacturers or suppliers in countries that may not share the same cultural, religious, or philosophical ethics.

Is it ethical to follow the law?

A common source of ethical insensitivity is a legalistic attitude toward ethics that says that if an action is legal or within some set of “rules,” then it’s acceptable and therefore ethical.

Is it possible for a business to behave legally but not ethically?

Although businesses operate within a wide range of regulations aimed at enforcing ethical standards, the subjective nature of ethics means that even perfectly legal business practices can come under scrutiny as unethical behavior.

How important is following good policies and ethical practices in business organization?

Employees make better decisions in less time with business ethics as a guiding principle; this increases productivity and overall employee morale. When employees complete work in a way that is based on honesty and integrity, the whole organization benefits.

What laws do businesses need to follow?

Employment laws

• Fair Labor Standards Act.
• Federal Equal Employment Opportunity laws.
• Family and Medical Leave Act.
• Occupational Safety and Health Act.
• At-Will work doctrine.
• Truth in Advertising and Marketing.
• CAN-SPAM Act.
• Telemarking Sales Law.

What is the relationship between ethics and law in business?

Business ethics and the law are two interrelated terms that can exist independently of each other when it comes to business, yet intersect in various vital aspects. The reason for this intersection can be attributed to the fact that most times ethical considerations are also legally enforceable.

Can an act be morally right but unlawful?

There are actions that are legally right but morally wrong; there are actions that are morally right but illegal; and then, there are also more or less wide areas of regulations where the legal and the moral coincide. So it’s not correct to say, for example, abortion is morally wrong because it is against the law.

Why is it important for businesses to act in an ethical and socially responsible business?

Being a socially responsible company can bolster a company’s image and build its brand. Social responsibility empowers employees to leverage the corporate resources at their disposal to do good. Formal corporate social responsibility programs can boost employee morale and lead to greater productivity in the workforce.

Why is it necessary for an organization to develop employees ethics?

An organization that is perceived to act ethically by employees can realize positive benefits and improved business outcomes. The perception of ethical behavior can increase employee performance, job satisfaction, organizational commitment, trust and organizational citizenship behaviors.

Is it ethical to use something that is already legal?

After all, using it is legal, so it must be ethical; and if it’s ethical, it cannot be made illegal. Anyone who tells you, or simply implies, that whatever is legal is also ethical is most likely indulging in self-serving rationalizations.

Can we ever find a moral rationale for new laws?

But if the aforementioned Finance professor were right, there would be no possibility of finding a moral rationale for any new law. After all, according to him, if a behaviour is legal (right now) then it is ethically OK (right now). On what basis could new laws ever be passed?

What is the moral purpose of lawmaking?

In all legitimate cases of lawmaking, the law always has a moral purpose — generally, either to make people’s lives better and safer (e.g., seatbelt laws) or to protect some important right (e.g., food-labelling laws). But if the aforementioned Finance professor were right, there would be no possibility of finding a moral rationale for any new law.

Is it ethical to use money in the workplace?

According to the Finance professor, it cannot be. After all, using it is legal, so it must be ethical; and if it’s ethical, it cannot be made illegal. Anyone who tells you, or simply implies, that whatever is legal is also ethical is most likely indulging in self-serving rationalizations.